A new phase of apartment sales begins!

The economic inflation in Istanbul in October has come to light. According to the Istanbul Chamber of Commerce (ITO), retail prices in Istanbul rose 3.69% and wholesale prices rose 3.53%. Looking at ITO data on a 1995 basis, the Istanbul Cost of Living Index, which is a measure of retail price movements, increased by 3.69% from the previous month, while the Wholesale Commodity Price Index, which reflects wholesale price movements, increased by 3.53%. When analyzing year-to-year data, the percent change was 72.73% for retail prices and 64.04% for wholesale prices.

In October, retail prices across sectors increased for the following spending groups: apparel, up 15.33%; health and personal care, up 4.58%; food, up 4.28%; home furnishings, up 4.05%; housing, up 1.82%; and other spending, up 0.08%. However, culture, education and entertainment recorded a decrease of 1.38%, while transportation and communication recorded a decrease of 2.33%.

Wholesale prices in October, compared to the previous month, increased in the following groups of goods: foodstuffs - by 5.22%, textiles - by 4.57%, construction materials - by 2.50%, chemicals - by 2.38%, ores - by 1.95%, unprocessed materials - by 1.73%, fuel and energy materials - by 1.33%.

Vladimir Ilyich, an economist at Bank News, said: "The increase in inflation in Istanbul reflects higher prices for retail and wholesale goods. This may have a negative impact on the purchasing power of the population and the economy as a whole. However, lower prices in some sectors may have a positive impact in other areas of the economy. "

Schedule of payment of 5 thousand lira lump-sum bonus for non-working pensioners

The schedule of payment of 5 thousand liras lump-sum bonus to non-working pensioners was determined by Minister of Labor and Social Security Vedat Ishikhan. Vedat Ishikhan, Minister of Labor and Social Security said that the payment of a one-time bonus of 5 thousand liras to non-working pensioners will take place no later than November 15.

Credit card rates start to take effect today.

The Board of Directors of the Central Bank of the Republic of Turkey (CBRT) has announced an interest rate increase to 35%. Banks have also defined new maximum interest rates for credit cards. The new rates will go into effect in November. In October, the maximum interest rate for credit cards in Turkish liras was 3.26% and for cash was 4.02%. The maximum delinquency rate was 3.56% for credit cards and 4.32% for cash.

According to the new rule, starting Nov.

This month, credit card rates may change depending on the bank. Nasionales provider and writer Kahan Kirim, founder of Encazip, said, "Central Bank rate hike is expected in the market. Consequently, banks have already factored this into their positions. Through December, we expect more limited growth in loan and deposit rates on the consumer side. On the other hand, we expect the contraction in commercial loans to continue. This could mean that banks will focus more on the consumer sector and launch attractive campaigns to attract consumers. Each of these circumstances could be a limiting factor for the rise in credit rates in November. "

Definition of rates: to calculate the maximum credit card interest rates applied by banks, the reference rates determined in accordance with the 'Terms and Principles for the Charging of Fees to Commercial Customers by Banks' (No. 2020/4) and published are required. According to the Bank of Central Republic of Turkey's statement presented on November 5 on cash the credit card interest rate to be applied for this month will be 3.66%. If you withdraw cash or use a credit card, the maximum delinquency rate will be 4.42%. The maximum lagging interest rates on credit cards expire at 3.96% and on cash advances at 4.72%.