in

Turkey raises monthly minimum wage by 55% for 2023

Speaking at a news conference earlier, President Tayyip Erdogan said minimum wage may be hiked again throughout the year if necessary. Annual inflation soared above 85% in recent months but has begun to ease slightly.

Erdogan said the employer and employee unions could not reach an agreement and the government stepped in to determine the number. Representatives from the employee union did not attend the announcement at the presidential palace.

($1 = 18.6721 liras)

The ECB’s three Ts are key to avoiding a new euro crisis

Indonesia central bank slows pace of rate hikes as growth seen easing