Turkish economy

Turkish lira weakens against dollar

Turkish lira weakens against dollar

The Turkish lira eased a further 0.5% against the dollar on Wednesday, weakening for the fifth consecutive session and bringing the currency back towards the lows which it hit in late December after a series of unorthodox interest rate cuts. …

Turkish exports register all-time monthly high

Turkish exports register all-time monthly high

Turkey has registered the highest monthly exports ever as sales surged 24.6% in April to $23.4 billion, Turkish Trade Minister Mehmet Muş announced on Thursday. Imports rose 35% on annual basis to $29.5 billion, with total trade volume …

Erdogan inaugurates bridge across Dardanelles

Erdogan inaugurates bridge across Dardanelles

Turkish President Recep Tayyip Erdogan participated in the opening ceremony of the Canakkale 1915 suspension bridge across the Dardanelles, timed to coincide with the 107th anniversary of the historic victory in the Gallipoli campaign. …

Prices increase by 1.5 times over the year in Turkey

Prices increase by 1.5 times over the year in Turkey

According to the statistical institute of the republic (Turkstat) data, in Turkey consumer prices rose by 54.4% in February compared to this month of 2021. This means inflation accelerated for the ninth consecutive month, hitting …

Turkey's central bank leaves policy rate unchanged at 14%

Turkey's central bank leaves policy rate unchanged at 14%

Turkey’s central bank held interest rates unchanged at 14% for a second meeting on Thursday, in line with the market expectations. The lender in 2021 has followed a period of aggressive rate cuts with a total of 500 basis points …

Fitch downgrades Turkey's credit rating

Fitch downgrades Turkey's credit rating

Turkey's soft financial policy may fix inflation rate at a high level, according to the report of Fitch Ratings. According to Fitch Ratings analysts, such a policy may exacerbate the consequences of weakening Turkish lira and …

Erdogan cuts VAT on food to fight inflation

Erdogan cuts VAT on food to fight inflation

Turkish President Recep Tayyip Erdogan announced a reduction in VAT on basic food products from 8% to 1% to fight inflation and support the population of the republic. He noted that the panic caused by exchange rate fluctuations in the …

Erdogan: Turkey to bring down prices soon as possible

Erdogan: Turkey to bring down prices soon as possible

Turkish President Recep Tayyip Erdogan said that Turkey would bring consumer prices down as soon as possible, after annual inflation soared to its highest level in 19 years in December. Addressing lawmakers from his ruling Justice and …

Turkey’s exports leap to record in 2021

Turkey’s exports leap to record in 2021

Turkey’s exports jumped to an all-time high of nearly $225.4 billion (TL 3.03 trillion) in 2021, Turkish President Recep Tayyip Erdogan announced on Monday, far exceeding the medium-term program goal. Exports surged by 32.9% …

Erdogan plans to put Turkey among top 10 economies

Erdogan plans to put Turkey among top 10 economies

Turkish President Recep Tayyip Erdogan has inaugurated a major road connection between Turkey and the entire Caucasus region, stressing this 2,246-long Pirinkayalar Tunnel will further connect the countries and …

Erdoğan speaks about the main goal of Turkey

Erdoğan speaks about the main goal of Turkey

Turkish President Recep Tayyip Erdoğan named the goal of Ankara during his speech at the scientific awards ceremony of the Scientific and Technological Research Council of Turkey (TÜBİTAK) and the Turkish Academy of Sciences …

Turkish lira stronger in daily FX-protected account rates

Turkish lira stronger in daily FX-protected account rates

The Turkish lira grew stronger Thursday in newly announced parity rates against foreign currencies, rates released every morning by the Turkish Central Bank for FX-protected lira deposit accounts. The US dollar/Turkish lira exchange …

Turkish lira drops to new low

Turkish lira drops to new low

Turkey's lira sputtered to another record low on Monday despite $6 billion in central bank interventions this month, after Turkish President Recep Tayyip Erdogan doubled down on his unorthodox low-rates policy by referring to Islamic usury …

Turkish Central Bank cuts key rate further despite lira slump

Turkish Central Bank cuts key rate further despite lira slump

Turkey's central bank slashed its policy rate by 100 basis points to 14% as expected on Thursday, carrying on with Turkish President Recep Tayyip Erdogan's plan even after inflation jumped above 21% and the currency spiraled to all-time …

Turkish lira plummets to new low

Turkish lira plummets to new low

The Turkish lira crashed as much as 7% in just a few minutes to a new record near 15 to the dollar on Monday, gripped by worries over President Tayyip Erdogan's risky new economic policy and prospects of another interest rate cut on …

Erdogan urges nation to make most of new economic model

Erdogan urges nation to make most of new economic model

Turkish President Recep Tayyip Erdogan on Wednesday called on the nation to benefit from opportunities of the government's new economic model. "We need to move the potential of Turkey forward," he told reporters in the …