Turkish economy

Turkey’s central bank raises interest rate to 50%

Turkey’s central bank raises interest rate to 50%

Turkey’s central bank raised its key interest rate, the one-week repo rate, from 45% to 50%, the bank's press service reported, citing the continuing need to counter climbing inflation in the country. …

Renting housing in Türkiye may rise sharply from July 1

Renting housing in Türkiye may rise sharply from July 1

In the summer, Türkiye will abandon the current restriction on increasing the cost of renting apartments. Now, the owner of the property can raise the rent by no more than 25%. Lifting the restriction could increase apartment rental prices in Türkiye.

Turkish banks to use 'inflation accounting'

Turkish banks to use 'inflation accounting'

Turkey's banks and other financial institutions will have to wait until 2025 to apply inflation-adjusted accounting to their balance sheets, the BDDK banking watchdog said. "It has been decided that banks, …

Turkish lira hits new record low

Turkish lira hits new record low

The Turkish lira hit a fresh record low against the U.S. dollar on January 11, trading at 30.005 to the greenback just before noon local …

Turkish inflation quickens to highest level in 2023 

Turkish inflation quickens to highest level in 2023 

Turkey’s consumer inflation accelerated to its highest level this year as household energy use exceeded state support for natural gas consumption. Prices rose an annual 62% through November. Monthly inflation was 3.28%, …

Turkish exports sets new October high

Turkish exports sets new October high

Türkiye registered the highest monthly exports ever in October, official data showed Monday, while its trade deficit decreased by 15% on a monthly basis. "In October, our exports increased by 7.4% compared to the same month of …

Turkey raises inflation forecasts, sees 65%

Turkey raises inflation forecasts, sees 65%

Türkiye's Central Bank revised its year-end inflation forecast upwards for 2023 and 2024 while cutting it for 2025. The annual consumer inflation is foreseen to come in at 65% this year, up from 58% the previous forecast, …

Turkey's central bank raises key rate to 25%

Turkey's central bank raises key rate to 25%

Turkey’s central bank raised its key interest rate by 7.5 percentage points on August 24, signaling it was willing to follow through on a new commitment to damp inflation through monetary policy. …

Turkey's inflation rate to peak at 60% by year-end

Turkey's inflation rate to peak at 60% by year-end

Turkey's inflation could reach 59.46 per cent by December, according to a central bank survey. The policy rate of Turkey's central bank hiked to 17.5% in July may reach 19.19% in December. The lira …

Turkey raises its key interest rate to 17.5%

Turkey raises its key interest rate to 17.5%

Turkey’s central bank raised on July 20 its key interest rate to 17.5%, the highest level since October 2021. The 2.5% hike came a month after the bank raised rates from 8.5% to 15% following more than a year of …

Turkish lira hits fresh record low

Turkish lira hits fresh record low

The Turkish lira weakened more than 2% to a fresh record low against the dollar on July 18 over market concerns that the central bank might raise …