Turkish economy

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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 …

Erdogan: Turkey to succeed in 'economic war of independence'

Erdogan: Turkey to succeed in 'economic war of independence'

Turkish President Recep Tayyip Erdogan said a tight interest rate policy will not lower inflation and vowed Turkey will succeed in its “economic war of independence.” Speaking after the Cabinet meeting, Erdogan said he …

Turkish lira falls to record 11 lira per dollar

Turkish lira falls to record 11 lira per dollar

On Thursday the Turkish lira broke its record decline at 17.00, and is trading at 11.10 per US dollar, according to online stock exchange trading reports. During the day, the lira lost about 4.5%. Note that the fall of the Turkish …

Erdogan vows to end scourge of interest, inflation

Erdogan vows to end scourge of interest, inflation

Turkey’s president Recep Tayyip Erdogan said he would drive away the scourge of interest from the nation. "Those who defend interest among our friends should not take offense. I cannot and will not be with the one …

Is Ankara capitulating to or allowing lira’s depreciation?

Is Ankara capitulating to or allowing lira’s depreciation?

Turkey’s central bank cut its policy rate by a staggering 200 basis points Thursday, sending the embattled Turkish lira to a new all-time low and raising the specter of deeper economic turmoil in the country. As Al Monitor …

Erdogan: Turkish Central Bank reserves to surpass $115bln

Erdogan: Turkish Central Bank reserves to surpass $115bln

Turkish Central Bank's reserves will surpass $115 billion when pending transactions are completed, Turkey's president Recep Tayyip Erdogan said on Tuesday. The bank's official reserves so far stand at $109 billion, Erdogan …

Syrian refugees contribute their capitals to Turkish economy

Syrian refugees contribute their capitals to Turkish economy

Syrian investors pumped approximately 58.7 million Turkish liras (about $7 million) into 124 companies during the first quarter of this year, according to statistics published May 1 by the Union of Chambers and Commodity Exchanges of Turkey

Turkey must enter  top 10 global economies, Erdogan says

Turkey must enter top 10 global economies, Erdogan says

The Turkish authorities are planning new large investments and projects that will help the country to enter the list of the top 10 global leading economies, President of the country Recep Tayyip Erdogan said today. …