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Erdoğan targets tycoon who criticized system of governance in Turkey

The tension between Turkey’s top businesses and its president spiked as Recep Tayyip Erdoğan slammed the Turkish Industrialists and Businessmen’s Association (TÜSİAD), specifically targeting Tuncay Özilhan,...
Business

US ends Turkey’s preferential trade agreement, reduces tariffs on steel

The United States on Thursday terminated Turkey’s preferential trade treatment that allowed some exports to enter the country duty free, but it has halved its tariffs...
Business

Turkey’s house sales go down 18.1 percent in April

Turkey’s Statistical Institute (TurkStat) announced on Thursday that house sales in April saw a year-on-year fall of 18.1 percent, with the volume of the housing market dropping...
Business

Turkey’s central bank increases its yearend inflation expectation

The Turkish Central Bank has increased its forecast for yearend inflation from 16.23 percent to 16.68 percent while decreasing its expectation on the value of country’s...
Business

Moody’s warns Turkey over vulnerabilities stemming from forex reserves

Turkey’s foreign exchange reserves have fallen to a fresh 2019 low once short term borrowing is stripped out, new data showed on Thursday, as Moody’s issued...
Business

Turkey’s public spending increases by 30 percent during election period

Public spending in Turkey in the first four months of 2019, which corresponds to the campaign period for the March 31 local elections, increased by 30...
Business

Turkey to bring back tax on all forex transactions

According to a new presidential decree published in the Official Gazette on Wednesday, the Turkish government is poised to collect tax on foreign exchange transactions, the Artı...
Business

Unemployment in Turkey remains at peak levels

The Turkish Statistical Institute (TurkStat) has released the February unemployment figures, which remained at the peak level of 14.7 percent recorded in January, the Evrensel daily reported...
Business

Goldman Sachs lowers expectations for Turkey’s contraction in 2019

Goldman Sachs, a global investment bank and financial services company, has lowered its expectations for the Turkish economy’s contraction at yearend 2019 from 1.5 percent to...
Business

Turkey planning to tap $6.6 billion from central bank reserves: report

Turkey’s Treasury ministry is working on legislation to transfer the central bank’s 40 billion lira ($6.6 billion) in legal reserves to the government’s budget to shore...
Business

Turkish economy will prosper with employment increase, sharp drop in inflation: minister

Turkey’s economy will prosper since employment levels are expected increase, accompanied by a sharp drop in inflation, Treasury and Finance Minister Berat Albayrak said...
Business

[UPDATE] Turkish state banks sell $4.5 billion dollars to boost lira’s value: report

Turkish state banks sold around $4.5 billion last week, two sources told Reuters, including in a flurry of selling late on Friday, to support...
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