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Turkish central bank hikes rates to save weakening lira

Turkey’s central bank raised its benchmark rate by 625 basis points on Thursday in a move that boosted the lira and may ease investor...
Business

Erdoğan names himself chairman of Turkey’s Wealth Fund

Turkish President Recep Tayyip Erdoğan appointed himself chairman of Turkey’s sovereign Wealth Fund and his-son-in law and Treasury and Finance Minister Berat Albayrak as...
Business

Turkish economy grew by 5.2 percent in Q2, driven by private consumption

The Turkish economy grew by 5.2 percent in the second quarter of this year compared to the same period last year, the country’s statistics...
Business

Turkey, Russia, Iran agree to use local currencies instead of US dollar in trade

Turkey, Russia and Iran have agreed to use their local currencies in trade among the three countries instead of the US dollar, Central Bank...
Business

Dutch bank forecasts Turkish economy will shrink 3 percent in 2019

Turkey will face a severe economic crisis in 2019 that will result in a contraction of the economy by 3 percent and further the...
Business

Fitch downgrades its growth forecast for Turkey amid currency crisis

Fitch Ratings has revised its growth forecast for Turkey to 3.8 percent in 2018 and 1.2 percent in 2019, lowering it by 0.7 percent...
Business

Motherboard introduced as ‘made in Turkey’ turns out to be Chinese product

An electronic motherboard that was allegedly developed by a young Turkish entrepreneur has turned out to be a Chinese product, the pro-government Güneş daily...
Business

Turkey sees highest inflation in past 15 years at nearly 18 percent

Inflation in Turkey rose again in August to nearly 18 percent, official statistics showed, the highest since late 2003 and coming after the Turkish...
Business

Turkey’s finance minister expects no fine for Halkbank, citing US law firm

A US law firm hired by Turkey to look into state-owned Halkbank’s dealings with Iran found that it did not violate US sanctions, Turkey’s...
Business

1,763 Halkbank customers make $4.6 mln in transactions during ‘cheap selling’ glitch

Turkey’s state-owned Halkbank General Manager Osman Aslan said on Sunday that the bank’s cheap dollar and euro selling on Friday night was a glitch...
Business

Turkey calls on country’s religious authority in struggle to keep prices down

As the Turkish lira continues to be hit by losses in value against foreign currencies, the government has been struggling to keep prices down,...
Business

Erdoğan calls int’l credit rating agencies ‘fraudsters,’ says currency crisis will pass

Turkish President Recep Tayyip Erdoğan on Friday called international credit rating agencies “fraudsters” while promising his supporters that “this too shall pass,” referring to...
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