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Turkish central bank sold $7 bn in foreign currency as removal of CHP leader, Iran war hit lira

Turkey’s central bank sold an estimated $7 billion in foreign currency to limit market volatility as the ongoing Iran war and a court ruling...
Business

Enercon to build €50 million wind turbine blade factory in western Turkey

German wind turbine maker Enercon plans to build a €50 million ($58.5 million) rotor blade factory in Bergama, a district in the western province...
Business

Turkey’s current account deficit hits three-year high of $9.67 billion in March

Turkey’s current account deficit increased to $9.67 billion in March, the highest monthly shortfall since January 2023, central bank data showed on Wednesday, as...
Business

Turkey set to receive first shipment from US emergency oil reserve: report

Turkey is set to receive its first crude oil shipment from the US Strategic Petroleum Reserve, Reuters reported on Monday, citing ship-tracking data, as...
Business

Autoliv to discontinue manufacturing operations in Turkey, citing excess capacity

Swedish car safety equipment maker Autoliv will gradually shut down its manufacturing operations in Turkey and move production to other plants in Europe, the...
Business

Turkey’s Togg partners with unit of Chinese battery giant to develop new EV platform

Turkey’s electric vehicle maker Togg has signed a strategic partnership with Contemporary Amperex Intelligent Technology, a Shanghai-based unit of Chinese battery giant CATL, to...
Business

Turkey’s annual inflation rises to 32.37 percent in April, official data show

Turkey's annual inflation rate rose to 32.37 percent in April, up from 30.9 percent in March and above expectations, official data showed on Monday. On...
Business

Turkey’s broadly defined unemployment hits record 31.5 pct in March

Turkey’s broadly defined unemployment rate rose to a record 31.5 percent in March, official data showed, indicating deepening strain in the labor market despite...
Business

Erdoğan offers 20-year tax break to lure foreign income and corporate hubs to Turkey

Turkish President Recep Tayyip Erdoğan has said his government would offer 20-year tax breaks on foreign-sourced income and earnings from companies managing overseas operations...
Business

Turkey’s e-commerce boom accelerates as AI reshapes consumer habits

Turkey’s e-commerce volume rose 61.7 percent to 3.16 trillion lira ($89.6 billion) in 2024, with transactions reaching 5.91 billion. Data from Turkey’s Trade Ministry, based...
Business

Turkish central bank keeps rate at 37 percent amid geopolitical risks

Turkey’s central bank on Wednesday kept its benchmark interest rate unchanged at 37 percent, in line with expectations, citing ongoing geopolitical risks and uncertainty...
Business

Turkey’s central bank may need extra rate hike, Citi says before policy decision

Citigroup has warned that Turkey’s central bank may need to deliver an additional interest rate increase and revise its inflation outlook as policymakers head...
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