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Turkey’s trade deficit widens 76.7 percent in March on energy import costs

Turkey's trade deficit surged 76.7 percent year-on-year in March to $8.24 billion, Reuters reported on Monday, citing the Trade Ministry, mainly due to a...
Business

Turkish inflation hits fresh record at 61.1 percent

Turkey's inflation hit a new record in March, official data showed Monday, driven up by the fallout from Russia's invasion of Ukraine and soaring...
Business

S&P Global cuts Turkey’s growth forecast for 2022: report

S&P Global cut its 2022 GDP growth estimate for Turkey by more than 1 percentage point due to the effects of the war in...
Business

Erdoğan announces yet another round of VAT cuts

Turkish President Recep Tayyip Erdoğan has announced cuts to the value-added tax (VAT) on a number products to fight inflation, which has surged to...
Business

Draft law viewed as attempt to protect pro-gov’t companies from criticism

In a move interpreted as an attempt to save pro-government companies from criticism, the ruling Justice and Development Party (AKP) is planning to introduce...
Business

Amazon to invest more than $100 mln in new Turkey logistics base

Amazon.com Inc said on Wednesday it will set up a logistics base in Turkey to meet rising demand, with a more than $100 million...
Business

‘Lira at lowest level, can’t decline further,’ Turkey’s finance minister assures citizens

In an attempt to assure holders of lira deposits that there’s no reason for them to switch to foreign currencies, Turkey’s Treasury and Finance...
Business

UK agrees to record $2.3 billion export finance deal to fund Turkish railway

The United Kingdom said on Thursday it had agreed to its biggest-ever civil infrastructure export finance deal to underwrite a high-speed rail line between...
Business

Erdoğan sacks two vice chairmen at TurkStat

Turkish President Recep Tayyip Erdoğan has fired two vice chairmen at the Turkish Statistical Institute (TurkStat), which is at the center of an ongoing...
Business

Turkish central bank holds rate at 14 percent despite price surge

Turkey's central bank kept its key rate steady at 14 percent for the third straight month on Thursday as expected, sticking to President Recep...
Business

Turkey has no plans to stop buying Russian oil, minister says

Turkish Energy Minister Alparslan Bayraktar said on Tuesday that his country would continue to buy Russian oil, Reuters reported. Turkey relies on Russia for 45...
Business

Turkish lira declines to weakest since December over Ukraine concerns

The Turkish lira declined for a seventh straight day on Wednesday, bringing its losses to more than 5 percent since Russia launched its attack...
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