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Former finance minister slams Erdoğan over rate hike, demanding an explanation to the nation

A former economy minister lambasted Turkish President Recep Tayyip Erdoğan on Friday after the president described an aggressive repo rate hike by the central...
Business

Turkey’s central bank hikes rates 475 points

Turkey's central bank raised the one-week repo rate by 475 basis points to 15 percent on Thursday in a bid to boost the struggling...
Business

İstanbul significantly more expensive than 2019 according to Worldwide Cost of Living survey

İstanbul has staged one of the biggest rises in a list compiled by the Economist Intelligence Unit (EIU) comparing the cost of living in...
Business

Turkish regulator fines Google 196.7 million lira for abusing market dominance

Turkey's Competition Authority fined Google 196.7 million Turkish lira ($25.5 million) on Friday, accusing the company of abusing its market dominance in online searches. The...
Business

Lira rebounds as Erdoğan vows to attract international investment after shake-up of economy team

Turkey's lira gained 3 percent in value against the US dollar on Wednesday after President Recep Tayyip Erdogan announced a new growth strategy following...
Business

Turkey’s unemployment rate falls slightly in third quarter of 2020

Turkey’s unemployment rate decreased by 0.8 percent year-on-year and stood at 13.2 percent in the third quarter of 2020, while the number of people...
Business

Turkish finance minister’s record in the spotlight after controversial resignation

Finance Minister Berat Albayrak, the son-in-law of Turkish President Recep Tayyip Erdoğan, quit his job on Sunday, citing health reasons, after his tumultuous two...
Business

Erdoğan replaces head of Turkish Central Bank after lira plunge

Turkish President Recep Tayyip Erdoğan has dismissed the head of the country’s central bank and replaced him with a former finance minister as the...
Business

Turkey pays nearly $3.5 mln of Somalia’s IMF debt: Official Gazette

The Turkish government has settled a part of Somalia’s debt to the International Monetary Fund (IMF) by allocating nearly $3.5 million to a fund...
Business

Turkish Airlines lost $614 mln in first 9 months of 2020: report

Turkey's national flag carrier Turkish Airlines (THY) recorded a net loss of TL 5.2 billion ($614 million) during the first nine months of 2020...
Business

Turkey has abandoned trying to shore up its fast plummeting currency

Turkey’s central bank, which has spent some $120 billion to put the brakes on the fall of the lira against the US dollar, has...
Business

Turkey’s inflation rate rises to 11.89 percent in October: TurkStat

Consumer prices in Turkey saw an 11.89 percent annual increase in October, the Turkish Statistical Institute (TurkStat) announced on Tuesday. The rate of inflation rose...
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