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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...
Business

Turkish lira hits another historic low against US dollar

Turkey's lira once again weakened to a record low against the US dollar on Tuesday, standing at 8.489 to the dollar and 9.930 to...
Business

Turkey’s meat consumption falls by 30 percent while pasta is up 25 percent

A family of four in 2020 has consumed 30 percent less meat than four years ago, while there has been a 25 percent increase...
Business

Destruction of the Turkish Central Bank’s independence explained

Turhan Bozkurt The Central Bank of Turkey (TCMB) started losing its independence after Durmuş Yılmaz left the post of governor in 2010. Yılmaz, who now...
Business

Turkish lira plummets at unprecedented rate

The Turkish lira on Wednesday reached a new record low, trading at 8.23 to the US dollar amid Turkish President Recep Tayyip Erdoğan‘s negative...
Business

Rate of inflation in Turkey higher than officially announced: independent economists

Turkey’s rate of inflation in September is almost four times higher than the officially announced figure, according to an independent group of academics who...
Business

Parliamentary oversight of Turkish gov’t expenditures to be abolished

The Turkish parliament will soon debate a bill that will remove government expenditures from parliamentary oversight, Turkish media outlets reported on Wednesday. Parliament’s Planning and Budget...
Business

$120 bn made to ‘evaporate’ to keep dollar rate below TL 7, former Turkish economy minister says

Ali Babacan, Turkey's former economy minister who launched a new party this year to challenge President Tayyip Erdoğan, said on Wednesday that the government's...
Business

Turkey’s central bank hikes interest rate to boost lira

Turkey's central bank has raised its one-week repo rate from 8.25 percent to 10.25 percent to boost the ailing lira, in a surprise move...
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