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$128 bln in FX reserves met excess demand for foreign currency during pandemic: CB

$128 billion in forex reserves that were sold from the Turkish Central Bank’s (TCMB) reserves in 2019-2020 were used to meet a large amount...
Business

Erdoğan defends ‘risky but correct’ economic policy

Turkish President Recep Tayyip Erdoğan defended Wednesday his "risky but correct" economic policy of low interest rates as the central bank intervened in markets...
Business

Senior central bank executive resigns as Turkish lira plunges to 13 against dollar

Doruk Küçüksaraç, who has served as director of the markets department for the Turkish Central Bank since August 2019, resigned on Tuesday after the...
Business

Turkey economy grew 7.4 percent in Q3, boosted by demand and exports

Turkey's economy grew 7.4 percent year-on-year in the third quarter, meeting expectations on the strength of retail demand, manufacturing and exports, official data showed...
Business

Erdoğan doubles down on low interest rates despite lira fall

Turkey's President Recep Tayyip Erdoğan vowed "no compromise" on low interest rates in comments published by Turkish media on Monday, despite a currency crisis,...
Business

[OPINION] Turkey’s dollar-rich ruling elites profit as lira plummets

Türkmen Terzi The Turkish lira plummeted to a record low on Tuesday, losing 15 percent of its value and exceeding 13 to the US dollar,...
Business

Turkey investigating 271 social media users over comments on lira crisis

Turkey’s Security Directorate General has announced that investigations have been launched into the users of 271 social media accounts due to their posts about...
Business

Meltdown of Turkish lira prompts some companies to halt sales

A number of companies including Apple have stopped selling their products in Turkey in response to the plunge of the lira to a record low...
Business

Ruling AKP lawmakers urge Turks to live on a shoestring as inflation bites

Two lawmakers from the ruling Justice and Development Party (AKP) made headlines over their remarks urging Turks to embrace frugal living standards in the...
Business

Opposition leaders take action as Turkish lira drops to record low

Opposition party leaders have started to take action to stop the depreciation of the Turkish lira, which weakened to a record low of 13.49...
Business

Erdoğan’s remarks defending CB’s policy rate send lira to historic low

The beleaguered Turkish lira weakened to a record low on Tuesday, losing 13 percent against the US dollar after President Recep Tayyip Erdoğan defended...
Business

No lasting recovery in sight for lira unless CB frees itself from Erdoğan: FT

Investors and analysts have argued that there is little prospect of a lasting recovery for the lira unless Turkey’s central bank can somehow free...
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