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Business

Turkish regulator tells banks to write off some $8 bln in bad loans: report

A Turkish regulator on Tuesday told banks to write off 46 billion lira ($8.1 billion) in loans by yearend and set aside loss reserves,...
Business

Turkey’s unemployment rises to 13 percent in June: report

The unemployment rate in Turkey stood at 13 percent in June, according to the country's statistical authority, indicating a year-on-year increase, the state-run Anadolu news agency...
Business

Turkey’s current account posts $1.2 billion year-on-year surplus in July

Turkey’s current account balance posted a $1.2 billion surplus in July, improving from a $2.2 billion deficit in same period of last year, the country’s central...
Business

Turkish Central Bank cuts rates by 325 points to 16.5 percent: report

Turkey’s central bank cut its policy rate by 325 points to 16.5 percent on Thursday, roughly as expected, its second marked policy easing in two months...
Business

Washington-Beijing trade war offers Turkey opportunity to boost trade with US

Turkey sees an opportunity to boost trade with the United States amid Washington’s trade war with Beijing, the Turkish trade minister said on Tuesday, according to...
Business

Turkey will lower interest rates to single digits, Erdoğan says

President Recep Tayyip Erdoğan has said Turkey will soon lower interest rates to single digits and that inflation will follow suit, Bloomberg reported. “We are lowering and...
Business

Turkey stands to lose $3 bln in trade under no-deal Brexit, says trade minister

Turkey’s exports to the UK are expected to drop by up to $3 billion in the event of a no-deal Brexit, Turkish Trade Minister Ruhsar Pekcan...
Business

Contraction in Turkish construction sector to continue despite slight improvement: report

The outlook will remain negative for Turkey’s construction sector in the coming quarters even though new construction orders saw a month-on-month increase in July and August, according...
Business

Czech PM says Volkswagen to make large investment in Turkey

German carmaker Volkswagen is making a large investment in Turkey, Czech Prime Minister Andrej Babis said on Tuesday, according to Reuters. “We have heard that Volkswagen is...
Business

Automotive sales drop more than 45 pct in first 8 months: report

Automobile and light commercial vehicle sales in Turkey dropped more than 45 percent in the first eight months over the same period last year, according to...
Business

Turkey’s inflation drops to 15-month low in August

Turkey’s inflation decreased to 15.01 percent year-on-year in August, the lowest point in the last 15 months, according to the Turkish Statistical Institute (TurkStat). In July it...
Business

Turkish economy contracted less than expected in Q2: report

The Turkish economy contracted less than expected in the second quarter, 1.5 percent year-on-year, as it looks to shake off the effects of a recession brought...
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