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Turkey revives plan to tap TL 46 bln in central bank legal reserves due to deteriorating budget: report

Turkey’s government is reviving plans to transfer the central bank’s 46 billion lira ($8 billion) in legal reserves to its deteriorating budget to shore it up...
Business

Volkswagen mulling €2 bln factory investment in Turkey: report

German car manufacturer Volkswagen is considering establishing a €2 billion car assembly plant in Turkey, Frankfurter Allgemeine Zeitung (FAZ) reported. According to FAZ, Herbert Diess, the group’s...
Business

Turkish lira firms by 1.5 percent after opposition’s İstanbul mayoral victory

The Turkish lira on Monday gained nearly 1.5 percent in value against the US dollar after a clear opposition win in the İstanbul mayoral race, the...
Business

Business closures up 20 percent in Turkey

The number of companies ceasing operations grew by 20 percent last month, according to figures provided by the Turkish Union of Chambers and Commodity Exchanges (TOBB), the...
Business

Turkish consumer confidence bounces back from record lows

Turkey’s consumer confidence improved 4.3 percent in June, after dropping to the lowest level on record in May, the Diken news website reported on Thursday. Published by the...
Business

Moody’s downgrades credit rating for 18 Turkish banks

Moody’s on Tuesday cut the credit rating of 18 Turkish banks, the Diken news website reported. State lenders such as Ziraat Bank, Halkbank and Vakıfbank along with private...
Business

Turkey keeps up budget spending splurge before İstanbul election: report

Turkey ran a budget shortfall in May compared with a surplus in the same month last year, a sign authorities kept their stimulus in place to...
Business

Turkey’s housing sales drop 31.3 pct in May

A total of 82,252 houses were sold in Turkey in the month of May, a year-on-year decrease of 31.3 percent, the Artı Gerçek news website reported...
Business

Turkey’s youth unemployment surges to 25 pct

The Turkish Statistical Institute (TurkStat) has announced that the country’s youth unemployment for the February-March-April period was 25.2 percent, the Diken news website reported on Monday. The figure encompasses...
Business

THY’s rental expenses increased fivefold in Q1 at İstanbul’s new airport: report

Turkish Airlines (THY) paid nearly five times more for general rental expenses in the first quarter of 2019 compared to the same period last year at...
Business

BDDK denies filing complaints over critical comments about Turkey’s currency crisis

Turkey’s Banking Regulation and Supervision Agency (BDDK) on Friday denied media reports claiming that it filed criminal complaints about dozens of people including journalists due to...
Business

Moody’s downgrades Turkey rating to B1, ministry challenges move

Moody’s cut Turkey’s sovereign credit rating deeper into “junk” territory on Friday, saying the risk of a balance of payments crisis continued to rise, and with...
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