Economy and Finance
168 articles
Economy and Finance
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CENTRAL BANK CUTS CREDIT CARD INTEREST RATES
The Central Bank reduced the calculation margins for credit card cash advances and overdraft account interest rates by 25 basis points.
Economy and Finance
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THREE-YEAR ECONOMIC ROAD MAP UNVEILED; 2025 INFLATION TARGET RAISED 11 POINTS
Vice President Cevdet Yılmaz unveiled the Medium-Term Program for 2026–28, raising the end-2025 inflation target by 11 points from the previous plan. Yılmaz said real GDP growth targets are 3.8% in 2026, 4.3% in 202, and 5.0% in 2028. The inflation path is 28.5% for end-2025, 16% for end-2026, 9% for 2027, and 8% for 2028.
Economy and Finance
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SMALL BUSINESSES WILL PAY MORE TAXES
The tax burden for many small businesses will rise after changes announced in the Official Gazette.
Economy and Finance
CENTRAL BANK CUTS INTEREST RATES
The Central Bank reduced its policy interest rate, the one-week repo auction rate, from 43% to 40.5%, the second straight cut.
Economy and Finance
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CHP CONGRESS CANCELLATION HITS THE STOCK MARKET
Following the cancellation on Sept. 2 of the CHP Istanbul Provincial Congress, losses on the Istanbul Stock Exchange exceeded 5% within the day. The banking index dropped by more than 8% before rebounding.
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ARBITRATION BOARD IMPOSES BELOW-INFLATION RAISES ON 6.5 MILLION PUBLIC SERVANTS
The Public Servants Arbitration Board has finalized wage hikes for 6.5 million civil servants and retirees, setting raises far below inflation and poverty thresholds after collective bargaining collapsed.
Economy and Finance
TURKEY’S UNEMPLOYMENT RATE CLIMBS TO 8.6%
According to the Turkish Statistical Institute’s (TurkStat) Household Labor Force Survey, unemployment increased in the second quarter of 2025 while overall employment declined.
Economy and Finance
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INEQUALITY WIDENS ACROSS TURKEY
The Turkish Statistical Institute (TurkStat) has released for the first time socio-economic status data at the provincial and district levels, based on 2023. Covering more than 26 million households, the study highlights sharp inequalities across Turkey, measuring income, education, and occupation.
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COLLECTIVE BARGAINING HITS AN IMPASSE
No agreement was reached in pay talks between the government and civil servant unions. Memur-Sen, which is known for its closeness to the government and was expected to take the government’s pay rise proposal to the Public Officials Arbitration Board, announced that no application would be made.
Economy and Finance
İŞ BANK SEES 29% INFLATION, 35% INTEREST RATES AT END-2025
Hakan Aran, head of İş Bank, the country’s largest private lender, said they expect Turkey’s annual inflation to drop to 29% by the end of 2025, with interest rates falling to 35%. Aran shared his predictions regarding the economic normalization process at a press conference. According to Aran, “we may see monthly inflation rates drop below 1% as the normalization process begins in May 2026.”
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NETHERLANDS, KAZAKHSTAN TOP TURKEY’S FIRST-HALF FDI SOURCES
Foreign direct investment (FDI) in Turkey rose 27% year-on-year to $6.3 billion in the first half of 2025, led by inflows from the Netherlands and Kazakhstan, according to the International Investors Association (YASED).
Economy and Finance
GOVERNMENT PAY RISE PROPOSAL SPARKS UNION OUTRAGE
The government’s first pay offer in collective bargaining—10% for the first half of 2026, 6% for the second half, and 4% for each half of 2027—was rejected by public sector unions representing about four million civil servants and more than two million retirees.