Economy and Finance
168 articles
Economy and Finance
CENTRAL BANK UPS INFLATION TARGETS FOR 2026, 2027
Central Bank Governor Fatih Karahan said inflation is expected to stand between 25% and 29% at the end of 2025, and between 13% and 19% in 2026.
Economy and Finance
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INCOME GAP DEEPENS
The Banking Regulation and Supervision Agency's latest data shows that income inequality continues in Turkey.
Economy and Finance
TURKEY, SYRIA AIM $5 BILLION TRADE WITH 10 NEW AGREEMENTS
Turkey and Syria have reached consensus on 10 new agreements with a target of $5 billion in trade.
Economy and Finance
ICRYPEX FOUNDER ARRESTED
Gökalp İçer, chair of cryptocurrency exchange platform ICRYPEX, was arrested on charges of drug trafficking and attempted murder.
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ERDOĞAN POSTPONES MINERS' STRIKE FOR 60 DAYS
President Recep Tayyip Erdoğan has signed a 60-day delay in the strike decision made by the Turkish Mine Workers' Union.
Economy and Finance
SAVINGS IN PUBLIC SECTOR TARGET COME TO NOTHING
The government's push for austerity in the public sector has failed to deliver results. Despite promises to cut costs—particularly through the disposal of surplus vehicles—public institutions spent 161.2 million lira on new vehicle purchases in the first half of 2024, while generating just 5.1 million lira in sales.
Economy and Finance
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TRUSTEE AT İMAMOĞLU FAMILY FIRM ALSO IN OVER 20 SEIZED COMPANIES
Enis Güçlü Şirin, the trustee appointed to İmamoğlu İnşaat—the family business of Istanbul Mayor Ekrem İmamoğlu—holds positions on the boards of more than 20 other companies. All the firms where Şirin serves are under the administration of Turkey’s Savings Deposit Insurance Fund (TMSF) which operates firms that have been seized by the state often because of bankruptcy, tax debts, or links to the Gülenist movement.
Economy and Finance
CENTRAL BANK CUTS RATES BY 3 POINTS DESPITE ONGOING INFLATION RISKS
The Central Bank lowered its one-week repo rate from 46% to 43% on July 24, despite warning signs that inflation pressures persist. This was the first cut following the April rate hike. The Monetary Policy Committee also reduced the overnight lending rate from 49% to 46% and the overnight borrowing rate from 44.5% to 41.5%. While June’s core inflation trend remained unchanged, preliminary indicators pointed to a temporary rise in July inflation due to month-specific factors.
Economy and Finance
ŞİMŞEK SAYS RENTERS ARE MINORITY
As millions of retirees await a long-promised pension hike, Treasury and Finance Minister Mehmet Şimşek appeared to downplay the pressure caused by rising rents. Speaking at the ruling AKP’s Kızılcahamam retreat, Şimşek said: “72% of the population owns their home, 28% rent, and only 14% of retirees are renters,” according to pro-government columnist Abdulkadir Selvi.
Economy and Finance
ŞİMŞEK SAYS RENTERS ARE MINORITY
As millions of retirees await a long-promised pension hike, Treasury and Finance Minister Mehmet Şimşek appeared to downplay the pressure caused by rising rents. Speaking at the ruling AKP’s Kızılcahamam retreat, Şimşek said: “72% of the population owns their home, 28% rent, and only 14% of retirees are renters,” according to pro-government columnist Abdulkadir Selvi.
Economy and Finance
CHINA, UAE AND TURKEY FORM UNLIKELY ALLIANCE FOR FINTECH
A joint Turkish-UAE-Chinese venture is set to launch a comprehensive digital banking and payments platform in Turkey, marking an unusual cross-border collaboration that includes players from both the Gulf and China.
Economy and Finance
MÜSİAD: EXPORTERS NEED DOLLAR AT MINIMUM 45 LIRA BY YEAR-END
Independent Industrialists' and Businessmen's Association (MÜSİAD) President Burhan Özdemir said exporters want the lira to weaken by more than 10% against the dollar.