Economy and Finance
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Economy and Finance
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TURKEY'S MARKET REGULATOR MOVES TO CURB HEDGE FUND MANIPULATION AS INDEX GIANT SETS DEADLINE
Turkey's Capital Markets Board (SPK) is tightening its grip on investment funds and the stock market under new chair Mahmut Sütcü in response to domestic and international calls for a clampdown on manipulation.
Economy and Finance
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TOP BUSINESS GROUP URGES ECONOMIC SHIFT, STAYS MUM ON DEMOCRACY AND RULE OF LAW
The top business association, TÜSİAD, urged the government to focus on development over mere economic growth. The meeting of the group’s High Advisory Council saw Chair Ömer Aras, who was detained last year after criticism over democracy and the rule of law, carefully avoid those topics this time around.
Economy and Finance
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CRACKDOWN ON CHICKEN GIANTS TESTS LIMITS OF STATE MARKET INTERVENTION
A judicial crackdown on Turkey's largest poultry producers has ignited debate over government intervention in the free market, temporary corporate takeovers, and soaring food inflation.
Economy and Finance
FINAL STEPS UNDERWAY TO DROP US CHARGES AGAINST HALKBANK
Halkbank, the state lender and fourth-largest bank in Turkey by assets, announced that a nine-year-old US criminal case against the bank is getting closer to a complete end. The bank and the US Attorney’s Office for the Southern District of New York submitted a joint plea to the court on June 10, 2026, requesting the dismissal of all charges.
Economy and Finance
CENTRAL BANK HOLDS MAIN INTEREST RATE AT 37 PERCENT
The central bank kept its benchmark policy rate unchanged at 37% for the third consecutive meeting on June 11, matching the consensus forecast of economists. The Monetary Policy Committee also held its overnight lending rate at 40% and its borrowing rate at 35.5%. The central bank last altered its policy rate in January with a 100-basis-point cut.
Economy and Finance
MILLIONS OF RETIREES WATCH INFLATION DATA AS PENSION TALKS NEAR
Millions of retirees in Turkey are waiting for official inflation data due on July 3 to learn how much their pensions could increase in the second half of the year. TurkStat will announce June inflation figures on July 3, revealing the inflation rate for the first six months of 2026. The data will determine the basis for pension adjustments. The parliament previously set the minimum pension for workers and self-employed retirees at 20,000 Turkish lira ($434) as of Jan. 1, 2026. Any increase to that minimum pension level will require a new legal regulation.
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AKKUYU NUCLEAR PLANT CLOSER TO LAUNCH AFTER CRITICAL TEST
Engineers at Turkey's first nuclear power plant have finished a critical test as part of preparations for the launch planned by the end of 2026, the Energy Ministry said. Technicians successfully loaded 163 simulated fuel assemblies into the reactor pressure vessel of the first unit at the Akkuyu Nuclear Power Plant. The operation is a major milestone in the launch of the country’s first nuclear power facility.
Economy and Finance
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ECONOMIC GROWTH SLOWS AS FORECASTS REVISED DOWNWARD
The Turkish economy grew by 2.5% in the first quarter of 2026 compared to the same period last year, lower than the 2.7% growth expected by economists. TurkStat data showed that quarter-on-quarter GDP growth remained at 0.1%. Household consumption made the largest contribution to growth with 3.4 percentage points. However, industrial production contracted. Also, the negative contribution of net foreign trade expanded.
Economy and Finance
MINERS RETURN TO ANKARA OVER UNMET PROMISES
Protesting coal miners from Doruk Madencilik have returned to the capital after a government-backed deal to pay their overdue wages failed.
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STOCKS COLLAPSE FOLLOWING CHP NULLITY DECISION AS BILLIONS OF DOLLARS INJECTED INTO MARKET WITHIN HOURS
Selling pressure intensified on Istanbul’s stock exchange today following a court ruling of "absolute nullity" regarding the main opposition CHP congress. The benchmark BIST 100 index plunged over 6%, triggering a market-wide circuit breaker. The banking index took an even heavier hit, dropping more than 8% to close at 13,163 points.
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TURKEY TO UNVEIL COMPREHENSIVE STRATEGY FOR CRITICAL MINERALS
Energy Minister Alparslan Bayraktar said the government will soon announce an official National Critical Raw Materials strategy, with the Beylikova rare earth elements project to serve as its main pillar.
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TURKEY SEEKING POSITION AS SECURE ENERGY HUB
As the war between the US-Israel and Iran disrupts global energy routes, Turkey is trying to transform the regional crisis into an opportunity to offer security of supplies.