CENTRAL BANK SPENDS $23.5B IN TWO WEEKS TO DEFEND LIRA
The central bank spent approximately $23.5 billion in foreign exchange interventions during the first two weeks of the Iran war to defend the Turkish lira.
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DEFENSE MINISTRY BUDGET UP 31.9% EXCLUDING EUROFIGHTER DEAL
The Defense Ministry’s budget, 623.9 billion lira in 2025, is set to increase 31.9% to 822.9 billion lira in 2026, according to figures released during parliamentary budget talks Nov. 26. This allocation does not cover Turkey’s latest procurement of Eurofighters.
NUMBER OF COMPANIES FILING FOR CONCORDAT RISES BY 72%
The financial crisis facing companies in Turkey is deepening as the amount of non-performing loans from banks exceeded 519 billion lira as of the week of Oct. 24. In the January-October period of 2025, the number of companies granted a temporary moratorium on debt repayment rose to 2,326, a 72% increase year on year.
SPACE BUDGET INCREASED, FIRST MOON LANDING POSTPONED
Funding for space research was increased from 5 billion lira to 8.7 billion lira, but Turkey's first lunar landing project was postponed for another year, according to the 2026 budget bill submitted to Parliament.
PRESIDENCY SPENDING SOARED TO 12.5 BILLION LIRA IN 2024
The Turkish Presidency spent more than 32 million lira per day in 2024, according to financial records shared by the Court of Accounts. The annual total reached 12.57 billion lira, a significant increase over the previous year, BirGün reported.
TAX AUDIT FOR TEN THOUSAND BIG BUSINESSES
Tax inspections generated an additional 15 billion lira ($360 million) by targeting high earners who had not filed income tax returns.
TRANSPORTATION MINISTER FINED FOR SPEEDING
Transportation and Infrastructure Minister Abdulkadir Uraloğlu was fined 9,267 lira for speeding.
UNIONS UNDER FIRE FOR GIFTING JOURNALISTS SHOPPING VOUCHERS
Two Turkish unions sparked a backlash after distributing shopping vouchers worth thousands of liras to journalists at press events funded by workers’ subscriptions.
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.
TUG OF WAR ON STREETS
President Recep Tayyip Erdoğan has filed a lawsuit against CHP Chair Özgür Özel, seeking 500,000 lira (12,500 USD) in damages for alleged defamation and moral harm stemming from accusations that Erdoğan both enabled and continues to support governmental misconduct.
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.