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.
Analysis
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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.
A Qatari Air Force helicopter crashed into the sea, killing a Turkish air defense major, two Aselsan technicians, and four Qatari crew members. Questions remain unanswered, including the type of helicopter, the exact time when it crashed and the site of the crash.
Ebru Eroğlu, one of five lieutenants expelled from the Turkish Armed Forces (TAF) on the grounds of insubordination for raising their swords in the air and chanting the slogan “We are Mustafa Kemal’s soldiers” during the Military Academy’s swearing-in ceremony on August 30, 2024, lost the lawsuit to return to the military she filed against the Defense Ministry.
Following the signing of an agreement with the U.K. in Oct. 2025 to procure 40 Eurofighter Typhoon fighter jets, the defense ministers of the two countries signed a contract for technical and logistical support regarding the maintenance and operation of these aircraft.
In response to the reinforcement of defense in Southern Cyprus by Greece and some European countries due to the Iran conflict, Turkey deployed F-16 fighter jets and additional air defense systems to the Turkish Republic of Northern Cyprus (TRNC) for the first time in 28 years.
Iran destroyed U.S. long-range radar installations in Qatar and Jordan on Feb. 28 and March 7, increasing the importance of the Kürecik AN/TPY-2 radar station in Malatya province. Like the Adana İncirlik Air Base, NATO has placed the Malatya Kürecik Radar Station under the protection of its Patriot air defense system, another possible target for ballistic missiles launched from Iran.
NATO announced that its assets shot down two ballistic missiles aimed at Turkey in a week, but Iran denied that they had targeted Turkey. Since the Defense Ministry and NATO did not provide information on which region of Iran the ballistic missiles were launched from, the route taken by the missiles and their target became a matter of debate.
The trial over corruption allegations at the Istanbul Municipality — a case expected to last for years — begins March 9, with 402 defendants, including 105 under arrest, among them Istanbul Mayor Ekrem İmamoğlu.
The trial over corruption allegations at the Istanbul Municipality — a case expected to last for years — begins March 9, with 402 defendants, including 105 under arrest, among them Istanbul Mayor Ekrem İmamoğlu.
Turkish defense and software company HAVELSAN said its Flight Training Device Level 2 simulator for Boeing 737 Next Generation aircraft has received FNPT II MCC and FTD Level 2 certification, making it the first platform produced and certified at this level in Turkey.
Seeking to capitalize on the rift in the NATO alliance between the U.S. and the EU, Ankara is seeking common ground with Europe through cooperation on military issues and the defense industry.
Roketsan, which develops and manufactures missile systems for Turkey's multi-layered air defense system project Steel Dome, announced that it will also begin work soon to neutralize threats from space.