Analysis
Smart, independent reporting on Turkey's politics, economy and foreign affairs.
For nearly half a million retail investors caught in Turkey’s worst financial storm in years, compensation has finally begun to flow. But the first cash distributions came as the fallout spread beyond Turkey’s borders: global index provider MSCI froze index changes for Turkish equities on Oct. 15 and warned of a possible downgrade, while prosecutors broadened their probes and lawmakers scrambled to pass emergency legislation.
Turkey is considering generating cash flow by exporting newly built naval platforms originally designed to meet domestic requirements. The first of 10 light corvette-class vessels planned for the Turkish Navy, the TCG Akhisar (P-1220), was sold straight to Romania without entering the Turkish inventory after its completion in December 2025. Ankara is now in talks to sell two newly built I-class (Istanbul/İstif-class) frigates to Indonesia.
The AKP submitted a 15-item proposal to parliament as it pushes ahead with incentives to lure foreign investment and cash repatriation.
The money laundering investigation into Can Holding has now expanded to the Ciner Group. The probe, which includes charges of fraud, money laundering, smuggling, and forming a criminal organization, now focuses on the $350 million sale of media outlets — including Habertürk, Show TV, and Bloomberg HT — from the Ciner Group to Can Holding. According to Sabah daily, the funds were allegedly transported in suitcases and deposited in banks as cash. Turgay Ciner, once among Turkey’s top taxpayers and currently residing abroad, is now the subject of an arrest warrant.
The Central Bank reduced the calculation margins for credit card cash advances and overdraft account interest rates by 25 basis points.
Turkey’s main opposition CHP suffered a fresh blow as a court dissolved its largest provincial board in Istanbul over cash payment claims. The party now awaits either a Sept. 5 ruling by the Supreme Election Board (YSK) or a Sept.15 court hearing that could unseat Chair Özgür Özel’s administration. The CHP, which came to power at a November 2023 congress with the slogan “Change,” now risks being replaced by the team of former chair Kemal Kılıçdaroğlu. The 45th Civil Court of First Instance ruled that irregularities in the October 2023 Istanbul provincial congress were “approximately proven.” The court suspended provincial chair Özgür Çelik, the executive and disciplinary boards, and 196 delegates. Attention has now turned to another court set to review the CHP’s 2023 congress in Ankara. “The Istanbul decision is null and void. We do not recognize it,” said Özel, vowing not to hand over CHP’s Istanbul building to the appointed administration. The Istanbul administration also started a stage-in protest in front of the building for 24 hours.