Turkish economy: Timely reporting and analysis of economic developments in Turkey with all its structural problems, as one of world’s 20 biggest economies
Only ten days after getting appointed as the head of Turkish State Railways (TCDD), Abdülkerim Murat Atik got fired on September 14. That was the last example of Erdoğan’s one-after-other appointments in top positions of bureaucracy, mostly based on close-circle references but cause havoc within the system. Former director of the TCDD Ali İhsan Uygun
One of the most interesting – in fact, more correct to say weird – developments of the last week were the words of Şahap Kavcıoğlu, The Governor of the Turkish Central Bank (CBRT), who implied that from now they would focus on core inflation which excludes food and energy prices and alike. That would mean
A sovereign credit rating is an evaluation of a country’s creditworthiness. They can be provided at the request of a country to assess its economic and political environment. Receiving a good rating allows the countries to access funds in international markets more easily. The rating agencies’ decisions are based on subjective evaluations and can be
The Turkish Central Bank’s July survey forecast the year-end value of the Turkish lira the USD at 8.99 liras per dollar from the 8.95 last month.According to the Survey of Market Participants, the forecast for the dollar exchange rate after 12 months stands at 9.34, up from the 9.23 liras in the previous survey period.The
Turkish e-commerce platform Hepsiburada has become the first Turkish company to be offered to the public on NASDAQ, the U.S. stock exchange where technology giants are traded. The company was valued at $3.9 billion ahead of the ceremony held in New York today.“Hepsiburada becomes the first Turkish company ever to be listed on Nasdaq. This
The Central Bank has raised its U.S. dollar exchange rate and inflation forecasts for the end of the year, as it predicts a higher-than-expected growth rate.According to the June results of the Survey of Market Participants, the Central Bank expects the dollar to trade at 8.95 Turkish Liras at the end of the year, up
President Tayyip Erdoğan told in a May 26 video conference the executives of 20 prominent U.S. firms that he and U.S. President Joe Biden are seeking a new era in mutual ties despite everything, “Although the statement he made has put an extra burden on our relations, I believe that the meeting I will hold
Polish President Andrzej Sebastian Duda paid an official visit to Turkey on 24 May upon an invitation by President Recep Tayyip Erdoğan. On the same day, at a ceremony attended by Duda and Erdoğan, a contract was signed by Mariusz Blaszczak. the defense minister of Poland, and Baykar Defense General Manager Haluk Bayraktar for the
Turkey’s ties with the United States and European Union have been deteriorating in recent years, but there’s one major Western power with whom its relations have been deepening: the United Kingdom – such that many interpret the close bilateral ties as a new strategic partnership.[1] Perhaps that’s why, in the wake of last month’s Cyprus
President Recep Tayyip Erdoğan announced May 17 financial support to small enterprises and tradesmen ahead of the “normalization” process that will start from June 1Erdoğan said following a cabinet meeting that 235 thousand enterprises, which he defined as the first group, will be given 5 thousand Turkish Liras (roughly $600) of grant for one time.In