Turkish economy: Timely reporting and analysis of economic developments in Turkey with all its structural problems, as one of world’s 20 biggest economies
Following the partial construction of the 4GW reactor at the Mersin Akkuyu nuclear power plant, news is circulating that a new tender will be awarded to the Russian Rosatom for the construction of Türkiye’s second nuclear power plant in Sinop. Giving the green light to a new nuclear project, which will cost another 25 billion
The Central Bank of the Republic of Turkey (CBRT) Governor Fatih Karahan, facing the cameras for the first time following the contentious dismissal of the previous Governor Hafize Gaye Erkan from office, announced the first inflation report for the year 2024. Speaking at a press conference on February 8, Karahan stated that the inflation forecasts
The Central Bank of Turkish Republic (CBRT) Governor Hafize Gaye Erkan “has been removed from office” by a Presidential Decree following contraversy surrounding her family’s unofficial involvement in the bank’s administration. The Deputy Governor Fatih Karahan is appointed as the new governor. “The President (Governor) of the Central Bank of the Republic of Turkey, Hafize
The Ministry of Treasury and Finance published Türkiye’s top taxpayers list after 3 years on January 3, revealing that President Recep Tayyip Erdoğan’s son-in-law and Türkiye’s drone manufacturer Baykar’s chairman, Selçuk Bayraktar, has been the top taxpayer for three years in a row: 2020, 2021, and 2022. First of all, congratulations to Bayraktar. He became
This article is one of the most challenging ones that I have written for a newspaper or any other media outlet. I will explain the reason at the end, but first, let me begin with the Central Bank of the Republic of Türkiye (CBRT) Monetary Policy Committee’s (MPC) latest decision. The MPC, raised the one-week
Türkiye is surrounded by energy-rich countries and stands as one of the region’s largest energy investors, buyers, consumers, and transit nations. The energy sector involves vast sums of money, impacting vital aspects such as politics, security, trade, technology, intelligence, and finance. Türkiye, particularly dependent on foreign sources for fossil fuels, faced a 91.6 percent increase
The Monetary Policy Committee of the Central Bank of the Republic of Türkiye (CBRT) raised policy interest rate by 500 basis points to 35 percent. The Monetary Policy Committee, which convened under the leadership of CBRT Governor Hafize Erkan on October 26, decided to raise the policy rate, the one-week repo auction interest rate, from
The chaos in the Middle East prevails as the İsrael-Palestinian conflict has merged into a war once again after Hamas attacked Israel on October 7. Unfortunately, the bombardments and clashes last in its second week with a rising humanitarian cost. This environment, if prolonged, will have negative effects on Türkiye, which had been on the
Turkish President Recep Tayyip Erdoğan has presented the awaited Medium Term Economic Programme (MTP) on September 6 in an event attended by the economy cadres of the ruling Justice and Development Party (AKP). Emphasised as Türkiye’s roadmap for 2024-2026 period, the MTP promises to increase the GDP to 1.3 trillion US dollars and per capita
The Monetary Policy Committee of the Central Bank of Turkey (CBRT) raised the policy rate from 17.5 percent to 25 percent on August 24. “The Committee decided to continue the monetary tightening process to establish the disinflation course as soon as possible, to anchor inflation expectations, and to control the deterioration in pricing behavior,” the