Turkish economy: Timely reporting and analysis of economic developments in Turkey with all its structural problems, as one of world’s 20 biggest economies
The Central Bank of Republic of Türkiye (CBRT) which sold foreign currency from its reserves to prevent the US dollar from appreciating further against the Turkish lira (TL) before the March 31 elections, is now buying US dollars from the market to prevent the TL from appreciating too much against the dollar. According to Central
In a bid to curb surging inflation and restore fiscal discipline, Türkish Finance Ministry unveiled an extensive savings plan aimed at reining in public spending. Vice President Cevdet Yılmaz and Treasury and Finance Minister Mehmet Şimşek announced a new “Public Savings Plan” on May 13 at a joint briefing. The savings plan comes as Türkiye
Turkish Energy Minister Alparslan Bayraktar told the Financial Times on April 28 that negotiations were continuing with the US energy giant Exxon Mobil for 2.5 million tons of liquefied natural gas (LNG) worth 1.1 billion dollars. The Minister was talking about Türkiye’s need to diversify its resources to avoid being dependent on “a single supplier”;
The local elections are over. Not as the Turkish President Tayyip Erdoğan intended, but as opposition CHP leader Özgür Özel wanted. Yet Erdoğan still has an economic crisis ahead of him. The way out of this crisis is the Medium Term Program (MTP) he entrusted to the Minister of Treasury and Finance Mehmet Şimşek. The
The World Bank has been on the agenda in Türkiye for two reasons nowadays. First, because it decided to provide Türkiye with US$ 18 billion in project financing for the period 2024-2028, and second, because of the news that half of this financing will be made available on the condition that Syrian refugees and LGBTQ+
The Turkish Central Bank’s (CBRT) Monetary Policy Committee (PPK) increased the policy rate by 500 base points from 45 percent to 50 percent at its March 21 meeting. In the statement made by the PPK, which convened under the chairmanship of Central Bank Governor Fatih Karahan, it was stated that it was decided to increase
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