Turkish economy: Timely reporting and analysis of economic developments in Turkey with all its structural problems, as one of world’s 20 biggest economies
Turkish President Recep Tayyip Erdoğan announced on December 26 that one of Türkiye’s 3 drilling ships working in Black Sea has discovered new natural gas reserve of 58 billion cubic meters worth 1 trillion dollars. “Thus, our gas reserve in the Black Sea has increased by 170 billion cubic meters and reached 710 billion cubic
Türkiye’s main opposition Republican People’s Party (CHP) leader Kemal Kılıçdaroğlu promised to bring a technocratic supra-political committee to advise the country’s policy-making efforts, as the party introduced its economy programme in a grand event dubbed “the call for the second century.” “Türkiye needs a radical change. It needs a system that works for everyone. Such
In October, the foreign trade deficit of the last twelve months was $103 billion. The September 2011-February 2012 period witnessed a slightly higher deficit; the highest was $106.7 billion. In short, the record is about to come. However, there is a difference, as there was no “New Economy Model” then. Moreover, there was no argument,
The dollar exchange rate has been relatively calm for about four months (Figure 1). It comes to mind to question the reasons for the calmness and how long it will last. Calmness is, of course, a relative concept. Since the beginning of August, the currency basket (basket exchange rate), which consists of half a dollar
Turkish President Tayyip Erdoğan announced that the Black Sea Grain Initiative, signed by Russia and Ukraine under the auspices of the United Nations and with the facilitation of Türkiye, would be extended for 120 days as of November 19. After Ukraine’s President, Vladimir Zelenski, said that his country had come to an agreement with the
The Central Bank of the Turkish Republic’s (CBRT) “fight against inflation cannot be considered very successful,” the CBRT governor Şahap Kavcıoğlu said on October 27, as the bank raised its inflation forecast by 4,8 percentage points. “We cannot consider (fight against inflation) very successful,” Kavcıoğlu said upon a question from a reporter on October 27,
The US Senate dropped the amendment to the 2023 National Defense Authorisation Act (NDAA) restricting the sale of update kits for 40 advanced F-16 Viper fighter jets and 80 of the 245 F-16s to Turkey during the debate on the act on October 11. The restrictive amendment stipulated that Turkey guarantee not to use these
Within the framework of the public-private partnership (PPP) model, income guarantees, which impose a significant burden on the public budget, come to the fore frequently. It can be expected that discussions on this issue will intensify as we move toward the election. PPP is a widely used system in the world. The World Bank’s definition
The 8th sanctions package against Russia that will most likely be accepted at the European Union Leader’s Prague summit on October 6 includes certain provisions that would profoundly affect the Turkish economy. New measures stipulate a new listing of individuals and further restrictions on trade such as an import ban on Russian “steel products, wood
The Central Bank of the Turkish Republic (CBRT) lowered the policy rate further 100 basis points from 13 percent to 12 percent on Sep. 22 amid surging inflation and currency crisis. “The Committee has decided to reduce the policy rate by 100 basis points, and has assessed that the updated level of the policy rate