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 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
Turkey and Russia reached a deal over the disputed Akkuyu Nuclear Power Plant project to be constructed in Southern Turkey, Turkish media reported on Sep. 17. “A deal has been reached regarding Akkuyu,“ Turkey’s President Tayyip Erdoğan was quoted as telling reporters following a visit to Uzbekistan for the Shanghai Summit. Erdoğan had a meeting
On September 12, two essential data for July were announced: Labor force and balance of payments. In summary, the situation is like this: The unemployment rate is still at a high level, in particular, the broadly defined unemployment rate is referred to as the ‘underutilized labor rate.’ On the other hand, the current account deficit
When the construction of Akkuyu Nuclear Power Plant, which the Russians were building in Turkey, came to a standstill, the issue came to the table during the meeting of President Recep Tayyip Erdoğan with Russian President Vladimir Putin at their August-5 Sochi meeting, but it could not be resolved. Erdoğan met with the officials of
Turkey’s inflation continues to rise as the data published by the Turkish Statistical Institute (TURKSTAT) the Consumer Price Index (CPI) has surged to 80,21 percent annually with a 1,46 percent rise in August, the highest inflation recorded in the country in 24 years. According to TURKSTAT figures, in August 2022, CPI increased by 1.46 percent
Turkey’s Finance and Treasury Minister Nureddin Nebati told industrialist and business circles on Aug. 26 that “there is no point concerning” about US Deputy Secretary of the Treasury’s warning which stated that pursuing business with sanctioned Russians will also cause secondary sanctions. “There is no point the letter that is conveyed to the Turkish business
The Central Bank of the Republic of Turkey (CBRT) Monetary Policy Committee (PPK) convened on August 18 and lowered the policy rate by 100 basis points from 14 percent to 13 percent. This interest rate cut was a big surprise even for us who are skeptical of various ongoing incredible things in our beautiful country.