Finance Minister Mehmet Şimşek stated that the additional fees to be collected through new proposal submitted to the parliament will be used for the construction of defence systems like Steel Dome, rather than reducing the budget deficit. The ruling Justice and Development Party (AKP) has introduced a controversial bill to the parliament that would require
Türkiye’s ruling Justice and Development Party (AKP) has introduced a controversial bill to the parliament that would require high-limit credit card holders to pay an annual fee to bolster the country’s defense industry fund. Under the draft legislation, credit card holders with limits of 100,000 Turkish lira ($2900) or more would be required to pay
We are growing increasingly tired of repeating the same refrain. The world is indeed undergoing a profound transformation in its energy landscape. Countries across the globe are striving to reduce carbon emissions, driven by a shared desire to safeguard our planet and future generations. Global attention has shifted towards lessening dependence on fossil fuels—oil, natural
Turkish Banking Regulation and Supervision Agency (BDDK) Deputy Chairman Mustafa Aydın is under scrutiny for accepting substantial wedding gifts from bank executives whom he is responsible for regulating. Treasury and Finance Minister Mehmet Şimşek, upon returning from a trip to the United States, immediately ordered an investigation into the matter, stating that “necessary actions will
Unless the Minister of Treasury and Finance or the Governor of the Central Bank is suddenly dismissed, as it happened before, and the current ‘lacking’ economic program continues to be implemented, inflation in Türkiye could reach 40 percent by the end of 2024 and around 30 percent by mid-2025. Even if this happens, Türkiye will
I have no intention of targeting Mehmet Şimşek, the Minister of Treasury and Finance. Ruling Justice and Development Party (AKP) members are already doing that enough. Despite the defeat in the March 31 elections, they act as if President Tayyip Erdoğan wasn’t the sole decision-maker and they had done everything right, still claiming, “If we
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
The most important outcome expected from the May 13 visit of Greek Prime Minister Kyriakos Mitsotakis to Ankara as the guest of President Tayyip Erdoğan will be to avoid any unpleasantness. Yes, a series of protocols and agreements are on the table to fulfill the “Athens Declaration on Friendly Relations and Good Neighborliness” signed by
President Tayyip Erdoğan is using the constitutional amendment as a smokescreen to obscure and distract attention from the major problems ahead. On the night of April 28, days before Erdoğan’s meeting with CHP leader Özgür Özel, Chief Legal Advisor Mehmet Uçum published the text “What could be the main principles of the new constitution”, which