The front page of the Yeni Şafak newspaper on May 26 surprised those who saw it and was widely discussed in political and economic circles. The headline of Yeni Şafak (New Dawn in Turkish), one of the staunchest supporters of President Tayyip Erdoğan and the AKP government, read in large letters, “Interest rates up, foreign
With a surprise decision, the Central Bank (CBRT) Monetary Policy Committee (MPC) raised the policy rate by 350 basis points to 46 percent on April 17. The Committee raised the Central Bank’s overnight lending rate from 46 percent to 49 percent and the overnight borrowing rate from 41 percent to 44.5 percent. In its written
The İmamoğlu Crisis continues. Not only on the Turkish domestic political front, but also in terms of its effects on the economy. Foreign investors, preoccupied with the Russia-Ukraine crisis, noticed the Türkiye bleep on their radar screens by the detention of İstanbul Metropolitan Mayor Ekrem İmamoğlu on March 19. Following his arrest by the court,
Turkish Industry and Business Association (TÜSİAD) Chairman Orhan Turan and High Advisory Council Chairman Ömer Aras were detained by police just hours after President Tayyip Erdoğan’s “Know your place” rebuke during the February 19 AKP parliamentary group meeting. The Istanbul Chief Public Prosecutor’s Office had already initiated an investigation against Aras for his speech at
When President Tayyip Erdoğan began reciting the opening verses of Surah Al-Fath in Arabic during his Justice and Development Party (AKP) parliamentary group meeting on December 25, amid chants of “Conqueror of Syria,” I wrote in my notebook “We’re going into Syria.” However, launching an operation against the PKK/YPG in Syria is one thing; conquest
Milking a cow constantly makes it hard to obtain sufficient and quality milk. Eventually, the cow becomes unwell and can no longer produce milk. The same goes for taxes. Extracting more taxes than citizens, businesses, and institutions can bear may lead to economic instability and injustice. Excessive tax burdens become unsustainable, especially for low-income groups
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