Turkish economy

A Turkish Bayraktar TB2 combat drone is on view during a presentation at the Lithuanian Air Force Base in Siauliai, Lithuania, on July 6, 2022. - Lithuania on July 6, 2022 exhibited a crowdfunded Turkish-made military drone that it plans to send to Ukraine to help the war-torn country fight Russia's invasion. People in the NATO member country raised 5.9 million euros for the Bayraktar TB2 drone over three days last month, before its Turkish manufacturer Baykar announced it would donate the drone free of cha

Buoyed by drones, NATO deals, Turkey defense exports hit record $7.1B

The total value of defense exports surpassed Ankara's $6.5 billion target, with significant deals with European countries.

Turkey's president, Recep Tayyip Erdogan, attends the third session of the G20 Leaders' meeting in Rio de Janeiro, Brazil, on Nov, 19, 2024.

Analysis

2024 turnaround: Assad fall grants Turkey’s Erdogan electoral rebound

Despite facing a historic defeat in local elections, Erdogan’s foreign policy wins, including Turkish-backed rebels’ victory in Syria, appear to have bolstered his domestic support.

Ezgi Akin

In Ankara, reporting on diplomacy, EU-Turkey ties, NATO

This picture taken on March 21, 2024 on Istiklal avenue, Istanbul, shows foreign exchange rates displayed against the Turkish lira. Turkey's central bank raised it's key interest rate on March 21, 2024, resuming a tightening cycle in a bid to tame rising consumer prices, one month after having held rates. In a statement the bank said that the monetary policy committee "has decided to raise the policy rate from 45 percent to 50 percent". (Photo by Yasin AKGUL / AFP) (Photo by YASIN AKGUL/AFP via Getty Images

Turkey’s Central Bank lowers interest rates for the first time in nearly 2 years

The decision to cut interest rates follows 18 months of monetary tightening and comes amid ongoing efforts to stabilize the country’s runaway inflation.

CEO of Colony Capital Tom Barrack speaks on the last day of the Republican National Convention, on July 21, 2016, in Cleveland, Ohio.

Analysis

Tom Barrack, Trump's pick for Turkey ambassador, is good news for Erdogan

The US billionaire's close ties with the president-elect and a portfolio in dealmaking could provide room for improvement in Ankara-Washington ties, according to experts.

Ezgi Akin

In Ankara, reporting on diplomacy, EU-Turkey ties, NATO

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Analysis

For Turkey, can Turkic OTS be an alternative to BRICS?

Turkish President Recep Tayyip Erdogan looks on during an Extraordinary Summit of the Heads of State of the Organization of Turkic States (OTS), in Ankara, on March 16, 2023.

Barin Kayaoglu

By Barin Kayaoglu

In Ankara, reporting on geopolitics and national security

Turkey’s Central Bank holds interest rate at 50%

A man counts Turkish lira at a currency exchange office in Istanbul, July 29, 2020.

Turkey’s big plan to launch IPOs for state energy companies: What we know

TPAO

Analysis

Turkey slated to boost defense exports after major arms fair sees $6.2B in contracts

Visitors look at the Bayraktar Kizilelma UCAV during the opening day of SAHA EXPO 2024, an international defense and aerospace exhibition, Istanbul, Oct. 22, 2024.

Barin Kayaoglu

By Barin Kayaoglu

In Ankara, reporting on geopolitics and national security

Turkish air force fighter jets perform a military parade over the Bosphorus as Camlica mosque is seen in the background to mark the 100th anniversary of Turkish Republic in Istanbul on Oct. 29,2023.

Erdogan’s AKP postpones bill to impose credit card fees to support Turkey’s defense

Plans to collect credit card fees in a bid to boost the defense industry are put on hold after a public backlash.

Turkish President Recep Tayyip Erdogan wears a scarf with both Turkish and Palestinian flags as he addresses a rally organized by the AKP party in solidarity with the Palestinians in Gaza, in Istanbul on Oct. 28, 2023.

Analysis

Erdogan accuses Israel of wanting to wage war on Turkey despite robust trade ties

These claims, which analysts have deemed absurd, are mainly aimed at appeasing his Islamist base and distracting the broader public from their economic woes.

Amberin Zaman

By Amberin Zaman

In Paris, reporting on geopolitics, minorities, human rights, culture

A street vendor sells corn as he waits for customers in the Eminonu district of Istanbul, Turkey, Aug. 30, 2024.

Turkey's annual inflation falls lower than expected to 49.4%

Turkey's annual inflation slowed down in September, but lower-than-expected figures could delay central bank rate cuts, according to some analysts.

Turkish President Recep Tayyip Erdogan (R) and Chinese President Xi Jinping (L) inspect Chinese honour guards during a welcome ceremony outside the Great Hall of the People in Beijing on July 2, 2019. (Photo by WANG ZHAO / AFP) (Photo by WANG ZHAO/AFP via Getty Images)

Analysis

Turkey's BRICS ambitions hinge on India, China accepting Ankara's bid

Geopolitical equations might pave the way for BRICS members to welcome Turkey in the bloc but such outcome is both complicated and not imminent.

Barin Kayaoglu

By Barin Kayaoglu

In Ankara, reporting on geopolitics and national security

Kent Nishimura/Getty Images

Analysis

Even as Erdogan befriends Putin, Turkey and Ukraine ink major free trade deal

The two countries are finalizing the ratification of the free-trade agreement they signed weeks before the Russian invasion started in February 2022.

Barin Kayaoglu

By Barin Kayaoglu

In Ankara, reporting on geopolitics and national security

BULENT KILIC/AFP via Getty Images

Turkey’s Central Bank keeps interest rates at 50% as inflation cools

The bank signaled it was ready for further hikes in case of significant deterioration in the inflation outlook.

Turkey's president, Recep Tayyip Erdogan (R), and his Venezuelan counterpart Nicolas Maduro (L) attend a joint press conference after their meeting in Ankara on June 8, 2022.

Turkey’s Erdogan calls Venezuela's Maduro after contested elections, urges dialogue

The Turkish president stopped short of extending congratulations to Nicolas Maduro but expressed his well-wishes for the South American nation after the contested election results, according to a Turkish readout.

A customer buys US dollars in exchange for Turkish lira at an exchange office in Ankara, Turkey, July 20, 2023.

Turkey’s annual inflation slows down to 9-month low of 61%

The drop in the second consecutive month was slightly more than the estimates.

Turkish President Recep Tayyip Erdogan speaks during a press conference on the sidelines of the NATO 75th anniversary summit at the Walter E. Washington Convention Center in Washington, DC, July 11, 2024.

Israel’s FM tells NATO to expel Turkey as Erdogan threatens war over Gaza

As Turkey threatens military intervention in Gaza and Israel pushes for Turkey's removal from NATO, questions of how Turkey and Israel's already strained relations will be affected arise.

An animal activist pats a stray during a rally to protest against a bill drafted by the government that aims to remove stray dogs off the country's streets, in Istanbul on July 23, 2024.

Activists warn of tourism boycott as Turkey pushes through controversial stray dog bill

A government-led parliamentary committee this week approved a bill that could result in the mass culling of millions of street dogs, and fury at the legislation has spread beyond Turkey’s borders.

Amberin Zaman

By Amberin Zaman

In Paris, reporting on geopolitics, minorities, human rights, culture

Turkey's Finance Minister Mehmet Simsek speaks during a breakout session on Creating Competitive Economies at the Qatar Economic Forum in Doha on May 15, 2024. (Photo by KARIM JAAFAR / AFP) (Photo by KARIM JAAFAR/AFP via Getty Images)

Turkey returns $5B deposit to Saudi Arabia amid economic recovery

The Saudi Fund for Development decided to hold the funds in the Turkish Central Bank in March 2023 after ministerial meetings the previous year — the deposit helped Turkey firm up its weakened currency, the lira.

Foreign exchange rates are displayed against the Turkish lira on Istiklal Avenue, Istanbul, Turkey, March 21, 2024.

Turkey’s Central Bank keeps interest rates at 50% as inflation cools

The decision, part of a pause in monetary tightening since April, comes as the country’s annual inflation slowed down in June for the first time in eight months, but still remains above 70%.