Turkish economy

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New German government to decide on Eurofighter sale to Turkey: Officials

Germany’s outgoing government will leave the Eurofighter sale decision to incoming Chancellor Friedrich Merz, official German sources suggested to Al-Monitor.

KARIM JAAFAR/AFP via Getty Images

Turkey’s Simsek tours US for IMF, WB summits, Treasury Secretary meeting

Turkey’s finance czar is starting his trip in New York before heading to Washington for talks on economic cooperation and global financial issues.

People walk past a currency exchange board showing the Turkish Lira which fell to historic lows against the dollar after the news of the arrest of Istanbul Mayor Ekrem Imamoglu on March 19, 2025 in Istanbul, Turkey.

Turkey hikes interest rate to 46% amid turmoil over Imamoglu’s arrest

The rate hike marks the first since March 2024, amid growing economic turmoil following the arrest of Istanbul Mayor Ekrem Imamoglu.

A picture taken on Dec. 7, 2021, in Istanbul shows Turkish liras.

Turkey's budget deficit narrows to $6.8B in March as lira fluctuates

The data was released as Turkey has been facing economic turmoil and currency volatility.

Latest News

Turkey's Simsek says economy will ride out Trump tariffs without lasting scars

Turkey's Minister of Finance Mehmet Simsek takes part in a panel discussion during the Doha Forum in the Qatari capital on December 7, 2024. (Photo by KARIM JAAFAR / AFP) (Photo by KARIM JAAFAR/AFP via Getty Images)

Top US senator: No F-35 jets for Turkey until Russia's S-400 missiles 'gone'

A column of Russian missile S-400 Triumf systems drives on Red Square during the Victory Day military parade in central Moscow, on May 9, 2024.

Turkey's opposition elects acting mayor as Imamoglu remains detained, protests persist

Newly elected interim mayor of Istanbul, Nuri Aslan of CHP, waits to speak to the media on March 26, 2025, in Istanbul, Turkey.

Imamoglu's arrest triggers emergency market measures as Turkey stocks plunge

Protesters clash with Turkish riot police using tear gas and water cannon during a demonstration following the arrest of the mayor of Istanbul in Ankara, on March 22, 2025.

Local residents walk past the Blue Mosque, in Istanbul on March 1, 2025, on the first day of the Muslim fasting month of Ramadan. (Photo by Yasin AKGUL / AFP) (Photo by YASIN AKGUL/AFP via Getty Images)

Inflation in Turkey dips under 40%, lowest in nearly 2 years

Finance Minister Mehmet Simsek said he expected the decline in inflation to continue due to Turkish monetary policies.

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

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.

Analysis

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

Composed of Turkey, six other Turkic nations and Hungary, the Organization of Turkic States meshes cultural kinship with political and economic interests. Can it become more?

Barin Kayaoglu

By Barin Kayaoglu

In Ankara, reporting on geopolitics and national security

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

Turkey’s Central Bank holds interest rate at 50%

It marks the eighth consecutive month without a change.

TPAO

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

Turkey's financial recovery travails are likely to be the key reason for the change in energy policy.

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.

Analysis

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

While the additional foreign revenue is good news for Ankara, experts warn that success in the defense industry sector comes with potential risks.

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

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.