Turkish economy

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

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

Latest News

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

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

Analysis

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

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)

Barin Kayaoglu

By Barin Kayaoglu

In Ankara, reporting on geopolitics and national security

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Analysis

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

Kent Nishimura/Getty Images

Barin Kayaoglu

By Barin Kayaoglu

In Ankara, reporting on geopolitics and national security

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

BULENT KILIC/AFP via Getty Images

An exchange office worker counts Turkish lira banknotes in Istanbul, June 8, 2015.

Turkey keeps interest rates on hold at 50% even as inflation soars

The Central Bank reiterated its policy to return to monetary tightening in case of a significant deterioration in inflation.

FASANO, ITALY - JUNE 14: President of Turkey, Recep Tayyip Erdogan is welcomed by Italy's Prime Minister Giorgia Meloni on day two of the 50th G7 summit at Borgo Egnazia on June 14, 2024 in Fasano, Italy. The G7 summit in Puglia, hosted by Italian Prime Minister Giorgia Meloni, the seventh held in Italy, gathers leaders from the seven member states, the EU Council, and the EU Commission. Discussions will focus on topics including Africa, climate change, development, the Middle East, Ukraine, migration, Indo

Analysis

Joining BRICS comes with limitations for Turkey: No alternative to NATO

Turkish Foreign Minister Hakan Fidan’s visits to China and Russia to attend the meeting of the BRICS groups of nations reignited never-ending debates about Turkey’s “turn away” from the West.

Barin Kayaoglu

By Barin Kayaoglu

In Ankara, reporting on geopolitics and national security

Turkey's President Recep Tayyip Erdogan (L) and India's Prime Minister Narendra Modi shake hands ahead of the G20 Leaders' Summit in New Delhi on September 9, 2023. (Photo by Ludovic MARIN / POOL / AFP) (Photo by LUDOVIC MARIN/POOL/AFP via Getty Images)

Analysis

After Modi's win, can Turkey-India ties grow despite Kashmir, IMEC differences?

Turkish officials and experts believe there is room for the two countries to expand cooperation despite their differences.

Barin Kayaoglu

By Barin Kayaoglu

In Ankara, reporting on geopolitics and national security

Turkish Foreign Minister Hakan Fidan is on a visit to Xinjiang Uyghur Autonomous Region in northwest China Photo Credit: @HakanFidan on X

Analysis

Have Turkey, China hit reset button on Uyghurs as Fidan visits Xinjiang?

Experts say Beijing and Ankara skillfully managed the contentious Uyghur issue during the Turkish diplomat's China visit, but Fidan's messages might raise eyebrows in the West.

Ezgi Akin

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

Turkish Foreign Minister, Hakan Fidan (C) welcomes his Chinese counterpart and Director of the Office of the Central Foreign Affairs Commission, Wang Yi (R) in Ankara, on July 26, 2023.

In China, Turkey’s Fidan says he plans to attend BRICS meeting in Russia

The top Turkish diplomat says his country explores new opportunities with BRICS

A teller counts US dollar bills at an exchange office in Ankara, Turkey, July 20, 2023.

Turkey’s inflation tops 75% but economy czar says 'worst is over'

Finance and Economy Minister Mehmet Simsek has said that inflation will begin dropping from June.

Kurdish women hold portraits of their missing sons on May 18, 2011, during a demonstration in Istanbul against the recent killing of 12 Kurdish rebels by security forces.

Many faces of motherhood in Turkey: From new Mothers Museum to 1,000th vigil of Saturday mothers

As a new museum in Ankara pays homage to motherhood, the mothers of the country remain a fractured group, divided by political lines and economic woes

People exchange money at a currency exchange office on Aug. 13, 2018, in Istanbul, Turkey.

Turkey expects removal from global money laundering ‘grey list’: VP

The Turkish vice president said that if the watchdog doesn’t remove the country from its grey list, it would be “due to political reasons."

A Eurofighter Typhoon FGR4 belonging to the Royal Air Force shortly after takeoff.

Can warmer Germany-Turkey ties bring Ankara Eurofighters along with Airbuses?

Experts believe Turkish-German defense ties will see some strides following the German president’s much-hyped Turkey visit.

People walk at Kadikoy district in Istanbul on March 5, 2024. Turkey's annual inflation rose again in February, reaching 67.1 percent despite a string of interest rate hikes, official data showed on Monday. The Turkish central bank held its key interest rate at 45 percent last month, pausing after eight straight increases aimed at taming consumer prices that had remained stable at 64.9 percent in January.

Breaking | Last Updated: May 8, 2024, 5:06 am

Turkey’s annual inflation surges to almost 70% in April

April's inflation rate marks Turkey’s highest in the past 16 months, driven primarily by price increases in education, restaurants and hotels, and transportation.

This photograph taken on Sept. 22, 2023, shows an Armenian flag fluttering near the border with Azerbaidjan near Kornidzor.

As Russia's footprint slumps, can Turkey anchor Armenia, Azerbaijan to West?

Russia’s declining footprint in the South Caucasus presents an opportunity for Turkey to anchor Azerbaijan and Armenia to the Western fold.

Turkey inflation

Breaking | Last Updated: April 25, 2024, 11:31 am

Turkey’s Central Bank keeps interest rates at 50% despite rising inflation

The decision comes after an unexpected hike of 500 basis points last month that increased rates from 45% to 50% as monetary tightening resumed after a one-month pause.