Turkish economy

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.

Breaking | Last Updated: April 17, 2025, 9:06 am

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.

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)

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

Mehmet Simsek stressed that his government’s economic program has made the economy more resilient against internal and external shocks, highlighting that inflation has fallen and continues to drop.

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.

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

Republican Sen. Jim Risch made the statement during the nomination hearing for Tom Barrack to be the next US ambassador to Turkey. Barrack emphasized Ankara's strategic role in countering Iran in the region and promoting stability in Syria.

Latest News

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.

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

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)

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

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

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.

Steinmeier Kabob

Erdogan and Germany's Steinmeier chuckle over doner kebab as ties grow

The German president’s visit, marking the centennial of diplomatic ties between Turkey and Germany, came during a challenging time for Ankara-Berlin relations, given the wide gap over the Israel-Hamas war.

A cargo ship sails out into the Bosphorus, Istanbul, Turkey, April 19, 2020.

Analysis

Will Turkey’s merchant class circumvent latest trade restrictions on Israel?

The Turkish government’s recent export restrictions against Israel will complicate their political relations, but even as bilateral trade declines, experts note that merchants on both sides will look for ways to circumvent the new measures.

Barin Kayaoglu

By Barin Kayaoglu

In Ankara, reporting on geopolitics and national security

Turkish Treasury and Finance Minister Mehmet Simsek looks on before the press conference following the cabinet meeting held at the Presidential Complex in Ankara on August 21, 2023. (Photo by Adem ALTAN / AFP) (Photo by ADEM ALTAN/AFP via Getty Images)

Can Turkey’s economic czar stick to belt-tightening after election loss?

The Turkish government hopes that its remaining four-year mandate will give it time to placate popular anger before the next polls.

Protesters wave Turkish and Palestinian flags during a rally in solidarity with the Palestinians in Gaza, in Ankara on Dec. 24, 2023, amid ongoing battles between Israel and the Palestinian Hamas movement in the Gaza Strip.

Turkey's trade boycott of Israel: 'more theatre,' less substance

Turkey's ban on some exports to Israel aims to appease a domestic audience, but it could end up doing the most damage to Ankara and its flailing economy.

Amberin Zaman

By Amberin Zaman

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

Turkish cocaine bust

Lebanon-Venezuela kingpin detained in Turkey's 'third largest' cocaine bust

The Turkish Interior Minister reported some 1,340 pounds of cocaine seized in the operation, which also included the arrest of 13 people.

Turkey's President Recep Tayyip Erdogan speaks to supporters at his party’s Istanbul mayoral candidate Murat Kurum's campaign rally, Istanbul, Turkey, March 29, 2024.

Turkey restricts exports of 54 products to Israel until Gaza cease-fire

As Israel pledged to retaliate, analysts believe the move is aiming to allay growing dismay among Turkey's Islamists for the government’s refusal to sever trade ties with the Middle Eastern country over the Gaza conflict.

An undated image of the Kaan.

The long road ahead for Kaan, Turkey’s nascent fifth-generation fighter jet

Turkey’s aspiring ruler of the skies will need to overcome various challenges before it can truly become a fifth-generation fighter, analysts say.

Workers walk along at refinery No. 2 (Phases 2, 3) of the South Pars Gas-Condensate field.

Turkey, Iran launch talks on energy cooperation

The talks, aiming to enhance energy cooperation between the two countries, kicked off in Tehran.

Turkey heads to local elections amid voter apathy, unclarity for Erdogan

Melting purchasing power in Turkey looms large over the upcoming local elections.

Turkish minister of Treasury and Finance Mehmet Simsek is surrounded by journalists after making a statement during the group meeting of Justice and Development (AK) Party at the Turkish Grand National Assembly in Ankara, on June 21, 2023. (Photo by Adem ALTAN / AFP) (Photo by ADEM ALTAN/AFP via Getty Images)

How Turkey's economic, inflation policy hinges on upcoming local elections

The outcome of Turkey’s March 31 local polls is likely to influence Erdogan’s decision on whether to enact the tough disinflation measures favored by the economic leadership.

A teller holds Turkish lira banknotes at a currency exchange office in Istanbul, Aug. 13, 2018.

Breaking | Last Updated: March 21, 2024, 12:45 pm

In surprise move, Turkey’s Central Bank hikes interest rates to 50%

The move comes after the bank announced last month that it was pausing the hikes.