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.

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.

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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

US Secretary of State Antony Blinken takes part in a meeting with Turkey's foreign minister, Hakan Fidan, in Washington, DC, on March 8, 2024.

Analysis

New visits, full momentum: Can Turkey and US go beyond transactionalism?

US-Turkey ties are heading in a positive direction, but it’s too soon to be optimistic, according to one expert.

Barin Kayaoglu

By Barin Kayaoglu

In Ankara, reporting on geopolitics and national security

Turkish Minister of Foreign Affairs Hakan Fidan speaks during a press conference at the Ministry of Foreign Affairs of Venezuela in Caracas on Feb. 24, 2024.

Turkey’s Fidan to meet Blinken in Washington as US ties strengthen

Hakan Fidan's meeting with Blinken comes on the heels of his meeting with Russian Foreign Minister Sergey Lavrov at the Antalya Diplomatic Forum.

Chris McGrath/Getty Images

Turkey's annual inflation surges to 15-month high of 67%

With Turkey's annual inflation at 67%, a 15-month high, analysts argue that the Central Bank will need to resume monetary tightening.

Member of the Taliban delegation Khairullah Khairkhwa (R) arrives at Ankara Esenboga Airport on Oct. 14, 2021.

Can Turkey-Afghan trade ties bloom despite lack of recognition for Taliban?

Turkey's Foreign Minister Hakan Fidan attends the joint press conference of presidents of Turkey and Iran in Ankara, on January 24, 2024. (Photo by ADEM ALTAN / AFP) (Photo by ADEM ALTAN/AFP via Getty Images)

Turkey’s Fidan set to visit Venezuela and meet Maduro

The Turkish foreign minister is set to make his inaugural visits to Venezuela and Mexico in his capacity as his country’s top diplomat.

Turkish Central Bank Governor Fatih Karahan speaks at the bank's first meeting of the year, Ankara, Feb. 8, 2024.

Turkey’s Central Bank holds interest rates at 45%, first time in 8 months

The move was widely expected as the bank signaled earlier this month that it would pause the hikes.

China Railway Express Chang'an freight train arrives at the Ankara train station, Turkey, on November 6, 2019. The first freight train, "Trans-Caspian China Railway Express", departing from China and going to Europe by using Marmaray, was sent off at Ankara Station.

Can Turkey, Iraq pull off 'Dry Canal' project?

While experts believe the ‘Dry Canal’ project involving road and rail networks faces an uphill battle, the initiative seems to stand a better chance than its alternatives.

Turkish Central Bank Governor Fatih Karahan gestures as he speaks during the first meeting of the year in Ankara, Feb. 8, 2024

Turkey’s new Central Bank chief says new hikes on table if inflation deepens

Turkey's new Central Bank chief, Fatih Karahan, signals that interest rate cuts are far off and that new hikes may be on the table, depending on the inflation outlook.

In an aerial view, a new housing project under construction for displaced earthquake survivors is seen in the Gulderen district on Feb. 1, 2024, in Hatay, Turkey.

With $104 billion in damages, Turkey’s earthquake region sees slow recovery

Turkey’s quake victims can hardly hope for a faster recovery, as Ankara seems to be keeping the pace of reconstruction tied to its overall economic roadmap, wary of overheating the fragile economy.

Turkish Central Bank Governor Hafize Gaye Erkan attends the Planning and Budget Commission of the Turkish Grand National Assembly (GNAT) in Ankara on Oct. 3, 2023.

Breaking | Last Updated: February 2, 2024, 6:35 pm

Turkey names Fatih Karahan as Central Bank chief after Erkan's resignation

Gaye Erkan's resignation comes after a series of allegations by former and current Central Bank employees accusing Erkan of unethical conduct.

Turkey inflation 1

Turkey’s Central Bank raises interest rates to 45%

A pause in hikes will follow, ahead of upcoming local elections in March, when Turkish President Recep Tayyip Erdogan is looking to regain control of key cities.

Turkish Central Bank Governor Hafize Gaye Erkan attends the Planning and Budget Commission of the Turkish Grand National Assembly in Ankara on Oct. 03, 2023.

Turkey's first female central bank chief faces potential axe amid nepotism claims

The question concerning Hafize Gaye Erkan's dismissal is increasingly not "if" but "when," observers say.