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.

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

Burak Kara/Getty Images

Turkey raises year-end inflation forecast to 65%, amid economic headwinds

The projection has been raised from 58% in July due to weakening global economic activity and oil volatility.

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

Turkey’s Central Bank hikes interest rates to 35%

The bank cited geopolitical risks for the move along with a larger than expected increase in inflation in the third quarter.

ADEM ALTAN/AFP via Getty Images

Turkey's finance chief Simsek embarks on third Gulf trip

The Turkish finance minister's new Gulf tour marks his third trip to the region as Ankara ramps its efforts to attract foreign funds.

Turkish train

UK, Turkey in talks about third railway project

The project follows the UK government underwriting financing in July to support the construction of a 286-kilometer high-speed electric railway in southern Turkey.

People shop at a local street market, Istanbul, Turkey, May 3, 2023.

Turkey’s annual inflation exceeds 61% in September

Month-on-month consumer prices slightly eased to 4.75% in September, down from 9.09% in August.

People walk past a currency exchange shop on June 23, 2023 in Istanbul, Turkey. The Turkish Lira weakened to a record low of 25.74 against the dollar, a day after the central bank hiked interest rates from 8.5 percent to 15 percent in the first rate decision since the appointment of new central bank governor Hafize Gaye Erkan and the re-election of President Recep Tayyip Erdogan last month. (Photo by Chris McGrath/Getty Images)

Turkey's lira makes a comeback amid economic U-turn: Goldman Sachs

Foreign investors are beginning to return to the Turkish economy after Erdogan's new government reversed the previous unorthodox policies in June.

Chris McGrath/Getty Images

Breaking | Last Updated: September 21, 2023, 2:07 pm

Turkey’s Central Bank hikes interest rates to 30%

The bank cited higher-than-expected inflation rates and rising oil prices for the hike.

Chris McGrath/Getty Images

Turkey’s central bank mulls giant interest rate hike up to 10% to fight inflation

Alarmed by resurging price increases, central bank officials reportedly believe that a rate hike of up to 10 percentage points is an inevitable part of monetary tightening to tackle inflation.

Russia Turkey Ukraine

Which 5 Turkey-based firms did US sanction for aiding Russia in Ukraine?

US officials have repeatedly pressed Turkish counterparts to address the flow of funds to Russia amid the war in Ukraine.

Turkey inflation

Can Turkey’s new economic plan restore foreign investor confidence?

Eager to regain Istanbul and other major cities from the opposition, Erdogan is expected to turn to populist policies again ahead of local elections next spring.

A seller of Turkish national flags walks at Mahmutpasa district, one of Istanbul's biggest textile shopping centre, near Grand Bazaar, on Dec. 2, 2021.

Analysis

Are we seeing the start of Turkey’s economic turnaround?

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Week in Review

Andrew Parasiliti

By Week in Review , Andrew Parasiliti

This photograph taken on June 9, 2023, shows the Central Bank of Turkey, in Ankara.

World Bank official says Turkey's economic U-turn 'step in right direction’

The comments from the institution’s Turkey director follow the Turkish government finally raising interest rates to battle inflation. But the Turkish economy is still struggling.