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

Recep Tayyip Erdogan shakes hands with Abdel Fattah el-Sisi in Qatar on Nov. 20, 2022.

Erdogan’s base unfazed by U-turns as Turkey prepares to host Egypt’s Sisi

According to unconfirmed reports in Turkish media, Egyptian President Abdel Fattah al-Sisi might even arrive in the Turkish capital as soon as Thursday.

Turkey drone

Analysis

From Ukraine to Libya, why are Turkey’s Baykar drones so popular?

Saudi Arabia's recent purchase emphasizes the unmanned combat vehicles' affordability, tech support and offensive capabilities.

In Bristol, reporting on regional business, climate change, AI, tech

Turkey Saudi Arabia

What is behind Erdogan's multi-pronged foreign policy push for Turkey in Gulf?

Veteran diplomats and foreign policy analysts welcome the recent turnaround in Ankara’s international dealings, while remaining skeptical over its sustainability.

Turkish President Recep Tayyip Erdogan (L) and his Algerian counterpart Abdelmadjid Tebboune (C) review a military honour guard hand-in-hand during a arrival ceremony, in Ankara, on May 16, 2022. (Photo by Adem ALTAN / AFP) (Photo by ADEM ALTAN/AFP via Getty Images)

Algeria’s Tebboune heads to Turkey after China visit

The Algerian president will be the fourth foreign leader the Turkish president will host after his inauguration.

This combination of pictures created on April 1, 2018 shows a file photo taken on November 19, 2017 of Israel's Prime Minister Benjamin Netanyahu (L) attending the weekly cabinet meeting in Jerusalem and a file photo taken on December 15, 2017 of Turkish President Recep Tayyip Erdogan during the inauguration ceremony of Turkey's first automated urban metro line on the Asian side of Istanbul. Turkish President Recep Tayyip Erdogan accused Benjamin Netanyahu on April 1, 2018 of being "a terrorist" after the I

Israel's Netanyahu to visit Turkey after 14 years as ties with Erdogan improve

Once archenemies, Netanyahu and Erdogan will meet for the first time after many years of conflict.

Turkish exchange rates

Breaking | Last Updated: July 20, 2023, 10:59 am

Turkey’s Central Bank hikes interest rates to 17.5%

The 250 basis point rise was lower than analysts' expectations, many of whom advocate for a steeper hike.

UAE President Mohamed bin Zayed Al Nahyan (R) greeting Turkey's President Recep Tayyip Erdogan

Turkey, UAE ink $50 billion in trade deals during Erdogan visit

The $50 billion worth trade deals come as the Turkish government is struggling to draw foreign funds to ease its currency crisis.

United Arab Emirates

A young man looks at the Bayraktar TB2 drone, manufactured by Turkey's Baykar, as it is presented during the opening of the Teknofest Azerbaijan aerospace and technology festival at Baku Crystal Hall, Baku, Azerbaijan, May 27, 2022.

Saudi Arabia signs major deal with Turkey to acquire Baykar drones

Riyadh has long been interested in Baykar drones and the possibility of producing the weapons in Saudi Arabia.

Turkey's President Recep Tayyip Erdogan (L) welcomes Crown Prince of Saudi Arabia Mohammed bin Salman (R) during an official ceremony at the Presidential Complex in Ankara, on June 22, 2022. Saudi Arabia's de facto ruler took a big step out of international isolation on June 22, 2022, paying his first visit to Sunni rival Turkey since the 2018 murder of journalist Jamal Khashoggi in the kingdom's Istanbul consulate. (Photo by Adem ALTAN / AFP) (Photo by ADEM ALTAN/AFP via Getty Images)

Turkey’s Erdogan arrives in Saudi Arabia, first stop on Gulf tour

Turkish President Recep Tayyip Erdogan said his three-day Gulf tour, which includes Saudi Arabia, Qatar and the United Arab Emirates, will focus on economic cooperation.

Turkish President Recep Tayyip Erdogan (R) welcomes Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed Al Nahyan (R) during an official ceremony at the Presidential Complex in Ankara, on November 24, 2021. (Photo by Adem ALTAN / AFP) (Photo by ADEM ALTAN/AFP via Getty Images)

Analysis

As Turkey grapples with deficit, Erdogan pins his hopes on Gulf funds during visit

Ankara is hoping for an inflow of Gulf dollars as the battered lira remains under pressure amid a gaping budget deficit and reluctance to take firmer measures to tame inflation.

Mustafa Sonmez

By Mustafa Sonmez

In Istanbul, reporting on economics

Turkish President Recep Tayyip Erdogan (R) shakes hands with Swedish Prime Minister Ulf Kristersson during their meeting ahead of the NATO Summit on July 11, 2023 in Vilnius, Lithuania. The summit is bringing together NATO members and partner countries heads of state from July 11-12 to chart the alliance's future, with Sweden's application for membership and Russia's ongoing war in Ukraine as major topics on the summit agenda. (Photo by Filip Singer - Pool/Getty Images)

Inside Turkey's three dimensions for changing tune on Sweden's NATO bid

Turkey’s surprise decision on the Swedish NATO bid seems to be underpinned by considerations on defense and economic areas.

ADEM ALTAN/AFP via Getty Images

Turkey's Erdogan anticipates 'serious investments' from Gulf ahead of visit

Ahead of Turkish President Recep Tayyip Erdogan’s Gulf tour which will include Saudi Arabia, the UAE and Qatar, Ankara is working to maximize economic cooperation with regional states in a bid to ease its foreign currency crunch.