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Food inflation in Turkey 13 times higher than OECD average in February

Turkey’s food inflation in February was 71.1 percent, a figure more than 13 times higher than the average of 38 Organization for Economic Cooperation...
Business

Turkey’s finance minister, central bank governor travel to US to attend IMF-World Bank meetings

Turkish Finance Minister Mehmet Şimşek and Central Bank Governor Fatih Karahan are traveling to the United States on Tuesday to attend the spring meetings...
Business

Turkish central bank’s $25 billion loss blamed on costly FX-protected deposits: report

The Turkish central bank incurred a loss of 818.2 billion lira ($25 billion) in 2023, which marked a significant change from previous years of...
Business

World Bank doubles Turkey’s exposure to $35 billion: minister

The World Bank has doubled its exposure to Turkey to $35 billion to help stabilize the Middle East’s largest non-oil economy, Treasury and Finance...
Business

Iraq repairing pipeline to supply oil to Turkey: report

Baghdad is repairing a pipeline that could allow it to send 350,000 barrels per day to Turkey by the end of the month, Reuters...
Business

Erdoğan’s son-in-law Bayraktar joins world’s richest on Forbes billionaire list

Selçuk Bayraktar, chairman of Turkish defense contractor Baykar and the son-in-law of Turkish President Recep Tayyip Erdoğan, has made it on to Forbes list...
Business

Turkey’s inflation climbs to 68.5 percent in March: official data

Price growth in inflation-plagued Turkey gained pace in March, rising to 68.5 percent year-on-year, the Turkish Statistical Institute (TurkStat) said on Wednesday. The increase followed...
Business

Turkey’s hunger threshold reaches minimum wage

A labor union study put Turkey’s hunger threshold for March at TL 16,793 ($523), slightly below the minimum wage of TL 17,002, the Stockholm...
Business

Turkey’s finance minister vows to continue fighting inflation in first message after elections

Turkish Finance Minister Mehmet Şimşek reiterated the government's commitment to strengthening an economic program aimed at reducing the country’s high inflation to single digits...
Business

Erdoğan admits minimum wage, pension hikes fall short amid inflation surge

Turkish President Recep Tayyip Erdoğan has acknowledged that recent increases in the minimum wage and pension payments have failed to keep pace with the...
Business

Unemployment in Turkey was lowest in a decade in 2023: TurkStat

Turkey experienced its lowest unemployment rate in a decade in 2023, with figures dropping to 9.4 percent from 10.4 percent in 2022, according to...
Business

Turkey’s central bank raises interest rate to 50 percent

Turkey's central bank hiked its key interest rate on Thursday, resuming its tightening cycle as one of the world's highest inflation rates rose again...
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