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Improper to speculate on central bank’s independence, says new finance minister

Turkey’s new Treasury and Finance Minister Berat Albayrak has underlined that it is improper to speculate on the central bank's independence and decision-making mechanisms,...
Business

Court gives lengthy prison sentences to Boydak Holding executives

A high criminal court in the Central Anatolian province of Kayseri has handed down prison sentences of up to 18 years to the executives...
Business

Moody’s highlights concern about Turkey central bank independence

Amid debates on new Turkish cabinet appointed by President Recep Tayyip Erdoğan, ratings agency Moody’s highlighted concern about the independence of the Turkish central...
Business

Stocks and bonds slide as Turkish lira approaches 2-week low

Turkey’s stocks and bonds slid for a second day and the lira approached a two-week low amid growing investor unease over President Recep Tayyip...
Business

Current account deficit widens in May to $5.9 bln, central bank announces

Turkey's current account deficit widened by $516 million year-on-year to reach $5.9 billion in May, the state-run Anadolu agency reported on Wednesday, citing the...
Business

President to appoint central bank governor to 4-year term in office

A presidential decree issued on Monday after President Recep Tayyip Erdoğan was sworn in with new executive powers said the president will appoint the...
Business

Clause stipulating 5-year term for Turkey’s central bank governor removed

Turkey removed a clause that stipulated a five-year term for the central bank governor, making the changes in a decree published shortly before President...
Business

Turkey ready to establish ‘national’ credit agency, BDDK chairman says

Turkey’s Banking Regulation and Supervision Agency (BDDK) Chairman Mehmet Ali Akben said on Friday that they had adopted regulations needed for an “independent and...
Business

Turkish banks apply to Competition Authority to take over 55 pct of Türk Telekom

Akbank, Garanti and İşbank have applied to Turkey’s Competition Authority (RK) to take over 55 percent of Türk Telekom, Reuters reported, citing a Thursday...
Business

Turkey’s energy giant sells power plants to pay down debt

Turkey’s Bereket Enerji group has put power plants up for sale as part of plans to refinance and pay down its debt, joining other...
Business

Turkish inflation hits 15.39 percent in June, highest since 2004

Turkish consumer price inflation jumped to a 14-year high in June, official data showed on Tuesday, driving the lira down and putting pressure on...
Business

Pro-gov’t businessman signs lucrative deal with Turkish defense contractor

An agreement valued at 94.6 million euros has been signed between the BMC automotive company, owned by a pro-government Turkish businessman, and Turkish electronics...
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