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Turkish inflation lower than expected in May at 18.7 percent

Turkish inflation eased to a lower-than-expected 18.71 percent in May, official data showed on Monday, causing the lira to decline as investors worried that the central...
Business

Turkish economy shrinks 2.6 percent in first quarter as recession bites

The Turkish economy contracted 2.6 percent year-on-year in the first quarter, in line with expectations, as the official data reinforced the country’s slide into recession after last...
Business

Turkish lira strengthens after Trump, Erdoğan discuss S-400 missile purchase

Turkey’s lira firmed nearly 1 percent on Thursday on expectations that ties with Washington will improve after the two presidents discussed Ankara’s purchase of a Russian...
Business

Turkey’s top 500 firms used 90 pct of profits to pay down debt in 2018: report

Turkey’s top 500 companies in 2018 spent nearly 90 percent of their profits to pay down their debts from previous years, according to a study published...
Business

Turkish economic confidence index falls by 8.5 percent in May

Turkey’s economic confidence index saw an 8.5 percent decline in May, falling to 77.5 percent, according to the Turkish Statistical Institute (TurkStat), the state-run...
Business

Turkish central bank raises reserve requirement rates for forex deposits

Turkey’s central bank has raised reserve requirement rates for foreign exchange deposits at commercial banks, extending efforts to discourage locals from converting lira into other currencies,...
Business

China’s Huawei makes Turkey focus of Mideast market: report

Described as a national security threat by the US, Chinese smart phone manufacturer Huawei has made its Turkey venture the focus of its Middle East market,...
Business

Turkey’s state banks to inject $4.9 bln to support exporters: minister

Turkey’s state banks will provide a 30 billion lira ($4.9 billion) financing package to help bail out exporting sectors such as manufacturing that were...
Business

Pro-gov’t tycoon to run for chair of Turkey’s football federation

Prominent Turkish businessman Nihat Özdemir has declared his candidacy for chairman of the Turkish Football Federation (TFF), the Artı Gerçek news website reported on Thursday. The new chair of...
Business

Turkey reduces duty by half on some imports from US

Turkey has decided in a reciprocal move to reduce by half additional duty levied on 22 products originating in the US, the trade minister said on...
Business

Turkish consumer confidence plunges to lowest level on record

Turkey’s consumer confidence dropped to the lowest level on record in May, dampening hopes for a sustainable economic recovery in the country, the Ahval news website reported...
Business

OECD foresees sharper contraction in Turkish economy for 2019

The Organization for Economic Co-operation and Development (OECD) has revised its projection for Turkey’s GDP, forecasting a 2.6 percent contraction in 2019 instead of the previously anticipated...
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