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Turkish budget swings to deficit in June on increased spending

Turkey’s central government budget swung to a deficit in June on the back of increased spending on current transfers and personnel wages, Bloomberg reported. The...
Business

High inflation result of Erdoğan’s mistakes, ex-AKP heavyweight says

Opposition Democracy and Progress Party (DEVA) leader and former deputy prime minister Ali Babacan has blamed President Recep Tayyip Erdoğan for Turkey's soaring inflation,...
Business

Turkish unemployment falls to 10.9 percent in May

Turkey's unemployment rate dropped 0.3 percentage points month-on-month to 10.9 percent in May, while a seasonally adjusted measure of labor underutilization rose 0.8 points...
Business

Fitch cuts Turkey’s debt ratings to ‘B’ from ‘B+’

Ratings agency Fitch downgraded Turkey's debt rating to "B" from "B+" on Friday, citing increasing inflation and broad concerns about the economy, from a...
Business

Turkey’s inflation hits two-decade high of 78.6 percent

Inflation in Turkey in June soared to an annual rate of 78.6 percent -- the highest in 24 years, according to official data released...
Business

Turkey’s troubled lira rallies on ‘backdoor capital controls’

Turkey's beleaguered lira extended its biggest rally of the year on Monday in response to a new rule that effectively forces many banks to...
Business

Report reveals economic decline of Turkey since introduction of presidential system

A recent report released by the Confederation of Progressive Trade Unions (DİSK-AR) research center has revealed how the presidential system has taken an economic...
Business

Inflation-ravaged Turkey refuses to raise rates

Turkey's central bank on Thursday bucked global trends once again and kept its benchmark interest rate stable despite one of the highest levels of...
Business

TÜSİAD chair slams Erdoğan gov’t’s unorthodox economic policies amid highest inflation since 1998

Orhan Turan, president of the Turkish Industrialists and Businessmen’s Association (TÜSİAD), has criticized the unorthodox economic policies of President Recep Tayyip Erdoğan’s government, calling...
Business

Turkey’s minimum wage workers earn $26 less a month than they did in 2021

Although the Turkish minimum monthly wage was increased by 50 percent for this year to help offset an increased cost of living, it has...
Business

Turkish Treasury to issue new bonds; consumer loan limits set

Turkey's Treasury said on Thursday it will issue state enterprise income-indexed domestic bonds to encourage Turks to make savings in lira assets, while the...
Business

Turkish lira plunges to 17.20 against dollar

The Turkish lira slid to beyond 17.2 against the dollar on Thursday, slipping for a fourth consecutive session towards December's record lows amid concerns...
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