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Erdoğan vows Turkey’s inflation rate will fall

President Recep Tayyip Erdoğan vowed Sunday to rein in inflation decimating Turks' purchasing power and doubled down on his opposition to high interest rates,...
Business

Lira plunges again after Erdoğan cites Islam to defend rate cuts

Turkey's troubled lira nosedived Monday after President Recep Tayyip Erdoğan cited Muslim teachings to justify not raising interest rates to stabilize the currency, Agence...
Business

Babacan says he regrets remaining silent about risks of system change in 2017

Democracy and Progress Party (DEVA) leader and former Turkish deputy prime minister Ali Babacan has said he regrets making a decision in 2015 not...
Business

Business groups call on gov’t to take urgent action to stop lira crisis

Turkey’s leading business groups have urged the ruling Justice and Development Party (AKP) to action as the Turkish lira on Friday continued to hit...
Business

Opposition parties, labor unions dissatisfied with Turkey’s minimum wage hike

Turkey’s opposition parties and representatives from labor unions have expressed dissatisfaction with a 50 percent increase in the country’s minimum wage for 2022, saying...
Business

Turkey’s purchasing power lags behind EU average by 38 points

Purchasing power in Turkey is 38 percent below the European Union average, the Birgün daily reported on Thursday, citing recently released Turkish Statistical Institute...
Business

Erdoğan replaces 2 finance officials ahead of CB’s rate decision

Turkish President Recep Tayyip Erdoğan has replaced two deputy finance ministers as part of his latest policymaker reshuffle ahead of today's interest rate decision...
Business

Turkey increases minimum wage by 50 percent for 2022 amid lira crash

Turkey’s minimum wage will rise 50 percent next year to help offset increased living costs, President Recep Tayyip Erdoğan said Thursday, Bloomberg reported. The monthly...
Business

Lira plunges as Turkey cuts interest rate again

The Turkish lira on Thursday hit fresh lows after the central bank fired the latest salvo in President Recep Tayyip Erdoğan's "economic war of...
Business

Turkish lira slides ahead of likely interest rate cut

The Turkish lira on Wednesday extended its historic slide on the eve of a meeting at which the central bank was expected to lower...
Business

Depreciation of lira makes shopping in Turkey a bargain for neighbors

A growing number of people from neighboring countries are visiting Turkey to shop, with the rapidly depreciating lira making it an ideal spot to...
Business

Turkish lira hits record low, dragging central bank to the rescue

The Turkish lira hit a record low of 14.99 to the US dollar on Monday before the central bank intervened in the foreign exchange...
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