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Turkey strikes currency swap deal with UAE as ties warm

Turkey and the United Arab Emirates said on Wednesday they had agreed a nearly $5-billion swap deal in local currencies, in a sign of...
Business

Turkish Central Bank’s one-day $10 bln profit sparks questions

Turkey’s central bank posting an unexpected one-day profit of nearly $10 billion at the end of 2021 has left many economists wondering what caused...
Business

Turkish central bank sold $687 million in Dec. 10 market intervention

Turkey's central bank said on Friday it sold $687 million during its direct market intervention on Dec. 10 to support the ailing lira, bringing...
Business

Turkey’s banking watchdog threatens legal action over critical comments on exchange rate

Turkey’s Banking Regulation and Supervision Agency (BDDK) has announced that it will take legal action against people who share critical comments on social media...
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

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

Finance minister says Turkey ‘determined’ not to raise interest rates

Turkey is determined to not raise interest rates, its new finance minister said on Monday, echoing President Recep Tayyip Erdoğan’s policy that has put...
Business

Turkey’s central bank to further cut policy rate in December, January: report

The Turkish Central Bank (TMCB) will cut its key interest rate by 300 basis points to 12 percent in its two upcoming meetings, and...
Business

Annual Turkish inflation surges to 21.31 percent in November: official data

Turkey's annual inflation rate jumped over 20 percent in November, official data showed Friday, after a currency crisis last month when the Turkish lira...
Business

Senior central bank executive resigns as Turkish lira plunges to 13 against dollar

Doruk Küçüksaraç, who has served as director of the markets department for the Turkish Central Bank since August 2019, resigned on Tuesday after the...
Business

Turkish lira sinks as central bank cuts interest rate

The Turkish lira sank further on Thursday as the central bank slashed interest rates for the third consecutive month following pressure to do so...
Business

Turkish lira hits record low as Erdoğan vows to fight high interest rates

The Turkish lira hit a record low of 10.63 to the US dollar with the expectation of an interest rate reduction after President Recep...
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