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Turkish banks suspend Russian Mir payments after US sanctions

Turkish lenders Isbank and Denizbank have suspended use of Russian payment system Mir, the banks said on Monday, following a US crackdown on those accused of helping Moscow skirt sanctions over the war in Ukraine. The moves, announced separately, came after Washington expanded its sanctions last week to include the head of the entity running […]

US Speaker Nancy Pelosi in Yerevan, Armenia, on September 18

Turkey’s VP rebukes Pelosi for ‘biased’ remarks in Armenia

Turkey’s vice president Fuat Oktay has branded Nancy Pelosi’s speech on clashes between Armenia and Azerbaijan “biased”, suggesting that her comments “sabotage diplomacy efforts”. The Speaker of the US House of Representatives visited Armenia this weekend, in an unprecedented show of American support for the country, which has been locked in conflict with its neighbour […]

Turkish florists rush to meet surge in UK demand after Queen’s death

Turkish florists are resorting to cargo planes instead of trucks as they rush to send as many flowers as they can to the United Kingdom to meet a deluge of orders after the death of Queen Elizabeth. Orders for cut flowers have soared by 90 percent since the queen died, said Selcuk Celebi, a member […]

Turkish fintech Fimple plans Dubai office before 2024-end

Fimple, a Turkish fintech startup that provides advanced cloud-based financial services, is planning to open an office in Dubai before the end of 2024 as part of its expansion in the Middle East and Africa. The startup has already drawn $2 million worth of investments in two months, said Fimple co-founder and managing director Mucahit […]

Iraq hopes to stamp out the illicit use of some 50% of the $10 billion that Iraq imports in cash from the US each year

Turkish rates on dollar deposits drop on high forex commission

Interest rates on dollar deposits have dropped sharply in Turkey in recent days after its central bank passed a regulation imposing high commission payments on foreign exchange transactions, three bankers said on Thursday. The bankers told Reuters that rates in the market generally had fallen to some 3.5 percent to four percent from about seven […]

Qatar wealth fund buys stake in Turkey’s Eurasia Tunnel

The Qatar Investment Authority (QIA) has bought a stake in the Eurasia Tunnel company in Istanbul from the South Korean partner in the venture, SK Group, a statement by the Turkish Competition Board showed on Tuesday. The competition board decision, taken on September 8 and posted on its website on Monday evening, showed that QIA […]

Turkey’s new rules force banks to curtail corporate lending

Some Turkish banks are curtailing corporate lending after the government’s latest raft of regulations raised their costs and forced many to cut their balance sheet risks, five banking and private sector sources told Reuters. The new rules, part of President Tayyip Erdogan’s unorthodox management of the economy, have especially depressed longer-term lending. The owner of […]

Tie, Accessories, Accessory

Turkey’s foreign reserves boosted by friendly country support

The Turkish central bank’s foreign currency reserves are getting stronger as friendly countries are providing support, President Tayyip Erdogan said, broadcaster Haberturk reported on Friday. The central bank’s reserves have come under pressure from its forex market interventions to support the Turkish lira and to meet government institutions’ forex needs. “Our central bank reserves started […]

Airplane, Aircraft, Vehicle

Turkish firm eyes drone manufacturing in Ukraine

Ukrainian President Volodymyr Zelenskiy on Friday met with the head of Turkish defence firm Baykar and said the company would set up a factory in Ukraine to build unmanned aerial vehicles. Baykar’s Bayraktar TB2 drone has been hugely popular in Ukraine, where it helped destroy many Russian artillery systems and armoured vehicles. “We discussed the […]

Airplane, Aircraft, Transportation

Turkish Airlines to add more flights to UAE as demand surges

Flag carrier Turkish Airlines plans to increase flight frequencies to and from the UAE to boost connectivity amid higher customer demand. The number of flights from Istanbul to Abu Dhabi, Dubai and Sharjah will increase, offering more flexibility to customers, the airline said in a statement. Currently, Turkish Airlines has three daily flights from Dubai […]

Turkey working on new support package for SMEs

Turkey’s finance ministry said on Tuesday it was working on a Treasury-backed package to support small and medium-sized enterprises (SME) in need of collateral, in its latest step to boost the sector. The statement attributed to Finance Minister Nureddin Nebati said the package would support SME financing needs and reinforce the government’s broader programme prioritising […]

Turkey’s inflation hits new 24-year high beyond 80%

Turkey’s annual inflation climbed to a fresh 24-year high of 80.21 percent in August, a bit below expectations according to data on Monday, after the central bank unexpectedly cut interest rates and stoked a nearly year-long cost-of-living crisis. Inflation has raced higher since last autumn when the central bank gradually cut its policy rate by […]

Turkey sees inflation to ease to 65% by 2022-end

Turkey expects inflation to ease to 65 percent by the end of the year from nearly 80 percent in July, while the current account deficit is seen at $47.3 billion in 2022, government forecasts showed on Sunday. President Tayyip Erdogan’s new economic model has prioritised growth, exports, employment and investment while seeking to cut interest […]

Person, Human, Building

Turkish trade deficit surges 162% to $11.3bn in August

Turkey’s trade deficit jumped 161.8 percent year-on-year in August 2022 to $11.277 billion, the Trade Ministry said on Friday, as surging energy import costs continue to widen the shortfall. Turkey’s exports rose 13.2 percent to $21.341 billion in August, while imports jumped 40.8 percent to $32.618 billion, the data showed. In a speech, Trade Minister […]

Goldman Sachs raises Turkey 2022 GDP growth to 5.5%

Goldman Sachs said on Thursday it had raised its forecast for Turkey’s 2022 GDP growth to 5.5 percent from 3.5 percent, while lifting its 2022 current account deficit forecast to $45 billion from $36 billion. It said the Turkish Central Bank’s forex reserves had risen sharply since the third week of June and that, with […]

Turkey’s economy grew 7.6% in Q2 driven by domestic demand

Turkey’s economy grew 7.6 percent year-on-year in the second quarter as expected, extending a hot streak on strong domestic demand and exports, according to data on Wednesday, though economic activity was seen slowing through year end as demand cools. Gross domestic product (GDP) expanded 2.1 percent compared with the previous quarter on a seasonally and […]

Russia’s Ozon opens Turkish office to help cross-border orders

Russian e-commerce firm Ozon said on Tuesday it would open a local office in Turkey and make it easier for consumers to make cross-border orders, helping Russian shoppers to buy goods directly from Turkish sellers on its platform. As Western sanctions have rained down on Russia over its actions in Ukraine, commercial ties between Moscow […]

Fugitive Turkish crypto fraud suspect arrested in Albania resort

Albanian police on Tuesday arrested the fugitive Turkish founder of crypto-exchange Thodex, wanted by Interpol for suspected crypto fraud and at large for a year, police and media said. Albanian and Turkish media identified the suspect as Faruk Fatih Ozer. The Turkish interior ministry said authorities had launched extradition proceedings. Police referred to the suspect […]

Gulf banks take $950m hit on Turkish economic woes

The exposure of GCC banks to Turkey through their subsidiaries is increasingly credit-negative due to deteriorating operating conditions in the country, according to analysts. But Gulf-based banks are unlikely to exit Turkey despite the challenging conditions, mainly because of the lack of potential buyers, said Fitch Ratings in a new research note released on Tuesday. […]

Water, Waterfront, Pier

Turkish trade deficit jumps 147% to $10.7bn in July

Turkey’s foreign trade deficit surged 147 percent year-on-year to $10.69 billion in July, with imports surging 41.4 percent, data from the Turkish Statistical Institute showed on Monday. Imports stood at $29.24 billion, while exports rose 13.4 percent to $18.55 billion, the data showed. Under an economic programme unveiled last year, Turkey aims to shift to […]