Skip to content Skip to Search
Skip navigation

Turkey

Tie, Accessories, Accessory

Turkey plans draft law for debt restructuring

Turkey’s ruling AK Party is preparing a draft law to let people and companies restructure debt to public institutions, President Tayyip Erdogan said on Monday, one of a string of eye-catching measures promised ahead of elections. The changes would waive late payment fees incurred over unpaid tax bills, social security debt and other liabilities, Erdogan […]

Metropolis, City, Urban

Turkey opens fastest metro line to Europe’s busiest airport

Turkey’s President Tayyip Erdogan has opened Istanbul’s new high-speed metro line connecting the city to the mega Istanbul Airport, known as “Europe’s busiest in 2022”, Daily Sabah newspaper reported. The 34-kilometre metro link marks the first railway connection with Turkey’s largest airport from the Kagıthane neighbourhood. Erdogan said that the Kagıthane-Istanbul Airport Metro Line will […]

Turkey’s central bank holds interest rate at 9%

Turkey’s central bank held interest rates at nine percent for a second straight month on Thursday, and analysts said it could return to easing in the run-up to May elections given inflation is expected to drift lower from 64 percent last month. The central bank (CBRT) said the inflation level and trend have improved due […]

Russians continue to splurge on real estate in Turkey

Turkish home sales fell 8.2 percent year-on-year in December to 207,963 houses, with sales to foreigners dropping 18.6 percent, data from the Turkish Statistical Institute showed. Russians topped the list of foreigners with 2,403 houses purchased in December, reflecting how many have sought a financial haven in the wake of Moscow’s invasion of Ukraine and […]

Brick, Building, Architecture

Turkish firm acquires Whirlpool’s Middle East and Africa business

US home appliances maker Whirlpool is folding its European business into a new company controlled by Turkish rival Arcelik, reducing its exposure to a market where it had warned attractive profit margins could be some way off. Whirlpool also said it had agreed to sell its Middle Eastern and African businesses to Arcelik, which the […]

Turkey lira

Turkey cancels required reserves for longer maturity lira deposits

Turkey’s central bank has cut the required reserves of Turkish lira deposits to zero percent with maturities longer than three months, from varying percentages between three and eight percent, the bank said on Sunday. “To encourage maturity extension of lira deposits, the bank has decided to set reserve requirement ratios for lira deposit accounts with […]

Libyan court suspends energy exploration deal with Turkey

A Libyan court has suspended an energy exploration deal that the Tripoli government signed last year with Turkey, a judiciary source said, pausing an agreement that angered other Mediterranean powers and inflamed Libya’s own internal crisis. The agreement had included scope for oil and gas exploitation in waters that Ankara and Tripoli have declared as […]

Turkey’s Ziraat Bank says capital boost to help drive economy

An expected capital increase will help Turkey’s Ziraat Bank to spearhead President Tayyip Erdogan’s drive to boost economic growth and tackle chronic current account deficits this year, the head of the country’s largest lender told Reuters. Chief executive Alpaslan Cakar, who is also chairman of the Turkish Banks Association, said state banks like Ziraat were […]

China’s Alibaba planning $1bn investment in Turkey

Chinese e-commerce giant Alibaba Group Holding Ltd is planning a logistics hub at Istanbul Airport and a data centre near the Turkish capital Ankara with an investment of more than $1 billion, its president, Michael Evans, was cited as saying. Turkey’s Sabah newspaper reported Evans as saying in an interview that the company was looking […]

Computer Hardware, Electronics, Hardware

Korean EV battery maker denies report it has scrapped Turkey plan

South Korean electric vehicle battery maker SK has not decided whether to pursue a battery cell venture in Turkey with Ford Motor Co and Koc Holding, after signing a memorandum of understanding in March last year. The Dong-A Ilbo newspaper reported, citing an unidentified source, that SK plans to scrap the idea due to a […]

Turkish factory activity shrinks for first time since 2020

Turkey’s industrial production index is expected to have shrunk year-on-year for the first time since 2020 in November, a Reuters poll showed on Friday, as a slowdown in some of Turkey’s main trade partners hit factory activity. Industrial activity had bounced back strongly after the initial coronavirus wave in April 2020 and has been expanding […]

Electricity prices for Egyptian households were raised by between 7.8 and 20.8 percent, depending on the usage bracket

Turkish merger and acquisition deals hit $4.6bn in 2022

The total value of mergers and acquisitions (M&A) in Turkey amounted to 86.2 billion lira ($4.59 billion) in 2022, Daily Sabah newspaper reported, citing the Competition Authority. Most M&A deals took place in the electricity production and distribution sector, followed by the transportation sector, the report said. Privatisation deals were completed in the electricity production […]

Turkey to provide cheaper home loans for mid-income citizens

Mortgages with lower rates and longer maturities will be offered to middle income Turks looking to buy new housing, Turkish finance minister Nureddin Nebati said on Wednesday. Nebati told a news conference the mortgage loans up to 5 million lira ($266,823), will have up to 15 years maturity and rates will start from 0.69 percent. […]

Turkey’s inflation falls to 64.27% in December

Turkish annual inflation slid to 64.27 percent in December, according to official data, below forecast, dropping because of a favourable base effect after hitting a 24-year high in October. President Tayyip Erdogan’s unorthodox low interest-rate monetary policy and a resulting currency crisis pushed inflation to a peak of 85.5 percent in October before dipping slightly […]

Person, Human, Tie

Turkey’s Erdogan says exports hit record $254bn in 2022

Turkey’s exports rose 12.9 percent to $254.2 billion last year, the country’s highest level ever, President Tayyip Erdogan said on Monday. Speaking at an event, Erdogan said exports to the European Union increased by 12 percent in 2022, while some 10,000 companies completed their first exports in the same period. Separately, the Turkish trade deficit […]

Turkey drops retirement age requirement for millions

President Tayyip Erdogan has eliminated a retirement age requirement in a move that allows more than two million Turkish workers to retire immediately, less than six months before an election. The announcement was made during a news conference and follows Erdogan’s ruling AK Party delivering a hefty hike to the minimum wage last week as […]

Turkish banks to pay dividends after record 2022 profits

Several big Turkish banks want to issue dividends to shareholders after posting record profits in 2022 and the country’s BDDK banking watchdog is considering the request, three banking sources familiar with the issue said. Each year the BDDK makes recommendations regarding banks’ profit distribution. In 2021, dividends were up to 10 percent of lenders’ net […]

Person, Market, Farmer's Market

Turkey’s inflation likely to decline to 43.2% by 2023-end

Turkey’s annual inflation is expected to fall sharply to 66.8 percent in December due to a favourable base effect but drop only to 43.2 percent by the end of 2023, a Reuters poll showed, while monthly price rises should remain elevated. The end-2023 forecast is nearly twice that of the government, and raises the prospect of continued […]

Qatar to invest $2bn in Turkish eurobond issue in January

Qatar is expected to buy $2 billion worth of Turkish eurobonds next month, delivering on an earlier agreement to shore up Ankara’s forex reserves, said two officials with knowledge of the matter. The Turkish economic officials, who requested anonymity, said Doha had already invested some $1 billion as part of that broader deal. In November, […]

Turkey holds rate at 9% despite soaring inflation

Turkey’s central bank held interest rates steady at nine percent on Thursday despite soaring inflation, fulfilling a pledge to end a brief but sharp easing cycle after President Tayyip Erdogan had called for single-digit rates. The bank, seen by analysts to respond to Erdogan’s will, repeated that inflation of near 85 percent should give way […]

Audience, Person, Crowd

Turkey raises monthly minimum wage by 55% for 2023

Turkey’s monthly minimum wage will be 8,506.80 lira ($455) in 2023, the presidency said on Thursday – a 55 percent increase from the level determined in July and a 100 percent hike from January. Speaking at a news conference earlier, President Tayyip Erdogan said the minimum wage may be hiked again throughout the year if […]

Turkish central bank expands bond holding requirements

Loans given to Turkish companies’ small- and medium-sized enterprise (SME) subsidiaries will be included when calculating the amount of bonds that lenders are mandated to hold, according to new regulations from the central bank. In a letter sent to banks and seen by Reuters, the central bank said that for the loans to be considered […]