Turkish economy

An animal activist pats a stray during a rally to protest against a bill drafted by the government that aims to remove stray dogs off the country's streets, in Istanbul on July 23, 2024.

Activists warn of tourism boycott as Turkey pushes through controversial stray dog bill

A government-led parliamentary committee this week approved a bill that could result in the mass culling of millions of street dogs, and fury at the legislation has spread beyond Turkey’s borders.

Amberin Zaman

By Amberin Zaman

In London, reporting on geopolitics, minorities, human rights, culture

Turkey's Finance Minister Mehmet Simsek speaks during a breakout session on Creating Competitive Economies at the Qatar Economic Forum in Doha on May 15, 2024. (Photo by KARIM JAAFAR / AFP) (Photo by KARIM JAAFAR/AFP via Getty Images)

Regional View

Turkey returns $5B deposit to Saudi Arabia amid economic recovery

The Saudi Fund for Development decided to hold the funds in the Turkish Central Bank in March 2023 after ministerial meetings the previous year — the deposit helped Turkey firm up its weakened currency, the lira.

Foreign exchange rates are displayed against the Turkish lira on Istiklal Avenue, Istanbul, Turkey, March 21, 2024.

Quick Take

Turkey’s Central Bank keeps interest rates at 50% as inflation cools

The decision, part of a pause in monetary tightening since April, comes as the country’s annual inflation slowed down in June for the first time in eight months, but still remains above 70%.

US President Donald Trump (L) and Turkey's President Recep Tayyip Erdogan (R).

Quick Take

Turkey’s Erdogan praises Trump’s 'bravery' in call with former president

The Turkish president became one of the few world leaders to speak with the former US leader following the assassination attempt.

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Regional View

Turkey sees 157% wealth growth despite economic malaise

Shoppers walk past a coffee shop at a shopping mall in Ankara, Turkey on April 2, 2024.

Analysis

As Erdogan woos Assad, is Turkey-Syria reconciliation rhetoric or reality?

This combination of file photographs created on July 7, 2024, shows Turkey's President Recep Tayyip Erdogan (L) in Ankara on May 29, 2023, and Syria's President Bashar al-Assad in Damascus on July 16, 2023.

Amberin Zaman

By Amberin Zaman

In London, reporting on geopolitics, minorities, human rights, culture

Quick Take

Erdogan meets Xi, praises Turkey’s ties with China-led SCO bloc

President Recep Tayyip Erdogan, who is in Astana for the 24th Summit of the Council of Heads of State of the Shanghai Cooperation Organization, meets with President Xi Jinping of China, on July 4, 2024.

Quick Take

Erdogan meets 'dear friend' Putin as Russia, Turkey eye cooperation on Syria

Turkish President Recep Tayyip Erdogan and his Russian counterpart, Vladimir Putin, meet on the sidelines of the Shanghai Cooperation Organization (SCO) summit in the Kazakh capital of Astana on July 3, 2024.

Quick Take

Turkey’s inflation slows for first time in eight months, down to 71%

ALTAN GOCHER/Hans Lucas/AFP via Getty Images

An exchange office worker counts Turkish lira banknotes in Istanbul, June 8, 2015.

Quick Take

Turkey keeps interest rates on hold at 50% even as inflation soars

The Central Bank reiterated its policy to return to monetary tightening in case of a significant deterioration in inflation.

FASANO, ITALY - JUNE 14: President of Turkey, Recep Tayyip Erdogan is welcomed by Italy's Prime Minister Giorgia Meloni on day two of the 50th G7 summit at Borgo Egnazia on June 14, 2024 in Fasano, Italy. The G7 summit in Puglia, hosted by Italian Prime Minister Giorgia Meloni, the seventh held in Italy, gathers leaders from the seven member states, the EU Council, and the EU Commission. Discussions will focus on topics including Africa, climate change, development, the Middle East, Ukraine, migration, Indo

Analysis

Joining BRICS comes with limitations for Turkey: No alternative to NATO

Turkish Foreign Minister Hakan Fidan’s visits to China and Russia to attend the meeting of the BRICS groups of nations reignited never-ending debates about Turkey’s “turn away” from the West.

Barin Kayaoglu

By Barin Kayaoglu

In Ankara, reporting on geopolitics and national security

Turkey's President Recep Tayyip Erdogan (L) and India's Prime Minister Narendra Modi shake hands ahead of the G20 Leaders' Summit in New Delhi on September 9, 2023. (Photo by Ludovic MARIN / POOL / AFP) (Photo by LUDOVIC MARIN/POOL/AFP via Getty Images)

Analysis

After Modi's win, can Turkey-India ties grow despite Kashmir, IMEC differences?

Turkish officials and experts believe there is room for the two countries to expand cooperation despite their differences.

Barin Kayaoglu

By Barin Kayaoglu

In Ankara, reporting on geopolitics and national security

Turkish Foreign Minister Hakan Fidan is on a visit to Xinjiang Uyghur Autonomous Region in northwest China Photo Credit: @HakanFidan on X

Analysis

Have Turkey, China hit reset button on Uyghurs as Fidan visits Xinjiang?

Experts say Beijing and Ankara skillfully managed the contentious Uyghur issue during the Turkish diplomat's China visit, but Fidan's messages might raise eyebrows in the West.

Ezgi Akin

By Ezgi Akin

In Ankara, reporting on diplomacy, EU-Turkey ties, NATO

Turkish Foreign Minister, Hakan Fidan (C) welcomes his Chinese counterpart and Director of the Office of the Central Foreign Affairs Commission, Wang Yi (R) in Ankara, on July 26, 2023.

Quick Take

In China, Turkey’s Fidan says he plans to attend BRICS meeting in Russia

The top Turkish diplomat says his country explores new opportunities with BRICS

A teller counts US dollar bills at an exchange office in Ankara, Turkey, July 20, 2023.

Quick Take

Turkey’s inflation tops 75% but economy czar says 'worst is over'

Finance and Economy Minister Mehmet Simsek has said that inflation will begin dropping from June.

Kurdish women hold portraits of their missing sons on May 18, 2011, during a demonstration in Istanbul against the recent killing of 12 Kurdish rebels by security forces.

Regional View

Many faces of motherhood in Turkey: From new Mothers Museum to 1,000th vigil of Saturday mothers

As a new museum in Ankara pays homage to motherhood, the mothers of the country remain a fractured group, divided by political lines and economic woes

People exchange money at a currency exchange office on Aug. 13, 2018, in Istanbul, Turkey.

Quick Take

Turkey expects removal from global money laundering ‘grey list’: VP

The Turkish vice president said that if the watchdog doesn’t remove the country from its grey list, it would be “due to political reasons."

A Eurofighter Typhoon FGR4 belonging to the Royal Air Force shortly after takeoff.

Regional View

Can warmer Germany-Turkey ties bring Ankara Eurofighters along with Airbuses?

Experts believe Turkish-German defense ties will see some strides following the German president’s much-hyped Turkey visit.

People walk at Kadikoy district in Istanbul on March 5, 2024. Turkey's annual inflation rose again in February, reaching 67.1 percent despite a string of interest rate hikes, official data showed on Monday. The Turkish central bank held its key interest rate at 45 percent last month, pausing after eight straight increases aimed at taming consumer prices that had remained stable at 64.9 percent in January.

Breaking | Last Updated: 08/05/2024 05:06

Turkey’s annual inflation surges to almost 70% in April

April's inflation rate marks Turkey’s highest in the past 16 months, driven primarily by price increases in education, restaurants and hotels, and transportation.

This photograph taken on Sept. 22, 2023, shows an Armenian flag fluttering near the border with Azerbaidjan near Kornidzor.

Regional View

As Russia's footprint slumps, can Turkey anchor Armenia, Azerbaijan to West?

Russia’s declining footprint in the South Caucasus presents an opportunity for Turkey to anchor Azerbaijan and Armenia to the Western fold.

Turkey inflation

Breaking | Last Updated: 25/04/2024 11:31

Turkey’s Central Bank keeps interest rates at 50% despite rising inflation

The decision comes after an unexpected hike of 500 basis points last month that increased rates from 45% to 50% as monetary tightening resumed after a one-month pause.