Tag: Turkish economy

HP News
Turkish Trade Minister announces record January exports, following best ever 2023

Turkish businesses have broken their country’s record for January exports. Trade figures show a year-on-year increase of 3.6%, with exports last month worth more than $20 billion to the Turkish economy – the highest ever exports total for a January. The good news was shared by Türkiye’s Trade Minister Ömer Bolat, while he was in […]

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Turkiye’s Central Bank raises interest rates to 42.5% to combat high inflation

A return to orthodox fiscal policies in Turkiye has seen a steep rise in interest rates as the Turkish government and Central Bank seek to check rampant inflation. On Thursday, as expected, the Central Bank announced a rise in interest rates – the seventh consecutive monthly increase. The 250 basis points means interest rates now […]

Can the Central Bank of Turkiye’s first female governor, Hafize Gaye Erkan, tame the country’s rampant inflation?

Last month, Turkiye’s President Recep Tayyip Erdoğan made history when he appointed Hafize Gaye Erkan as the governor of the Central Bank of Turkiye – the first ever woman to head the 93-year-old financial institution. Erkan enters the financial fray in her motherland armed with an impressive biography as she bids to find the optimum […]

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Turkish Central Bank head Naci Ağbal fired after just four months in job

The governor of Turkey’s Central Bank Naci Ağbal was dismissed from his post on Friday. The unexpected news came in the form of a presidential decree published in the official gazette early on Saturday, 20 March. Banking professor Şahap Kavcıoğlu, a former MP for President Erdoğan’s Justice and Development Party (AKP), is named as his […]

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Turkish lira hits record low against the dollar

The Turkish lira has continued its downward slide this week, reaching a record-low against the dollar today. One US dollar is now worth 7.23 Turkish lira, with the currency losing 18% of its value to the dollar this year. The lira also fell against the pound and the euro. Today’s currency market shows £1 is […]