On Thursday, Turkiye’s Central Bank cut interest rates from 14% to 13%. The move was not expected by traders and within 24 hours, the Turkish lira was again sliding in the wrong direction nearing record lows. Such is the fear that the move will fuel more inflation that the Turkish lira suffered further depreciation against […]
Turkey has seen a strong rise in its garment exports in the first seven months of this year thanks to retail recovery in its key European markets. Many companies are reported to be working at full capacity for the first time since the coronavirus pandemic took hold early in 2020. Shipments to foreign markets between […]
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 […]
Official data shows Turks were holding record amounts of foreign currencies (forex) and gold totalling $221.04 billion during the last week of October. The data, from Turkey’s Central Bank, reflects the ongoing woes of the Turkish lira, which has lost 30% of its value against the dollar since the start of the year. The lira’s […]
The Turkish lira plummeted to record lows against the pound, euro and US dollar today amid concerns it could become embroiled in a fast-escalating conflict in the Caucasus. One British pound is currently worth 10.06 Turkish lira, down from 9.78 last week, a huge decline from its 3.5 value of four years ago. The Turkish lira […]
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 […]
Europe kicked off the new football season with its annually held Super Cup – its equivalent of England’s Charity Shield. Played at the BJK Vodafone Park stadium – the home ground of leading Turkish club Beşiktaş – Liverpool, the winners of the Champions League, took on Chelsea, the holders of the Europa League Cup. Liverpool […]
Interest rates in Turkey are set to fall further, Finance Minister Berat Albayrak has said, as the country aims to return to economic growth after it was tipped into recession by last year’s currency crisis. Speaking at a press conference on Tuesday, 30 July, the minister said he hoped to see more interest rate reductions […]
Consumer prices continue to push inflation upwards in Turkey. According to figures released by the Turkish Statistical Institute (TÜİK) earlier this week, year-on-year inflation rose by 1.06 to 20.35% in January. It marked a slight increase from December 2018, when inflation stood at 20.3%. There was an average annual increase of 17.16% in consumer prices. […]
After weeks of depreciation, the Turkish lira appears to have rallied back, closing at 4.66 against the US dollar on Monday. It follows Turkey’s central bank raising interest rates to try and prop up the embattled currency, which hit a record low of 4.9290 last week. Leading government officials also met with investors in […]
