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 […]
The first woman governor of Türkiye’s Central Bank, Hafize Gaye Erkan, has stepped down from her role just shy of eight months after her appointment on 8 June 2023. She has been replaced by her Erkan announced her resignation on Friday in a message on X (formerly Twitter), stating she had been subjected to “a […]
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 […]
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 […]
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 […]
