The former jailed executive at Turkey's state-owned Halkbank, Hakan Atilla, was named general manager at the Istanbul stock exchange. U.S. prosecutors last week charged Halkbank with partaking in a multibillion-dollar scheme to circumvent U.S. sanctions against Iran. The charges disclosed by the prosecutors against Halkbank mirror those against Hakan Atilla.
The revenue target for income taxes in the 2020 budget has been raised to a record 785 billion lira. Experts say that the government has decided to increase the tax burden on society after the economic crisis and increased public spending put the administration in a difficult financial position.
As relations between Ankara and Washington undergo tough times, a new indictment regarding Halkbank adds yet more strain on ties between the two countries, with the bank being accused of circumventing Iranian sanctions.
German carmaker Volkswagen will delay investment of a factory it was planning to build in the Turkish province of Manisa due to the political uncertainty surrounding Turkey's ongoing operation in northeastern Syria, according to a report in the German newspaper Handelsblaat.
Amid a serious period of economic difficulties in Turkey, the automotive industry, one of the most important in the country, has taken a hit. The production of automobiles in Turkey decreased by 9 percent between January and September of this year in comparison to same period during 2018, according to recent figures from the Automotive Industry Association.
Turkey's lira hit its weakest in a month , as investors worried about Ankara's planned incursion in northern Syria and President Donald Trump warned he could destroy the Turkish economy if it takes the operation too far.
Turkish Finance Minister Berat Albayrak said that he believes Turkey's economy will display positive annual growth in 2019, adding that data could reveal a record-high rolling current account balance in July. A Reuters poll last month pointed to zero growth in 2019.
Some one and a half million tourism workers will lose their jobs by mid-November. While they demand an improvement of their status, union leader calls for the government to sign the ILO convention on the working conditions of tourism workers.
The opposition Republican People's Party (CHP) has accused the ruling Justice and Development Party (AKP) government of secretly meeting with the International Monetary Fund (IMF). The CHP's accusations come one week after the AKP itself accused the CHP and the right-wing nationalist Good Party (İP) of doing the very same thing.
The current calm in the Turkish economy appears to be fragile unless stronger and more resilient growth over the medium term is secured, according to a recent IMF statement. The IMF also warned that the prospects of a sustainable recovery from last year’s currency crisis have dimmed.
Turkey's actual unemployment figures stand at 7,724,000, in stark contrast to official figures of 4,243,000, according to a recent report prepared by the main opposition party CHP.
Turkey's short-term external debt stock totaled $126 billion as of the end of July, an official data revealed on Sept. 19.
Istanbul's former main international airport, Atatürk Airport is hosting a global technology and aerospace fair. At the six-day festival, visitors will be experience augmented reality, coding and digital technologies.
Fueled by innovative tech, manufacturing industry exports set to hit $210B by 2023, says Industry Minister Mustafa Varank.
The Turkish Central Bank on Sept. 12 lowered its policy rate (one-week repo rate) 325 basis points to 16.5 percent from 19.75 percent, marking a second rate cut in two months.