Turkish Economy

US can prosecute Turkish bank in Iran sanctions case, rules appeals court

US prosecutors charged Halkbank in 2019 over its alleged use of money servicers and front companies in Iran, Turkey and the United Arab Emirates to evade sanctions

Rescuers deployed in search for 9 workers missing at Turkish gold mine

Hundreds of rescuers on Wednesday pressed ahead with efforts to search for at least nine workers trapped at a gold mine in eastern Turkiye that was engulfed by a massive landslide. The landslide struck the Copler mine in the town of Ilic in Turkiye's mountainous Erzincan province on Tuesday. Footage seemingly shot by a worker showed a huge mass of earth rushing down a gully, overrunning everything in its path. The landslide involved a mound of soil extracted from the mine, Interior Minister Ali Yerlikaya said. Some 800 search and rescue personnel, including police and military teams, mine rescuers and volunteers, were deployed to find the mine workers, Yerlikaya said early Wednesday. Other workers at the mine have also joined the efforts to rescue their colleagues, while families of the missing waited at an area close to the mine for news of their loved ones, Haberturk television reported. An investigation into the disaster has been launched. Experts, meanwhile, have warned that t

Direct damages of Turkiye earthquakes equivalent to 4% of GDP: World Bank

At least 1.25 million people have lost their homes due to the earthquakes

European sanctions on Russian oil lead to a traffic jam on Turkey's coast

The government in Ankara is insisting the ships have a letter from their insurer guaranteeing cover while in Turkish waters -- something that's yet to happen

Turkish inflation tops 85% driven by surge in food prices, energy costs

Turkish annual inflation accelerated for the 17th month in a row in October, driven by a surge in food prices and energy costs, to its likely peak during President Erdogan's two decades in power

Turkey slashes key rate by whopping 100 bps; lira sinks to new record low

The bank signalled it would pause the easing cycle to monitor its effects in the next three months

Turkey hikes minimum wage by 22%, far short of demands by labour

The monthly net minimum wage will be 2,826 liras ($377), Labor Minister Zehra Zumrut Selcuk said in Ankara on Monday

Japanese investors set aside host of concerns, chase 15% yields to Turkey

Japan's retail investors are among those confronting the challenge of negative interest rates that has spread across the globe

Trump vows 'no concessions' for Turkey; lira weakens further against dollar

Turkish government officials did not comment on Trump's remarks

Lira crisis: Qatar comes to rescue as Turkey aims to avert financial plight

An escalating dispute over US pastor Andrew Brunson's continued detention has roiled financial markets in Turkey

Erdogan says Turkey will boycott US electronics, lira steadies

The lira has lost more than 40 per cent this year and crashed to an all-time low of 7.24 to the dollar

Turkey beats China, India as higher spending pushes 2017 economic growth

By comparison, China and India grew 6.9% and 7.1% respectively last year, according to official data

Turkish economic weakness exposed in post-referendum data

Statistics Institute figures showed unemployment rate reached 13% in three months to February