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  • Turkey to keep rates steady at 45% as tightening cycle ends: Reuters poll

    Turkey's central bank is expected to keep its key interest rate steady at 45% next week, after a 250 basis-point hike last month, marking the end of its aggressive tightening cycle, a Reuters poll showed on Friday. The monetary policy committee meeting on Feb. 22 comes after Fatih Karahan was appointed central bank governor on Feb. 3 after the resignation of Hafize Gaye Erkan, who cited a need to protect her family from what she called a media smear campaign. All 11 economists surveyed by Reuters agreed that the policy rate (TRINT=ECI), opens new tab will be kept steady this month.

  • Turkey earthquake survivors struggle to rebuild their lives one year on

    Abdullah Yanar planted flowers in front of his container home to make it feel more like a real home for his family, who have been living in temporary shelters in southern Turkey since last year's devastating earthquake. The 7.8-magnitude quake that struck last February, modern Turkey's deadliest, killed several of Yanar's relatives and damaged his apartment, forcing him and his wife, daughter and son to move first into a tent then to one container home after another.

  • Turkey Names Fatih Karahan Central Bank Chief, Hafize Gaye Erkan Resigns

    Turkey’s central bank Governor Hafize Gaye Erkan abruptly resigned late Friday night, and President Recep Tayyip Erdogan quickly appointed Deputy Governor Fatih Karahan to replace her, signaling a continuation of the transition to more investor-friendly, orthodox economic policies that Erkan helped to spearhead. Karahan has been a member of the central bank’s rate-setting Monetary Policy Committee since July, and had previously worked at the New York Fed and as a principal economist at Amazon.com, according to his biography on the central bank website. Prior to the announcement, Bloomberg reported that he was being considered for the central bank’s top job. Erdogan’s decision was published in the Official Gazette at midnight.

  • US envoy sees rapid F-16s sale to Turkey after Sweden NATO bid sign-off

    The U.S. ambassador to Turkey said he anticipates that President Tayyip Erdogan will give a final sign-off on Sweden's NATO membership within days, triggering rapid steps toward U.S. Congress endorsing a sale of F-16 fighter jets to Ankara.
    In an interview on Thursday, Ambassador Jeff Flake said that once the formal ratification document is received in Washington, the U.S. State Department will immediately send Congress notification of the $20 billion F-16s sale.

  • Turkey set to approve Sweden’s NATO membership bid after long delay

    Turkey's parliament is widely expected to approve Sweden's NATO membership bid on Tuesday, clearing the biggest remaining hurdle to expanding the Western military alliance after 20 months of delays.
    Turkey's general assembly, where President Tayyip Erdogan's ruling alliance holds a majority, is set to vote on the application that Sweden first made in 2022 following Russia's full-scale invasion of Ukraine.

  • US giants Pimco, Vanguard invest in Turkey after its return to rate hikes

    U.S. investment giants Pimco and Vanguard have bought local Turkish assets in recent months, betting that the country will maintain high interest rates after years of erratic policymaking under President Tayyip Erdogan.

    Interviews with top money managers at the companies show that two of the world's biggest investors, which together oversee nearly $10 trillion in assets, have grown constructive on Turkey since its newfound economic orthodoxy following Erdogan's re-election in May.

  • Turning a page, Greece and Turkey agree to mend ties

    Greece and Turkey on Thursday agreed to reboot their relations, establishing a roadmap designed to usher in a new era of closer ties between the two NATO allies but historical foes. In a landmark visit of Turkish President Tayyip Erdogan to Greece, the longtime sparring partners agreed to focus on pursuing good neighbourly relations, keep open channels of communication, seek military confidence-building measures to eliminate sources of tension, boost trade volumes and work on issues which have kept them apart, notably in the Aegean Sea.

  • Turkey rejects ‘buffer zone’ plan for Gaza, Erdogan says

    Turkey rejects plans to establish a post-war buffer zone in Gaza because it would be disrespectful to Palestinians, President Tayyip Erdogan was quoted as saying on Wednesday. Reuters reported last week that Israel had conveyed plans for the buffer zone to several Arab states and Turkey. Speaking to reporters on a flight from Doha, Erdogan said Gaza's governance and future after the war would be decided by Palestinians alone.

  • Turkey’s Erdogan says Israel’s Netanyahu ‘will be tried as war criminal’

    Turkish President Tayyip Erdogan said on Monday that Israeli Prime Minister Benjamin Netanyahu would eventually be tried as a war criminal over Israel's ongoing offensive in the Gaza Strip, while slamming Western countries supporting Israel. Turkey, which supports a two-state solution to the decades-old conflict, has sharply criticised Israel over its campaign in Gaza, launched in response to militant group Hamas' rampage on Oct. 7. More than 15,500 people have been killed in the Israeli air and ground attacks, according to Gaza's health ministry.

  • GCC and Turkey look to boost $22bn trade

    The GCC and Turkey are looking to boost economic and trade ties, according to Secretary General of the Gulf Cooperation Council Jasem Mohamed Albudaiwi. He said the leaders of the GCC countries are keen to strengthen economic cooperation with Turkey, based on the depth of brotherly relations between the two sides.
    The trade exchange between the GCC countries and Turkey amounted to $22bn in 2021, he said.