Economy

Bank will take further steps when necessary, has government’s full support, deputy prime minister says A Turkish deputy prime minister said Friday the country’s Central Bank is capable of taking action against speculative attacks amid recent volatility in foreign exchange rates. “Its hands are not tied […] It will do what is necessary,” Mehmet Simsek told a televised interview on private news channel NTV. He also said the bank had the full support of the Read More

Early elections will reduce uncertainty for Turkey and open its way, says Deputy Prime Minister Mehmet Simsek Investors welcoming Turkey’s decision to hold snap polls cementing the transition to a presidential system is triggering a large inflow of funds to the country, said Turkish Deputy Prime Minister Mehmet Simsek on Monday. “Firstly, uncertainty will be reduced. Secondly, the presidential system will open the way for Turkey, and thirdly, putting reforms quickly on the agenda offers Read More

In third quarter of 2018, the Pioneering Spirit will return to the Black Sea to complete the second line for TurkStream The deep-water offshore construction of the first line of the TurkStream natural gas pipeline is now complete as the world’s largest pipelaying vessel, the Pioneering Spirit, reached the Turkish shore off Kiyikoy in northwest Turkey on Monday. Pioneering Spirit captain Loek Fernengel told journalists on the vessel that Allseas, the company that owns the Read More

Defense giant Aselsan eyes orders for production of its armored infantry fighting vehicle KORHAN Leading Turkish defense contractor Aselsan is ready to produce a new generation armored fighting vehicle — the 35mm combat ready KORHAN, according to an official of the firm. The KORHAN was unveiled at the 13th International Defense Industry Fair 2017 (IDEF) last May. Aselsan is awaiting decision from Turkish authorities for mass production of KORHAN. KORHAN has been developed to meet Read More

TurkStream plans to carry 15.75 billion cubic meters of Russian gas to Turkey with first delivery planned before end 2019 More than half of the first line of the TurkStream natural gas pipeline project to deliver 35 percent of Turkey’s gas needs has been completed, Gazprom officials, the project constructor, told visiting Turkish journalists at Novy Urengoy, Russia’s biggest gas field and the world’s second-biggest located in northern Russia. Gazprom is the owner of the Read More

Those who invest in Turkey will be winners, says Turkish president Turkey’s Treasury and the European Bank for Reconstruction and Development (EBRD) on Friday signed a donor fund agreement to support what they called “socially important projects”. The agreement was signed by Deputy Prime Minister Mehmet Simsek and EBRD head Suma Chakrabarti in the presence of President Recep Tayyip Erdogan in Istanbul. According a statement, the Turkish government will co-finance socially important projects which will Read More