Economy

As Russian Minister for Economic Development Alexey Yulukaev visits Turkey on Aug. 6, there are hopes that a number of factors will encourage both the Russian and Turkish sides “restoring their bilateral ties in sphere of economy, energy, agriculture, transport and other sectors”, Ekho Moskvy reported today citing Russian Deputy Foreign Minister Alexei Likhachev. Both Russia and Turkey are seeking to restore relations for gaining political, economic and strategic considerations. They will also like to Read More

Turkey’s annual rate of inflation rose slightly last month, the Turkish statistical institute, TurkStat, said Friday. Official TurkStat figures showed inflation increased to 6.58 percent in May from 6.57 percent in April. Monthly inflation increased by 0.58 percent in May. Meanwhile, Turkish Finance Minister Naci Agbal said inflation in the country had in fact decreased in the first five months of this year. Addressing a press conference in Ankara Friday, Agbal said: “Decline in inflation Read More

Ahmed Salim, 32, a Palestinian living in the blockaded Gaza Strip, has to thoroughly check 100 shekel ($28) banknotes in fear of becoming a fraud victim again. Salim had suffered from fraud when he took his payment for a few days of construction work and could not use his cash as it was forged. For Salim, as a Palestinian in Gaza, 100 shekels is a substantial sum of money, especially with the poor financial situation Read More

Simplification of Turkey’s interest-rate structure may start at the next monetary policy meeting in January, Erdem Basci, governor of the Central Bank of the Republic of Turkey said on Thursday. Speaking at a presentation to the parliament’s Planning and Budget Commission, Basci said: “With the start of normalization of global monetary policy, it is possible that volatility in financial markets may moderate. Should this occur, the simplification of Turkey’s monetary policy may begin at the Read More

Turkey broke an all-time automobile production and exports record last year, Automotive Industrialists’ Association (OSD) head Kudret Onen said in a statement on Thursday. Onen said the country’s automobile producers manufactured 1.4 million cars in 2015, an increase of 16 percent from 2014. The OSD’s figures include automobiles, light commercial vehicle and tractor figures. Onen said that the sector’s exports increased by 12 percent last year compared with the previous year to 992,000 vehicles. He added that the sector exported 73 percent of its Read More