The Turkish leader pushed the central bank to start slashing interest rates two years ago as part of a "new economic model" that focuses on job creation and economic growth. The policy badly backfired and nearly cost the veteran Turkish leader last month's general election. The annual inflation rate reached...

Ankara, Turkey - Turkish government has announced a 34 percent increase in the monthly minimum wage, effective from July 1.  The decision was reached by the minimum wage assessment commission, following negotiations between workers and employers, according to Labour Minister Vedat Isikhan. The new minimum wage will amount to a...

Erdogan was sworn in on Saturday after winning a historic election runoff on May 28 and named a new cabinet appointing market-friendly politician Mehmet Simsek as finance minister.

Turkey's longest-serving leader surmounted a powerful opposition coalition, an economic crisis and anger following a devastating February earthquake to beat secular challenger Kemal Kilicdaroglu in Sunday's vote. But his four-point victory margin was Erdogan's narrowest of any past election, highlighting the country's sharp polarisation that the Islamic-rooted conservative will contend...

The 69-year-old leader looked fighting fit as he strutted back on stage after a three-day illness and tossed flowers to rapturous crowds at an Istanbul aviation fest on Saturday. It was the perfect venue for reminding Turks of all they had gained since his Islamic-rooted party ended years of secular...

Analysts attribute the sharp slowdown to the so-called base effect, which makes year-on-year price increases look smaller when compared to extremely high levels 12 months earlier. The latest reading is still higher than in any another other emerging market except for Argentina. But it fulfils Erdogan's campaign promise that inflation...

Turkey's latest economic crisis started when Erdogan -- a lifelong opponent of high interest rates -- pressured the central bank to bring down chronically high consumer prices by lowering borrowing costs.

With the latest cut, the rate has reached "a sufficient level with regard to growing risks concerning global demand", the bank's council said in a written statement. Turkey's monetary policymakers are bucking the global trend of central banks raising interest rates to combat inflation, as high borrowing rates cool down...

The official annual rate of consumer price increases reached 79.6 percent in July compared to 78.6 percent in June. Turkey plunged into a fresh economic crisis when Erdogan set off on an unusual economic experiment nearly a year ago that attempted to bring down chronically high inflation by slashing interest...

Turkey's inflation climbed to its highest level since 1998, hitting an annual 73.5 percent in May, official data showed Friday, an issue dogging President Recep Tayyip Erdogan ahead of elections next year. Critics have blamed the country's economic woes on Erdogan's unorthodox economic policy of pushing for lower interest rates...

Soaring inflation in Turkey has propelled a wave of strikes unlike any the country has seen since the 1970s, as workers demand more money to counter the shrinking value of their pay.

Analysts think politically diverse Gen Z voters hold one of the keys to Erdogan's tricky path to presidential re-election.

Consumer prices jumped to 36.1 percent last month from the same period in 2020, up from 21.3 percent in November.

Finance Minister Nureddin Nebati urged citizens to sue economists who comment on social media about the lira's slide. His remarks followed the banking regulator's decision to file complaints against more than 20 people over their Twitter posts.

The queues are a worrying sight for Turkey's veteran President Recep Tayyip Erdogan, who is trying to fight inflation by slashing interest rates, a policy that doesn't seem to be working.

Turkey has been rattled by a currency collapse that accelerated by President Recep Tayyip Erdogan’s last-month steps that defy conventional policies.

The Turkish lira on Thursday hit fresh lows after the central bank fired the latest salvo in President Recep Tayyip Erdogan's "economic war of independence" by cutting interest rates for the fourth successive month. The reduction of the main rate to 14 from 15 percent comes in the face of...

More than 5,000 demonstrators gathered at the call of the main unions to protest against the deterioration of the value of the Turkish lira and the rate of inflation.

Inflation in Syria is soaring just as fast as it is in neighboring Turkey, with basic food items such as bread selling at record prices and purchasing power at its lowest ever. And when the price of a bag of flatbread stops rising, locals say, the amount of bread inside...

Turkey's annual inflation has surged above 20 percent to its highest level in three years after President Recep Tayyip Erdogan installed loyalists at the central bank who share his unorthodox vision that high borrowing costs cause inflation rather than slow it down.

Qatar and Turkey have announced they agreed to extend a currency swap deal between their central banks, as Ankara’s lira has plunged in value fuelling an economic crisis. According to a joint statement on Tuesday, the two sides “welcomed the signing of the agreement on the extension and amendment of...

Turkey's annual inflation rate jumped over 20 percent in November, official data showed Friday, after a currency crisis last month when the Turkish lira hit record lows against the dollar.

The Turkish lira plunged to record lows against the dollar on Tuesday after President Recep Tayyip Erdogan said policymakers have no appetite to hike interest rates in response to the currency's fall.

The Turkish lira sank further on Thursday as the central bank slashed interest rates for the third consecutive month following pressure to do so from President Recep Tayyip Erdogan.

The Turkish lira suffered one of its biggest falls of the year on Tuesday and hit new historic lows to cement its status as the year's worst-performing emerging market currency.

On Saturday, Erdogan announced that he had ordered his foreign ministry to expel the envoys for seeking the release of businessman and philanthropist Osman Kavala, who has been imprisoned for four years without being convicted. This triggered the steep fall in Lira already reeling from the Turkish central bank's policy...

Lebanon’s Information Minister George Kordahi has said that the country needs $1 billion to bring up the value of the Lebanese pound against the dollar. He acknowledged the fact that the demand for dollars is high, especially since diesel fuel is sold today in dollar terms.

Turkey's central bank cut interest rates for the second successive month on Thursday in what economists interpreted as confirmation of its loss of independence from President Recep Tayyip Erdogan. The bank cut its policy rate to 16 from 18 percent despite soaring inflation and a depreciating currency. The lira extended...

The Turkish lira sank to a record low against the US dollar on Thursday after President Recep Tayyip Erdogan fired three central bank members in an overnight decree. The embattled Turkish currency has lost nearly a fifth of its value so far this year as market concerns over the policy-setting...

The Turkish currency was down around 1.1 percent against the US dollar by 1330 GMT, after the bank announced it was cutting the one-week repo rate to 18 percent from 19 percent in a decision that surprised analysts.

Turkish economy expanded by 7 percent between Jan and March but inflation more than triple the government's target of 5 percent