Erdogan's Tax Break Is Now Law, Making Turkey a Tax Haven

June 2, 2026

Is Erdogan Killing Turkey's Storied Winemaking Tradition | Focus on Europe

Nov 5, 2023 | Turkey's President Erdogan is making things hard for winemakers and brewers by imposing alcohol taxes that have risen by 1,550 percent since 2011. For Seniz Saç winemaking is a millennia-old cultural tradition.

Turkey: Did Erdogan's Unorthodox Approach to Bring Down Inflation Actually Work? | DW Business

Jun 5, 2023 | Turkish inflation has fallen below 40% for the first time in 16 months. We speak to Erdal Yalcin, professor of international economics at Konstanz University of Applied Sciences. We ask him: is this a meaningful figure?

Erdogan's low interest rate policy is in line with Islam. His economic policy is unorthodox only to Western economists; his policy is very orthodox if considered in the light of Islamic economics. Erdogan is, after all, trying to re-Islamize the country. He is out to undo Ataürk's secular legacy. – © Mark Alexander

Turkey Inflation at New 24-year High of 83% after Rate Cuts | DW News

Inflation in Turkey climbed to a new 24-year high of 83.45% in September, according to official data, after the central bank surprised markets by cutting rates twice in the last two months.

Turkey's repeated reductions in rates come at the insistence of President Recep Tayyip Erdogan, who believes — contrary to well-established economic principles — that reducing interest rates can slow inflation, rather than fuel it.

What's behind Turkey's Ballooning Trade Deficit | DW Business

Aug 29, 2022 As Russia's invasion of Ukraine grinds on, its impact continues to be felt far beyond Ukraine's borders. In Turkey, the war has cast a shadow over President Recep Tayyip Erdogan's economic ambitions.

Turkey's trade deficit has ballooned over the last seven months on the back of rising commodity prices. In July, the monthly gap reached almost 11 billion dollars, which is a record level. The imbalance between imports and exports from January through July was 144 percent higher than a year earlier, according to Turkey’s state statistics agency. Add to that the rapid depreciation of the lira, and Turkey's problems don't look set to end soon.

Inflation in Turkey: Researcher Won’t Hide the Figures Erdogan Doesn’t Want to See

A man buys bread in the Ulus district of Ankara, Turkey on May 5, 2022. © Burhan Ozbilici, AP
FRANCE 24: In May the official Turkish statistics institute established the inflation rate at 73.5 percent, the highest in the country since 1998 – a figure ENAG, an independent group of researchers, immediately disputed. It puts the real rate at around 160.80 percent. The director of the organisation became the target of judicial inquiries and political pressure, and is losing his position at his university.

His hands deep in the pockets of his apron, sporting a large drooping grey moustache, Zeki looks wearily at the fruits and vegetables lying in full view in his shop in Moda, in the heart of the Kadikoy district in Istanbul on the Asian side of the city. "Look at these beautiful pink heirloom tomatoes," he says, pointing his chin in their direction. "They're coming straight from Antalya. Normally in this season everyone wants them. What a waste."

A year ago, Zeki was selling the tomatoes for eight Turkish liras (.45 euros) per kilogramme. Today, he can't sell them for less than 20 (1.10 euros), more than double last year's price. Economists say inflation is to blame, but President Recep Tayyip Erdogan disagrees. He explained on June 6 that inflation doesn't exist in Turkey and that price increases are due to the growing cost of living. Denial » | Ludovic DE FOUCARD | Wednesday, June 22, 2022

Turkey Now Has World's 6th Highest Inflation Rate | DW News

May 6, 2022 • Prices in the country rose by almost 70 percent in April, according to new official statistics. The new figure gives Turkey the dubious honor of having the sixth highest inflation rate in the world. It comes as President Recep Tayyip Erdogan continues to insist interest rates be cut to stem inflation, the opposite of what conventional economists recommend. The rising prices are putting further pressure on Turks, who are struggling to make ends meet. We asked some people on the streets of Istanbul how inflation is impacting their lives.

Erdogan Pledges to Tackle Record Inflation in Turkey | DW News

Jan 20, 2022 • Turkish President Recep Tayyip Erdogan has pledged to bring down Turkey's soaring inflation. Inflation jumped to 36% last month, seriously eroding the earnings of millions of Turks.

Turkish Lira at Record Low Puts Erdogan under Pressure | DW News

Turkey: Soaring Inflation Puts Erdogan under Pressure | DW News

Dec 16, 2021 • Turkey's lira crashed 7% in just a few minutes to a record of nearly 15 lira to the dollar. At the same time, inflation is soaring. Under pressure from President Recep Tayyip Erdogan, the central bank is expected to cut its policy rate later this week.

Turkey Faces Threat of Financial Crisis after Lira Plunges against Dollar

THE GUARDIAN: Central bank forced to defend currency as traders respond to interest rate cut with sharp selloff

A customer at a bureau de change in Istanbul over the weekend. The lira was trading at almost 15 to the dollar at one point on Monday. Photograph: Serkan Senturk/Zuma Press Wire/Rex/Shutterstock
Fears that Turkey is on course for a full-scale financial crisis have intensified after the lira plunged to fresh lows against the US dollar.

Turkey’s central bank was forced to step in to defend the ailing currency – selling US dollars for lira – after the latest sharp selloff.

The lira was at one stage trading at almost 15 to the dollar as currency dealers contemplated the prospect of the latest in a series of interest rates cuts demanded of the central bank by the country’s president, Recep Tayyip Erdoğan.

Erdoğan’s insistence that the central bank should keep reducing the cost of borrowing despite annual inflation running at 20% has led to the value of the lira halving during 2021. » | Larry Elliott, Economics editor | Monday, December 13, 2021

Turkish Lira Plunges, Loses Nearly 40% of Its Value This Year | DW News

Nov 24, 2021 • It's been an especially tough past few days for the Turkish lira. It remains near all-time lows against the dollar. The country recently cut interest rates at the insistence of President Recep Tayyip Erdogan despite the warnings of economists. The consequences are borne by normal Turks. Many are now angry.

Turkish Lira in Freefall over Erdogan's 'Unorthodox' Inflation Theory | DW News

In Turkey, the coronavirus pandemic weighs on an already ailing economy. The Turkish lira plunged to almost record-levels after President Erdogan fired his third central-bank chief in two years ... to install a like-minded critic of high interest rates. A rate decision is due today.

Restaurant manager Rengin Atac is at his wits end. The lockdown forced him to shut his business with its 15 employees for months, and now into Ramadan as well - because of rising coronavirus infection numbers. To make matters worse, inflation is running at a rate of 16 percent per month. A lot of Turks have lost faith in their economy. Many are unemployed and can barely afford anything. As the lira's value plummets, shopkeepers and bakers are forced to constantly raise their prices. Flour and other ingredients are becoming more expensive by the day. The pandemic has also kept tourists away, which for many was their main source of income.

Turkish President Recep Tayyip Erdogan, Turkish president says he is "determined to bring the rising inflation back to single digits."

But it isn't the first time Erdogan proclaimed that, and the situation still hasn't improved. Will his new central bank chief really be the game changer everyone hopes for?

Turkey May Be the Spark That Sets Fire to the World Economy

THE GUARDIAN: Erdoğan’s costly move against currency speculators could prove to have major ripple effects

The battle waged by Turkey’s Recep Tayyip Erdoğan against currency speculators is a classic pyrrhic victory. The show of resolve by the self-styled strongman on Wednesday stopped investors from dumping the lira but at enormous cost in both the short and long term. That Turkey will be damaged is beyond question. All that’s in doubt is how severe that damage will be and whether the fallout will be felt elsewhere. Looking at the fragile state of the global economy, there’s every chance it will be. » | Larry Elliott | Wednesday, March 27, 2019

Turkey's Currency Crisis Spreads Globally | Al Jazeera English

The crisis in Turkey is spreading to other emerging markets - like India, Argentina and South Africa. On Tuesday, the Indian rupee hit an all-time low against the US dollar. The South African rand and the Argentinian peso have also seen big drops in recent days. Many fear the crisis in Turkey could damage the global financial system. Al Jazeera's Shihab Rattansi reports.

Trump Continues Trade War with Turkey

President Donald Trump is continuing his trade war, this time it's with Turkey. Trump took to Twitter authorizing the doubling of tariffs on Turkish aluminum and steel. Turkey’s economy is already in turmoil due to high inflation, causing financial instability to financial markets. RT America’s Sara Montes de Oca has the details.

Turkey's Economy after the Coup - Counting the Cost

Turkey Ratings May Be Cut to Junk by Moody's

July 18 -- Hans Humes, chief executive officer at Greylock Capital, discusses the possibility of Moody's cutting Turkey's ratings to junk and what it means for investors. He speaks to Bloomberg's Scarlet Fu, Joe Weisenthal and Oliver Renick on "What'd You Miss."

Turkey Booming as EU Continues to Languish
As Europe continues to grapple with its economic crisis, Turkey appears to be slowing its move toward EU membership. The economy is booming, and as it strengthens relationships in the Middle East, the country is debating whether its future lies more in the east than the west. Al Jazeera's Hashem Ahelbarra reports from Ankara.

Turkey Joins Europe, Electrically Speaking
THE NEW YORK TIMES: Turkey may be frustrated in its bid to become part of the European Union, but by the end of September, it will join Europe’s electric grid.

Most electric systems in continental Europe — including those in countries like Poland and Romania — have synchronized currents, allowing electricity to flow easily from country to country. But other nations, including Great Britain, Norway, Sweden, Finland and until now, Turkey, have remained separate.

Turkey has been trying to connect for 10 years. Like Europe, it uses an alternating current, with the electrons dancing back and forth 50 times a second, but its system has been out of phase with the European grid.

Now, after extensive work by General Electric to enable Turkey’s system to connect, the country will join up for a one-year trial, according to the European Network of Transmission System Operators for Electricity. >>> Matthew L. Wald | Monday, September 06, 2010