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Category Archives: Economy

Turkish Foreign Minister to EU: We Kept Our Side, Keep Yours & Assess Our Bid

The Turkish foreign minister Ahmet Davutoğlu has urged his European Union counterparts to accelerate the process of re-examining his country's bid for full membership, and to not let the Cyprus issue stall it any further. Davutoğlu said that his country is currently amidst a period of unparalled reform aimed at...

Posted on 05 September 2009

Turkey Cuts Interest Rate Again – Now is the Time to Buy Property

Turkey, which had already cut its key interest rate by more than any G20 country has reduced the rate by a further half a percentage point to just 7.75% earlier this week. Turkey has now reduced the over-night borrowing rate by 9% in the last 12 months. The reductions do...

Posted on 21 August 2009

Turkish Banks See Profits Bulge in First Half of 2009

Earlier this year, we followed up on a Forbes report regarding the health of Turkish banks because of the reforms made during Turkey's economic crisis at the turn of the millennium. Yesterday saw several Turkish banks reveal their figures for the first half of this year, which completely backed up...

Posted on 07 August 2009

Turkish Economy Update: Falls in Q1 Ebbing in Q2

A deal between Turkey and the IMF began to look a lot more likely when it was revealed that the Turkish economy contracted 13.8% in the first quarter of this year. This will likely force the government to adjust its forecast of a 3.6% contraction for this year, likely making...

Posted on 03 July 2009

Turkey and UK Increase Trade Relations to Boost Economy

Turkey and the UK have signed a memorandum of understanding on the establishment of a joint economy and trade committee. The move is designed to make trade easier between the two countries, and broaden the horizons for entrepreneurs in both countries, according to UK trade minister Mervyn Davies. Davies addressed...

Posted on 25 June 2009

Turkey Economy to Start Growing in Second Half of Year – Merrill Lynch

Merrill Lynch, a leading player in the global financial circuit has said the Turkish economy will start growing by the 3rd quarter of this year, after suffering heavy quarterly losses of above 6% in the first half of the year. Their analysis has led them to forecast a 0.5% growth...

Posted on 18 June 2009

Brits Eyeing Turkish Property Should Move Now or Risk Paying More

Any Brits planning to buy property in Turkey should be looking to lock in their price now, experts have suggested. The Pound has strengthened a lot against the Turkish Lira in the last couple of months, making Turkish property much cheaper to British buyers, and experts think it may have...

Posted on 12 June 2009

Turkey Looks Set for Early Economic Recovery

It does indeed seem that the worst of the international downturn maybe upon us. I have been cautious about positive news in the past, because it has been easy to dismiss one single positive indication as a statistical anomaly. But right now, there is just too much positive news from...

Posted on 11 June 2009

Turkish Govt Takes steps to Boost Economy, May Weaken Lira/Boost Property Market

The World Bank is to loan $6.5 million to Turkey, some of the loan will be used as part of the government's initiative to increase employment in the south east of Turkey. Also this week, Turkey signed a free-trade agreement with Serbia, which will massively increase trade between the two...

Posted on 04 June 2009