Mehmet

The European Bank for Reconstruction and Development (EBRD) is providing a 500-million-euro financing to support the regions affected by last year's devastating earthquakes.

The agreement regarding the new financing was signed between the Treasury and Finance Ministry and the development bank.

The First Vice President and Head of Client Services Group of the European Bank for Reconstruction and Development (EBRD) Jürgen Rigterink is to embark on a four-day visit to Türkiye, with stops scheduled for the earthquake-hit cities in the southeast of the country.

Türkiye's Central Bank has decided to opt for lifting the key policy rate, increasing the one-week repo auction rate from 45 percent to 50 percent.

Most economists had expected the Central Bank, which held the policy rate steady last month after eight straight increases, to keep the rate unchanged at the Monetary Policy Committee (MPC) meeting on March 21.

A bronze medal featuring a portrait thought to be dating back to the princehood era of Ottoman Sultan Mehmed II will go up for auction in London, Bonhams Auction House in England has announced.

The medal, which showcases a portrait believed to be from Mehmed II's princehood era, will be auctioned in London by Bonhams Auction House.

Türkiye's Central Bank has a 'free hand' and policymakers at the bank will do what is necessary to reduce inflation, Treasury and Finance Minister Mehmet Şimşek has said.

The essence of the economic program is disinflation, to bring inflation to single digits, Şimşek said in an interview with private broadcaster Kanal 7.

The Treasury has announced it raised a total of 2 billion euros through a euro-denominated bond issue, bringing the total borrowing in international markets this year to $5.2 billion.

Earlier this week, the Treasury mandated Deutsche Bank, HSBC, JP Morgan and Societe Generale for the bond due 2030.

Türkiye's current account balance produced a deficit of $2.56 billion in January with the annualized gap continuing to shrink, data from the Central Bank has shown.

This was smaller than the $2.8 billion deficit most economists had predicted.

The recent volatility in the FX market should be viewed as temporary, Treasury and Finance Minister Mehmet Şimşek has said, vowing to maintain "sound" policies.

"The Central Bank is committed to anchoring inflation expectations using all the tools at its disposal. We will continue to tighten fiscal policy to help the Central Bank reduce inflation," Şimşek wrote on X on March 11.

Fitch has upgraded Türkiye's rating by one notch, citing tighter monetary policy are helping reduce macroeconomic vulnerabilities.

Fitch moved the rating to "B+" from "B," while revising the country's outlook to positive from stable.

Excessive domestic demand that has caused higher inflation will disappear around the second and third quarter of this year, Finance Minister Mehmet Şimşek has said.

The Central Bank is taking additional tightening measures, the minister said in an interview with private broadcaster CNN Türk. "We are fully supporting this."