Mehmet

Monetary and fiscal policies will be used in the fight against inflation, according to the statement released after the Economy Coordination Board (ECB) meeting.

The board, chaired by Vice President Cevdet Yılmaz, convened on Oct. 30.

The bilateral trade volume between Türkiye and Germany is expected to surpass $50 billion at the end of this year, top Turkish officials have said.

Germany's Economic Affairs and Climate Protection Minister Robert Habeck and an accompanying delegation were in Türkiye this week for high-level talks.

Habeck met with Finance Minister Mehmet Şimşek and Trade Minister Ömer Bolat.

Concerns about Türkiye's economic program are misplaced, Treasury and Finance Minister Mehmet Şimşek has said, reiterating that the economic team has the backing of President Recep Tayyip Erdoğan.

"Türkiye is back with a new program and a new team. Political uncertainties are out of the way," Şimşek told a panel at the Future Investment Initiative (FII) in Riyadh, Saudi Arabia.

Treasury and Finance Minister Mehmet Şimşek has embarked on a new tour of Gulf countries, including the United Arab Emirates (UAE), Qatar and Saudi Arabia, in a drive to attract foreign investments.

Şimşek visited the Gulf nations earlier this year after he took the helm at the Turkish economy again following the May elections.

The government's priority is to fight inflation, Treasury and Finance Minister Mehmet Şimşek has said, noting that revenue and expenditure policies that would restore fiscal discipline are being implemented.

The World Bank has confidence in the policies of Türkiye's new economic team, says Humberto Lopez, the bank's country director, adding that the economic outlook for the Turkish economy will improve in mid-2024.

Earlier in September, the global lender decided to more than double its funding for Türkiye to $35 billion over the next three years.

President Recep Tayyip Erdoğan has given his "full" support to the new economic policy, Treasury and Finance Minister Mehmet Şimşek has said.

Şimşek and Central Bank Governor Hafize Gaye Erkan met with journalists at a briefing on the government's new medium-term program in the capital Ankara.

Consumer prices rose more than expected in August, bringing the annual inflation rate from 47.8 percent in July to 58.9 percent, according to data from the Turkish Statistical Institute (TÜİK).

"We are absolutely determined to fight inflation," Treasury and Finance Minister Mehmet Şimşek said after TÜİK released the data on Sept. 4.

A team of scientists has unearthed a Urartian monumental building complex in the eastern province of Van's Tuşba district, located within the historical castle known as Garibin Tepe.

Mehmet Işıklı, heading the excavation, expressed the team's astonishment at the findings, which included "pitos" (large storage containers) and exceptionally well-preserved mudbrick architecture.

Treasury and Finance Minister Mehmet Şimşek has dismissed claims that the Central Bank intervened in foreign exchange rates by selling its reserves.

The Treasury and the Central Bank are working to make Turkish Lira instruments more attractive, Şimşek wrote on X, formerly known as Twitter.