Economy of Northern Cyprus

Turkey's long road to economic reform may have grown bumpier this week when authorities ordered a re-run of an Istanbul city election, further testing the patience of investors seeking a break with policies that triggered last year's currency crisis.

Türk Telekom has announced that its net income in the first quarter of 2019 soared 183 percent on an annual basis to 2.2 billion Turkish Liras.

Turkish consumers' confidence in the economy rose by 6.9 percent in April, the country's statistical authority announced on April 22.

Turkey has invested some 566 million Turkish lira ($103 million) in subsidies to its small- and medium-sized enterprises (SMEs) in the first three months of 2019, according to official figures released on April 14.

The impact of the collapse in the Turkish lira last year had a predictable impact on Greek fish farming sales.

Although Greek aquaculture companies managed to sell greater quantities in 2018, according to the financial figures they released, the average sale prices dived due to pressures in foreign markets from the much cheaper Turkish fish.

Turkey's Central Bank on Thursday raised the transaction limit of total swap sales which have not matured in the Turkish lira currency swap market.     

The Turkish lira eased to 5.62 against the dollar early on Wednesday, remaining under pressure after weakening a day earlier as the United States halted delivery of equipment related to a Turkish order of F-35 fighter planes.

The erosion of Turkey's foreign currency reserves is a credit negative and Central Bank use of reserves to prop up the Turkish Lira currency poses renewed questions on its transparency and independence, Moody's Rating Agency said on April 1.

Setbacks that Turkish President Tayyip Erdogan's ruling AK Party suffered in Sunday's local elections will prod him into making the wrong economic policy choices. He is all the more likely now to opt for short-term fixes rather than the more profound changes that investors want but which would take time to combat recession.

Turkish President Recep Tayyip Erdoğan has reiterated his call for lowering interest rates amid an ongoing fluctuation in the Turkish Lira which he described as an attempt by the West, particularly the United States, to corner Turkey ahead of the municipal elections.