Economy of Turkey

Ever since I watched Madonna sing from Casa Rosada in Evita, I have had a soft spot for balcony speeches. Not anymore. Supreme Leader Recep Tayyip Erdoğan’s remarks on the Turkish economy during his balcony speech following his election victory were full of factual errors, if not outright lies.

Shares in Turkish Islamic lender Bank Asya will remain suspended until uncertainty regarding its ownership is resolved, the Istanbul stock exchange has said.

Economy Minister Nihat Zeybekci has lashed out at ratings agency Fitch over its statement warning of the continuation of political risks in Turkey following Recep Tayyip Erdoğan’s presidential election win, only days after targeting its fellow agency Moody’s.

Turkish Economy Minister Nihat Zeybekci has slammed Moody’s through social media, after the agency skipped announcing an anticipated credit rating for Turkey.

Moody’s did not release the credit rating update, which was widely expected to be published Aug. 8, amid growing concerns of a downgrade for the country.

Turkish Airlines canceled dozens of flights on the morning of Aug. 8 following a heavy storm with torrential rains in Istanbul and its environs that had disrupted air traffic a day earlier.

The flights were canceled due to operational reasons, airline officials said, as thousands of passengers faced long waits at both Atatürk and Sabiha Gökçen airports.

Deputy Prime Minister Ali Babacan has confirmed the state-owned Ziraat Bank is interested in buying Islamic lender Bank Asya, whose owners are known to have close ties with Islamic scholar Fethullah Gülen.

The lira weakened to above 2.16 against the U.S. dollar Aug. 6, hitting its lowest level since March 31 due to emerging markets weakening through geopolitical tensions and anticipations that rating agency Moody’s Turkey announcement will be negative.

Holding posters reading ‘wanted’ and ‘thief,’ the protestors, who organised themselves through social networks,  gathered in front of Albania’s central bank at noon on Monday, calling for Fulani’s resignation and prosecution.

Çukurova Holding has said it paid Russia’s Alfa Group $1.6 billion to recover a disputed stake in Turkcell, taking a major step toward regaining control of Turkey’s biggest mobile phone operator after a seven-year battle.

Turkish assets has sunk after a survey showed a contraction in the country’s manufacturing sector in July, with the index at its lowest in more than five years.

The dolar/lira ratio surpassed 2.15 level in the afternoon trading, touching its highest level in one-and-a-half-month, as the lira continued to slip against the U.S. currency.