Turkey Rejigs GDP Calculations as Output Falls for First Time Since 2009

By Daren Butler and Nevzat Devranoglu ISTANBUL/ANKARA, Dec 12 – On paper at least, 79 million Turks got a near 20 percent boost to their average standard of living on Monday when the government rejigged GDP calculations, a change unlikely to stem frustration about an economy now in contraction. Turkey, which restated its gross domestic

[ Read More ]

Patriotic Turks Offering Free Fish, Tombstones and Haircuts to Prop Up Lira

By Humeyra Pamuk ISTANBUL, Dec 6 – Free haircuts, scientific funding, fish and tombstones are among the incentives being offered to Turks who answer President Tayyip Erdogan’s call to convert their dollars to lira. Casting recent weakness in the Turkish currency as a plot by outside powers to destroy the economy, Erdogan has urged Turks

[ Read More ]

Turkish Central Bank Holds Interest Rates in Surprise Move

ISTANBUL, Dec 22 – Turkey’s central bank left its main one-week repo interest rate unchanged at 7.5 percent on Tuesday, a surprise move likely to heighten concern about threats to its independence and heap more pressure on a struggling lira currency. Analysts and investors have repeatedly called for a rate hike to rein in inflation

[ Read More ]