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☆ VIEW Turkey central bank ramps up interest rates to 40%
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +2 min

A logo of Turkey's Central Bank is pictured at the entrance of its headquarters in Ankara, Turkey October 15, 2021. Below reaction from analysts to the decision:LIAM PEACH, CAPITAL ECONOMICS, LONDON"(Turkey's central bank) suggested that it is very close to the end of the tightening cycle. For the central bank to have any chance of achieving single digit inflation this decade, rates will need to stay at this level for some time." BARTOSZ SAWICKI, CONOTOXIA FINTECH, WARSAW"In October the annual inflation rate inched lower and external price dynamics have turned a tad more favourable. The risk of a sharp slowdown in activity points to less aggressive continuation of the tightening cycle.

Persons: Cagla, LIAM PEACH, CONOTOXIA, Karin Strohecker, Ezgi, Susan Fenton Organizations: Turkey's Central, REUTERS, Thomson Locations: Ankara, Turkey, CONOTOXIA FINTECH, WARSAW

☆ Turkey Tells NATO That Sweden Won't Join by Next Week's Meeting -Sources
▼ + stars: | 2023-11-22 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +2 min

Last week, the Turkish parliament's foreign affairs commission delayed a vote on Sweden's NATO membership bid in order to hold further talks on the subject. The Turkish Foreign Ministry was not immediately available for comment. Both Sweden and Finland had requested to join NATO in May last year following Russia's invasion of Ukraine. For ratification, the bill needs to be approved by the Turkish foreign affairs commission before being put to a full parliament vote, which could come days or weeks later. While NATO member Hungary also has not ratified Sweden's membership, Turkey is seen as the main roadblock to Sweden's accession.

Persons: Jonathan Spicer, Sabine Siebold, Tayyip Erdogan, Finland's, Erdogan, Ezgi Erkoyun, Leslie Adler Organizations: NATO, Turkish Foreign Ministry, Nordic, Kurdistan Workers, European Union Locations: Sabine Siebold ANKARA, BRUSSELS, Turkey, Turkish, Brussels, Sweden, Finland, Ukraine, embargoes, United States, Stockholm, Hungary

Last week, the Turkish parliament's foreign affairs commission delayed a vote on Sweden's NATO membership bid in order to hold further talks on the subject. NATO foreign ministers will meet in Brussels on those days, Nov. 28-29, a gathering that some in the Western defence bloc had hoped would mark Sweden's accession. The Turkish Foreign Ministry was not immediately available for comment. Both Sweden and Finland had requested to join NATO in May last year following Russia's invasion of Ukraine. While NATO member Hungary also has not ratified Sweden's membership, Turkey is seen as the main roadblock to Sweden's accession.

Persons: Tayyip Erdogan, Olaf Scholz, Liesa, Finland's, Erdogan, Ezgi Erkoyun, Leslie Adler Organizations: REUTERS, Rights, NATO, Turkish Foreign Ministry, Nordic, Kurdistan Workers, European Union, Thomson Locations: Berlin, Germany, Rights ANKARA, BRUSSELS, Turkey, Turkish, Brussels, Sweden, Finland, Ukraine, embargoes, United States, Stockholm, Hungary

☆ Turkey's crypto rules seen addressing licensing, taxation after boom
▼ + stars: | 2023-11-14 | by ( Ezgi Erkoyun | ) www.reuters.com time to read: +5 min

MARKET BOOM"We have been observing that the interest in crypto assets in Turkey is on a continuous rise. There is currently a lack of regulation in this area," said Mucahit Donmez, chief executive of crypto currency exchange Binance Turkey. The government said work on regulation for crypto asset service providers and taxation of digital virtual assets will be on the agenda for 2024. In 2021, authorities banned the use of crypto assets for payments after some local exchanges were investigated for fraud. Onur Altan Tan, board member at Futurance Finance Tech & Fexobit crypto currency platform, said that they are expecting the new regulation to detail out licensing criteria for platforms and bring taxation for users.

Persons: Bora Erdamar, Erdamar, Mehmet Simsek, FATF, Mucahit Donmez, Altan Tan, There's, Ezgi Erkoyun, Jonathan Spicer, Sharon Singleton Organizations: BlockchainIST, Turkey, FATF's, Service, Binance Research, Futurance Finance Tech, Thomson Locations: Turkey, ISTANBUL, Ankara, Paris, United States, India, United Kingdom

☆ Erdogan criticises top Turkey court, stoking 'judicial crisis'
▼ + stars: | 2023-11-10 | by ( Ece Toksabay | ) www.reuters.com time to read: +4 min

Murat... Acquire Licensing Rights Read moreANKARA, Nov 10 (Reuters) - Turkish President Tayyip Erdogan waded into a brewing judicial crisis on Friday, criticising the Constitutional Court for "many mistakes" and backing an unprecedented challenge to it by an appeals court, as opponents marched in Ankara. In a twist - which critics said highlighted the diminished state of Turkey's legal system - the top appeals court said the Constituional Court's ruling was unconstitutional. "The Constitutional Court cannot and should not underestimate the step taken by the Court of Cassation on this matter," he said. They were headed to the appeals court and video showed they were briefly delayed by police. "The Court of Cassation's backlash (...) is an open and combative attack against the Constitutional Court," said Bertil Oder, professor of constitutional law at Koc University.

Persons: Tayyip Erdogan, Ozgur Ozel, Mustafa Kemal Ataturk, Murat, Tayyip Erdogan waded, Erdogan, Osman, Bertil Oder, intimidates, Ezgi Erkoyun, Jonathan Spicer, Emelia Sithole Organizations: Republican People's Party, Cassation, Constitutional, AK Party, Union, Koc University, Thomson Locations: Ankara, Turkey, ANKARA, Uzbekistan

☆ Turkey sends humanitarian aid plane to Egypt for Gaza
▼ + stars: | 2023-10-22 | by ( ) www.reuters.com time to read: +1 min

ISTANBUL, Oct 22 (Reuters) - Turkey sent a plane with a medical team and supplies to Egypt on Sunday carrying humanitarian aid for Gaza, Turkish Health Minister Fahrettin Koca said. "Our plane took off to help Gaza. The presidential plane filled with medicine and medical supplies, carrying 20 specialist doctors, departed from Ankara to Egypt," Koca said in a post on social media platform X, formerly known as Twitter. The footage shared by the minister showed boxes marked with their contents being loaded onto a Turkish presidency plane. It says aid can enter through Egypt provided supplies do not end up in the hands of Hamas.

Persons: Fahrettin Koca, Koca, Ezgi, Barbara Lewis Organizations: Turkish Health, Twitter, Airport, Thomson Locations: ISTANBUL, Turkey, Egypt, Gaza, Ankara, Turkish, Egypt's El Arish, Rafah, Saturday, Israel, El

☆ Turkey's Erdogan discussed Gaza with Hamas leader - Turkish presidency
▼ + stars: | 2023-10-21 | by ( ) www.reuters.com time to read: 1 min

Turkey's President Tayyip Erdogan addresses the 78th Session of the U.N. General Assembly in New York City, U.S., September 19, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsISTANBUL, Oct 21 (Reuters) - Turkish President Tayyip Erdogan discussed Gaza in phone call with the leader of the Palestinian militant group Hamas, Ismail Haniyeh, on Saturday. Erdogan told Haniyeh about Ankara's efforts for a ceasefire, for humanitarian aid to reach Gaza and possible treatment of the wounded in Turkey. Reporting by Ezgi Erkoyun; Editing by Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

Persons: Tayyip Erdogan, Brendan McDermid, Ismail Haniyeh, Erdogan, Haniyeh, Ezgi Erkoyun, Alison Williams Organizations: General Assembly, REUTERS, Rights, Hamas, Thomson Locations: New York City, U.S, Rights ISTANBUL, Gaza, Turkey

[1/5] A new building for earthquake survivors is under construction in Diyarbakir, Turkey August 26, 2023. With work underway on a fraction of the planned new buildings in the devastated city of Adiyaman, Kaplan fears a long wait together with his disabled wife and other survivors. One senior government official with direct knowledge of the reconstruction plan said the target could be missed, citing insufficient fresh funding to hold new tenders amid rising costs. They both said the effort had taken a blow when fewer companies bid for the reconstruction tenders after a post-election economic policy U-turn in June sent the currency plunging. "Our budget resources have been prepared for this huge, comprehensive project and can be updated when necessary," Erdogan's office said.

Persons: Stringer, Ismet Kaplan, Tayyip Erdogan, Erdogan, Kaplan, Bayir, Adiyaman, Turkey's, Mehmet Ozhaseki, Arvid Tuerkner, Mert Arslanalp, Erdogan's, Arslanalp, Mehmet Simsek, Simsek, Tahir Tellioglu, Tellioglu, Umit, Ezgi Erkoyun, Nevzat Devranoglu, Jonathan Spicer, Frank Jack Daniel Our Organizations: REUTERS, Rights, Reuters, Union of Chambers of Turkish Engineers and Architects, Coordination Council, European Bank for Reconstruction, Erdogan's AK, Istanbul's Bogazici University, TAG, Construction, Thomson Locations: Diyarbakir, Turkey, Rights ISTANBUL, Adiyaman, Netherlands, Belgium, Syria, Hatay, Malatya, Gaziantep, Istanbul, Ankara

☆ Turkey could part ways with EU if necessary, Erdogan says
▼ + stars: | 2023-09-16 | by ( ) www.reuters.com time to read: +1 min

ISTANBUL, Sept 16 (Reuters) - Turkish President Tayyip Erdogan said on Saturday that Ankara could "part ways" with the European Union if necessary when asked about the contents of a European Parliament report on Turkey. "The EU is trying to break away from Turkey," Erdogan told reporters ahead of a trip to the United States. "We will make our evaluations against these developments and if necessary, we can part ways with the EU." Turkey's Foreign Ministry said earlier this week that the European Parliament report contained unfounded allegations and prejudices and took "a shallow and non-visionary" approach to the country's ties with the EU. Reporting by Ezgi Erkoyun Editing by Toby Chopra and Helen PopperOur Standards: The Thomson Reuters Trust Principles.

Persons: Tayyip Erdogan, Erdogan, Ezgi, Toby Chopra, Helen Popper Our Organizations: European Union, EU, Thomson Locations: ISTANBUL, Ankara, Turkey, United States

The surprise move leaves the policy rate at its highest level since 2019, and sent the Turkish currency to its strongest level since mid-July. The bank has raised its one-week repo rate (TRINT=ECI) by 1,650 basis points since June. The lira had touched new all-time lows almost daily in recent weeks, including in the minutes before the policy decision. The central bank said that rising oil prices and a deterioration in inflation expectations suggests that inflation will end the year at the upper bound of its forecasts. The central bank has also selectively tightened credit.

Persons: Tayyip Erdogan, Piotr Matys, Dado Ruvic, Erdogan, Hafize Gaye Erkan, Osman Cevdet Akcay, Fatih Karahan, Hatice, Ezgi Erkoyun, Christina Fincher, Angus MacSwan Organizations: Analysts, Istanbul bourse, Touch, Turkey Lira, REUTERS, Wall Street, Thomson Locations: ISTANBUL, Istanbul, Ankara

France, which widened its heatwave red alert in the south of the country, said it would scale back production at a nuclear power plant as high temperatures curbed cooling water supply. The strait, linking the Aegean Sea and the Black Sea, is a major shipping route for commodities such as oil and grains. It said some areas of southern France would experience temperatures of 42 degree Celsius (108 degrees Fahrenheit). The authorities widened a heatwave red alert for the south of the country, while officials urged some mountain climbers to postpone their activities and told grape pickers to work in the morning to avoid the extreme heat. Italy issued heatwave red alerts about "emergency conditions" that the health ministry says could endanger the healthy as well as the frail in 17 of its 27 main cities for Wednesday and Thursday, including Rome, Milan, Florence and Venice.

Persons: Firefighters, Vassilis Kikilias, herder, Saint Alban, Karolina Tagaris, Alexandros Avramidis, Ezgi, Zhifan Liu, Forrest Crellin, Nacho Doce, Violeta Santos Moura, Crispian Balmer, Charlie Devereux, Edmund Blair Organizations: Migration Ministry, Residents, Civil, European Union, EDF, Saint, Fundacion Madrina, Firefighters, Wednesday, Thomson Locations: Athens, Turkey, Dardanelles, France, Italy, ATHENS, ISTANBUL, Europe, Greece, Menidi, Amygdaleza, Fyli, Alexandroupolis, Evros, East, Asia, Turkey's, Canakkale, Meteo, Spain, Tenerife, Rome, Milan, Florence, Venice

☆ Turkey says UN peacekeepers intervention of Turkish Cypriot roadworks unacceptable
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

Scuffles broke out on Friday between U.N. peacekeepers and Turkish Cypriot security personnel when peacekeepers tried to prevent roadworks starting in an area the U.N. says is part of a buffer zone under its jurisdiction. Erdogan also said Turkey will continue to side with the Turkish Republic of Northern Cyprus (TRNC), a breakaway state recognised only by Ankara. Turkish Cypriot authorities want to build a road that would give residents of Pyla/Pile, a village in the U.N.-administered buffer zone, direct access to territory under Turkish Cypriot control. Turkish Cypriot authorities say the peacekeeping force, known as UNFICYP, overstepped its boundaries. Turkish Cypriot leader Ersin Tatar characterised the road project as essential.

Persons: Tayyip Erdogan, Anitkabir, Mustafa Kemal Ataturk, Erdogan, Scuffles, Ersin Tatar, Ezgi, Jonathan Oatis Organizations: Supreme Military Council, Presidential Press, REUTERS, Rights, United Nations, Peacekeeping Force, Turkish Cypriot, Thomson Locations: YAS, Ankara, Turkey, Rights ISTANBUL, Cyprus, Pyla, U.N, Turkish, Turkish Republic of Northern Cyprus, Turkish Cypriot

☆ Turkey's Erdogan appoints three deputy governors to central bank
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +2 min

[1/2] Turkish President Tayyip Erdogan addresses supporters at the Presidential Palace after his victory in the second round of the presidential election, Ankara, Turkey, May 29, 2023. REUTERS/Umit Bektas/File PhotoISTANBUL, July 28 (Reuters) - Turkish's President Tayyip Erdogan named three deputy governors to the central bank, the country's official gazette said early on Friday, hours after the bank vowed to continue gradual monetary tightening and raised its end-2023 inflation forecast. Osman Cevdet Akcay, Fatih Karahan and Hatice Karahan were appointed as deputy central bank governors, according to a decision published in the official gazette. On Thursday, Turkey's central bank raised its end-2023 inflation forecast sharply to 58% and said it would continue monetary tightening. In what is seen as a pivot to economic orthodoxy, Erdogan appointed Mehmet Simsek as finance minister and Erkan as central bank governor shortly after his re-election in May.

Persons: Tayyip Erdogan, Umit, Osman Cevdet Akcay, Fatih Karahan, Hatice Karahan, Yapi, Hafize Gaye Erkan, Erdogan, Mehmet Simsek, Emrah Sener, Taha Cakmak, Mustafa Duman, Ezgi Erkoyun, Leslie Adler, Jamie Freed Organizations: REUTERS, Federal Reserve Bank of New, Amazon, Thomson Locations: Ankara, Turkey, ISTANBUL, Federal Reserve Bank of New York, Turkey's

Sweden and Finland applied for NATO membership last year, abandoning their policies of military non-alignment that had lasted through the decades of the Cold War in response to Russia's invasion of Ukraine. While Finland's NATO membership was green-lighted in April, Turkey and Hungary have yet to clear Sweden's bid. NATO Secretary-General Jens Stoltenberg, Turkish President Tayyip Erdogan and Swedish Prime Minister Ulf Kristersson react during a meeting, on the eve of a NATO summit, in Vilnius, Lithuania July 10, 2023. "This has been a good day for Sweden," Kristersson told reporters, saying the joint statement on Monday represented "a very big step" toward the final ratification of Sweden's membership of NATO. After Hungarian Prime Minister Viktor Orban's chief of staff said on Thursday that Budapest would now no longer block Sweden's NATO membership ratification, Turkish approval would remove the last hurdle for Swedish accession to NATO, applications for which must be approved by all members.

Persons: Tayyip Erdogan, Sweden's, Erdogan, Jens Stoltenberg, Ulf Kristersson, Yves Herman / Pool Erdogan, Kristersson, Monday, Stoltenberg, Viktor Orban's, Joe Biden, Niklas Pollard, Andrius, Anna Ringstrom, Johan Ahlander, Ezgi, John Irish, William Maclean, Rosalba O'Brien Organizations: NATO, Kurdistan Workers Party, EU, REUTERS, European Union, Finland's, Hungarian, Lockheed Martin Corp, Pawlak, Thomson Locations: VILNIUS, Ukraine, Sweden, Finland, Turkey, Hungary, Stockholm, Lithuanian, Vilnius, Swedish, Madrid, Ankara, United States, Lithuania, Turkey's, European, Budapest, Washington, Istanbul

Turkey, along with Hungary, has been a stumbling block to Sweden's bid, which requires unanimous approval by all NATO members. Biden "conveyed his desire to welcome Sweden into NATO as soon as possible," the White House said in a statement. NATO Secretary-General Jens Stoltenberg said he would convene a meeting between Erdogan and Swedish Prime Minister Ulf Kristersson in Vilnius on Monday. While Finland's NATO membership was green-lighted in April, Turkey and Hungary have yet to clear Sweden's bid. During their call, Biden and Erdogan also discussed the delivery of F-16 fighter jets to Turkey, and Ukraine's aim to join NATO, according to the Turkish presidency's readout.

Persons: Joe Biden, Tayyip Erdogan, Erdogan, Biden, Jens Stoltenberg, Ulf Kristersson, Ezgi Erkoyun, Kanishka Singh, Hugh Lawson, Peter Graff, Leslie Adler Organizations: NATO, Kurdistan Workers Party, White, Monday, Thomson Locations: ISTANBUL, WASHINGTON, Sweden, Turkey, Hungary, Stockholm, Ankara, Turkish, Vilnius, Lithuania, Swedish, Finland, Ukraine

☆ Turkey aims to ensure fiscal discipline and lower budget deficit, finance minister says
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +1 min

ISTANBUL, July 9 (Reuters) - Turkey is taking measures to re-establish fiscal discipline and control the level of the budget deficit, Finance Minister Mehmet Simsek said on Sunday. The budget deficit for the first five months of the year was 263.6 billion lira ($10.12 billion), compared to 124.6 billion lira a year ago due to increased spending ahead of May elections and the impact of February's earthquakes in southern Turkey. "We will not allow permanent deterioration in public finance indicators by reestablishing fiscal discipline and taking budget deficit under control," Simsek said on Twitter. "The package, which is being discussed in the parliament, aims to reduce the impact of the additional costs caused by the earthquake on the budget. These regulations will also indirectly support taking the current account deficit under control."

Persons: Mehmet Simsek, Simsek, Ezgi Erkoyun, Elaine Hardcastle Organizations: Twitter, Thomson Locations: ISTANBUL, Turkey

The VAT rate charged on goods and services rose to 20% from 18%, while that on basic goods such as toilet paper and detergents increased to 10% from 8%, effective immediately, the Official Gazette said. "Reducing the budget deficit is the aim of the latest increase in taxes and fees, and some other steps to ensure fiscal discipline are on the agenda too. The tax increases could raise Turkey's budget revenues by around 2%, Oyak Investment said in a note. Economists said the increased VAT rate charged on goods and services would boost state revenues by around 30 billion lira. Separately, Turkey on Friday also exempted from witholding tax the dividend payments of own shares purchased by companies listed on the Istanbul bourse.

Persons: Tayyip Erdogan, QNB Finansbank, Erdogan, Economists, Ezgi Erkoyun, Burcu Karakas, Orhan Coskun, Jonathan Spicer, Gareth Jones Organizations: stoke, Official Gazette, Bank Insurance, Oyak Investment, Istanbul bourse, Thomson Locations: ISTANBUL, Turkey, Istanbul

☆ Turkey's Erdogan to host Putin, hopes for Black Sea grain deal extension
▼ + stars: | 2023-07-07 | by ( Can Sezer | ) www.reuters.com time to read: +3 min

ISTANBUL, July 8 (Reuters) - Turkey's President Tayyip Erdogan said on Saturday that he was pressing Russia to extend a Black Sea grain deal by at least three months and announced a visit by President Vladimir Putin in August. Erdogan said work was under way on extending the Black Sea grain deal beyond its expiration date of July 17 and for longer periods beyond that. The deal would be one of the most important issues on the agenda for his meeting with Putin in Turkey next month, he said. "Our hope is that it will be extended at least once every three months, not every two months. Russia, angry about aspects of the grain deal's implementation, has threatened not to allow its further extension beyond July 17.

Persons: Tayyip Erdogan, Vladimir Putin, Volodymyr Zelenskiy, Zelenskiy's, Erdogan, Putin, Zelenskiy, Petr Fiala, Stringer, Dmitry Peskov, Ezgi Erkoyun, Oleksandr Kozhukhar, Orhan Coskun, Elaine Monaghan, Huseyin Hayatsever, Jonathan Spicer, Gareth Jones, Diane Craft Organizations: Ukraine, United Nations, Zelenskiy, REUTERS, NATO, Western, Thomson Locations: ISTANBUL, Russia, Turkey, Bulgaria, Czech Republic, Ukraine, Czech, Prague, Crimean Tatars, Istanbul

The rate hike came in the first policy meeting under new Central Bank Governor Hafize Gaye Erkan. The central bank's net reserves rose to $9.19 billion in the week to June 23, its biggest rise on record. Although the central bank's reserves have rebounded since mid-June, state banks are still selling dollars to meet demand from maturing lira deposit accounts known as KKM. Authorities were not seeking to support the lira and the central bank maintained its stance of not selling via state banks, the person added, requesting anonymity. "The committee evaluated that the current monetary policy framework is far from achieving the 5% inflation target, given the inflation outlook and upside risks," the central bank said.

Persons: Tayyip Erdogan, Central Bank Governor Hafize Gaye Erkan, Erkan, Erdogan, Nevzat Devranoglu, Jonathan Spicer, Daren Butler, Christina Fincher Organizations: Central Bank Governor, Reuters, Authorities, stoke, Thomson Locations: Turkey, ANKARA

☆ Sweden will not get Turkey's nod for NATO bid unless it stops sheltering 'terrorists' -Erdogan
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

ANKARA, July 3 (Reuters) - Turkey will not lift its opposition to Sweden joining NATO unless it stops harbouring groups Ankara considers to be terrorists, President Tayyip Erdogan said on Monday. Sweden and Finland applied for NATO membership last year, ditching long-held policies of military non-alignment after Russia's invasion of Ukraine. Applications for membership must be approved by all NATO members, but Turkey and Hungary have yet to clear Sweden's bid. Turkey expects Sweden to stop harbouring members of both groups, Erdogan said in a speech after a cabinet meeting. NATO Secretary-General Jens Stoltenberg last month said that Sweden and Turkey would convene a high level meeting in Brussels on the possible accession of Sweden to NATO before the alliance's summit in Vilnius this month.

Persons: Tayyip Erdogan, Erdogan, Jens Stoltenberg, Eid, Huseyin Hayatsever, Ezgi, William Maclean Organizations: NATO, Kurdistan Workers ' Party, Thomson Locations: ANKARA, Turkey, Sweden, Ankara, Finland, Ukraine, Hungary, Kurdistan, Stockholm, Madrid, Brussels, Vilnius

The central bank said inflation will come under further pressure. Erdogan said last week he approved the steps Simsek would take with the central bank, suggesting he had given the green light to rate hikes. The central bank's key rate remains below deposit rates that reach up to 40% and real rates are still deeply negative. The central bank's net reserves fell to a record low of negative $5.7 billion last month. Authorities hope foreign investors and hard currency will return after a years-long exodus, potentially reducing the central bank's need to intervene to keep the lira stable.

Persons: Tayyip Erdogan's, Hafize Gaye Erkan, Erkan, Erdogan, Mehmet Simsek, Piotr Matys, Ezgi Erkoyun, Ali Kucukgocmen, Christina Fincher, Daren Butler Organizations: Reuters Graphics, Wall Street, InTouch, Reuters, Thomson Locations: ISTANBUL, Ankara

☆ NATO member Turkey to send troops to Kosovo amid unrest in the north
▼ + stars: | 2023-06-03 | by ( ) www.reuters.com time to read: +1 min

ISTANBUL, June 3 (Reuters) - Turkey plans to send commandos to Kosovo on Sunday and Monday in response to a NATO request to join the alliance's KFOR peacekeeping force following unrest in the north of the country, the Turkish defence ministry said. In a statement on Saturday, the ministry called for restraint and constructive dialogue to resolve a crisis that it said could harm regional security and stability. "Our assigned unit (a commando battalion) is planned to be deployed to ... Kosovo on June 4-5," the ministry said. In violence on Monday, 30 peacekeepers and 52 Serbs who protested against the installation of the mayors were injured. The violence prompted NATO to announce it would send additional troops on top of 700 already on their way to the Balkan country to boost its 4,000 strong mission.

Persons: Ezgi Erkoyun, Giles Elgood Organizations: NATO, alliance's KFOR, U.S, Thomson Locations: ISTANBUL, Turkey, Kosovo, Turkish, ., Kosovo's, Pristina

☆ Turkey's Erdogan appoints Mehmet Simsek as finance minister
▼ + stars: | 2023-06-03 | by ( ) www.reuters.com time to read: 1 min

ISTANBUL, June 3 (Reuters) - Turkey's President Tayyip Erdogan on Saturday named former economy chief Mehmet Simsek as treasury and finance minister as he announced the cabinet for his new five-year term. Simsek was highly regarded by investors when he served as finance minister and deputy prime minister between 2009 and 2018. Reuters reported this week that Erdogan was viewed as almost certain to include Simsek in his new cabinet, either as finance minister or as a vice president responsible for the economy. His appointment could mark a departure from years of unorthodox economic policies under Erdogan, which have included sticking to low interest rates despite high inflation, and heavy state control of markets. Reporting by Ezgi Erkoyun and Huseyin Hayatsever, Editing by Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

Persons: Tayyip Erdogan, Mehmet Simsek, Simsek, Erdogan, Ezgi Erkoyun, Huseyin Hayatsever, Angus MacSwan Organizations: Saturday, Reuters, Thomson Locations: ISTANBUL

☆ Turkey's Erdogan takes oath for new term as president
▼ + stars: | 2023-06-03 | by ( ) www.reuters.com time to read: +1 min

ANKARA, June 3 (Reuters) - Turkish President Tayyip Erdogan took the oath of office for a new five-year presidential term on Saturday, extending his rule into a third decade. "I, as president, swear upon my honour and integrity before the great Turkish nation and history to safeguard the existence and independence of the state ... to abide by the constitution, the rule of law, democracy, the principles and reforms of Ataturk, and the principles of the secular republic," Erdogan said in a ceremony at the parliament in Ankara, which was broadcast live on television. Turkey's longest serving leader, Erdogan won 52.2% support in a May 28 runoff vote. His election victory upended the predictions of most opinion polls and came despite a cost-of-living crisis that was seen to have dampened his prospects. Reporting by Huseyin Hayatsever and Ezgi Erkoyun; Editing by Giles ElgoodOur Standards: The Thomson Reuters Trust Principles.

Persons: Tayyip Erdogan, Erdogan, Huseyin Hayatsever, Giles Elgood Organizations: Turkish, Ataturk, Turkey's, Thomson Locations: ANKARA, Ankara

☆ Lira hits record low as Turkey prepares for new cabinet
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

ISTANBUL, May 31 (Reuters) - Turkey's lira tumbled on Wednesday to a fresh record low against the dollar as President Tayyip Erdogan prepared to decide the shape of his new cabinet and the direction of economic policy after an election triumph. In its third successive day of losses, the lira weakened nearly 1.5% to a record of 20.75 against the U.S. currency, taking its losses this year to nearly 10%. Investors have been concerned about the sustainability of Turkey's unorthodox economic policies as it followed a low-rate programme championed by Erdogan. A Reuters poll forecast the economy to have expanded 3.9% in the first quarter, with growth of 2.8% in 2023. Reporting by Ezgi Erkoyun; Additional reporting by Karin Strohecker; Editing by Tom Hogue and Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

Persons: Tayyip Erdogan, Erdogan, Mehmet Simsek, Ezgi Erkoyun, Karin Strohecker, Tom Hogue, Clarence Fernandez Organizations: KNG Securities, Turkish Statistical, Reuters, Thomson Locations: ISTANBUL

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