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☆ Blinken encourages Turkish counterpart to support Sweden's NATO bid
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +2 min

ANKARA/WASHINGTON, June 21 (Reuters) - U.S. Secretary of State Antony Blinken encouraged Ankara to support Sweden in its bid to join NATO in a meeting with new Turkish Foreign Minister Hakan Fidan on Wednesday, a State Department spokesperson said. "(Blinken) also... encouraged Turkey's support for Sweden to join the NATO Alliance now," he said. Blinken welcomed Ankara's support for Kyiv and its work on the grain deal, which allows Ukrainian exports from Black Sea ports, the spokesperson said. Sweden and Finland both reversed decades of military non-alignment last year and applied to join NATO following Russia's invasion of Ukraine. Fidan said he was there to demonstrate Turkey's support for Ukraine.

Persons: Antony Blinken, Hakan Fidan, Fidan, Blinken, Matthew Miller, Tayyip Erdogan, Tobias Billstrom, Huseyin Hayatsever, Rami Ayyub, Daren Butler, Ali Kucukgocmen, Christina Fincher Organizations: NATO, Turkish, State Department, NATO Alliance, Kyiv, Swedish, Thomson Locations: ANKARA, WASHINGTON, Ankara, Sweden, Turkey, Vilnius, Ukraine, London, Black, finalise, Finland, Stockholm, Blinken, Washington

☆ Turkish central bank to hike rates sharply in post-election pivot
▼ + stars: | 2023-06-21 | by ( Ali Kucukgocmen | ) www.reuters.com time to read: +4 min

But the level remains uncertain as the central bank has not given any signals as to its next steps, including the size or pace of potential hikes. Some economists have expressed doubt about Erdogan's commitment to abandoning his unorthodox policy of low rates, which led the central bank to slash its policy rate from 19% in 2021 to 8.5% currently. The median estimate for the policy rate at end-2023 was 30%, with forecasts ranging from 18% to 35%. He named Naci Agbal as central bank governor in Nov. 2020 but, after some sharp rate hikes, replaced him less than five months later. The central bank is scheduled to announce its rate decision at 1100 GMT on Thursday.

Persons: Murad Sezer, Tayyip Erdogan, Hafize Gaye Erkan, Malek Drimal, Erdogan, Mehmet Simsek, Moody's, Naci, Simsek, Ali Kucukgocmen, Marc Jones, Jonathan Spicer, Daren Butler, Christina Fincher Organizations: REUTERS, Societe Generale, stoke, Thomson Locations: Istanbul, Turkey, ISTANBUL

His case on Thursday was adjourned to Nov. 30 and the trial is set to hang over the opposition as it tries to regroup and rally disheartened voters ahead of local elections in March. At the same time, calls have grown louder for the opposition's defeated presidential candidate Kemal Kilicdaroglu to resign as chairman of Imamoglu's Republican People's Party (CHP). Tanju Tosun, political science professor at Ege University, said the CHP's internal politics could overshadow its preparations for next year's local elections. "If the internal rifts within the CHP continues until local elections, candidates from the ruling AK Party (AKP) could defeat opposition candidates in many cities," he said. "YSP may field candidates (in Istanbul and Ankara)," Meral Danis Bestas, a senior YSP official, said.

Persons: Imamoglu, Tayyip Erdogan, Istanbul Mayor Ekrem Imamoglu, Erdogan, Kemal Kilicdaroglu, Kilicdaroglu, Tanju Tosun, Kemal Polat, Polat, We've, Ali Kucukgocmen, Huseyin Hayatsever, Daren Butler, Angus MacSwan Organizations: Istanbul Mayor, opposition's, Republican People's Party, Ege University, CHP, AK Party, Council of State, IYI Party, IYI, Left, Thomson Locations: Istanbul, ISTANBUL, Beylikduzu, Balikesir, Denizli, Kurdish, Ankara

☆ Erdogan sees swift steps from new finance minister but says his own monetary views unchanged
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +3 min

"Some of our friends should not be mistaken, such as (asking) 'Is our president going for a serious change in interest rate policies?'" "But upon the thinking of our treasury and finance minister, we have accepted that he will take steps swiftly, comfortably with the central bank," Erdogan said. Analysts at leading investment banks now expect Turkey's central bank to start ramping up rates at its monetary policy committee meeting on June 22. Erdogan said he told the new central bank governor about his expectations. "God willing, neither our finance minister nor our central bank governor will embarrass us and I think we will hopefully obtain positive results."

Persons: Erdogan, Tayyip Erdogan, Mehmet Simsek, Hafize Gaye Erkan, Simsek, Orhan Coskun, Nevzat Devranoglu, Huseyin Hayatsever, Ali Kucukgocmen, Daren Butler, Peter Graff Organizations: stoke, Authorities, Wall Street, Toksabay, Thomson Locations: ANKARA, Azerbaijan, Turkish, Ankara

☆ Turkey seizes $1 billion of counterfeit money headed for Africa
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: 1 min

ISTANBUL, June 9 (Reuters) - Turkish security forces seized $1 billion of counterfeit money in Istanbul and arrested six people involved in the operation, including one Ghanian and three Swedish nationals, the governor's office said on Friday. Gendarmerie forces tracked the suspects to a storage space in Istanbul's Kagithane district, where they seized the fake $100 bills meant to be sent to African countries, the office said. The Swedish and Ghanian consulates were notified. The counterfeit haul was the largest in Turkey's history, the governor's office said. Reporting by Ali Kucukgocmen; Editing by Richard ChangOur Standards: The Thomson Reuters Trust Principles.

Persons: Ali Kucukgocmen, Richard Chang Organizations: . Gendarmerie, Thomson Locations: ISTANBUL, Turkish, Istanbul, Istanbul's Kagithane

The currency later recouped some of its losses, standing at 23.33 against the dollar by 0542 GMT, after touching a record low of 23.39 overnight during illiquid trading hours. "There is no air of panic in the markets as in previous times when there were such high losses. The central bank's net forex reserves hit an all-time low of negative $4.4 billion last month as demand surged through the elections. Investors are now awaiting the appointment of a new central bank governor to succeed Sahap Kavcioglu, who has spearheaded Erdogan's rate-slashing drive since 2021. Erdogan is considering appointing Hafize Gaye Erkan, a U.S.-based senior finance executive, as central bank governor, Reuters reported on Monday.

Persons: Tayyip Erdogan's, Erdogan, Mehmet Simsek, Simsek, Erik Meyersson, SEB, Meyersson, Sahap Kavcioglu, Hafize Gaye Erkan, Ali Kucukgocmen, Jonathan Spicer, Gareth Jones Organizations: Lira, Reuters, Thomson Locations: ISTANBUL, Ankara, U.S

The central bank's first female governor, Erkan is also its fifth chief in four years, underlining the challenge she may face delivering a lasting policy turnaround after Erdogan has all but stamped out the bank's independence in recent years. Analysts now expect Turkey's central bank to hike interest rates to between 20% and 25% from 8.5% as soon as this month. ORTHODOX FINANCE MINISTERErdogan, a self-proclaimed "enemy" of interest rates, has pressed the central bank to deliver stimulus in recent years and has been quick to replace its governor. The central bank slashed its policy rate to 8.5% from 19% in 2021, leaving real rates deeply negative and the lira largely managed by dozens of regulations covering credit and foreign exchange. But the last central bank governor to raise rates, Naci Agbal, was fired in 2021 after less than five months on the job.

Persons: Tayyip Erdogan, Hafize Gaye Erkan, Goldman Sachs, Erdogan's, Erdogan, Kavcioglu, Selva Demiralp, Mehmet Simsek, Simsek, Erkan, Naci Agbal, Marsh, Kathryn Wylde, Wylde, Ali Kucukgocment, Jonathan Spicer, Daren Butler, Cynthia Osterman, Hugh Lawson Organizations: Lira, First Republic Bank, Official Gazette, Koc University, U.S . Federal Reserve, Princeton University, First, JPMorgan, Analysts, FINANCE, Greystone, Partnership, New, Thomson Locations: ISTANBUL, United States, unorthodoxy, Erkan, U.S, New York City

Markets are also waiting for the appointment of a new central bank governor to replace Sahap Kavcioglu, who spearheaded rate cuts under Erdogan's unorthodox policies. "I think we are seeing the impact of Simsek pushing (the Turkish central bank) for rational policy." Bankers say the lira's continued gradual depreciation will lead to improved market conditions and halt a decline in central bank reserves. But it sparked a record lira crisis in December of 2021 and sent inflation to a 24-year high above 85% last year. Erdogan is considering appointing Hafize Gaye Erkan, a senior finance executive in the United States, as central bank governor, Reuters reported on Monday.

Persons: Tayyip Erdogan, Erdogan, Mehmet Simsek, Simsek, Sahap Kavcioglu, Tim Ash, Hafize Gaye Erkan, Erkan, Paul McNamara, Huseyin Hayatsever, Jonathan Spicer, Ali Kucukgocmen, Tom Hogue, Christina Fincher Organizations: BlueBay Asset Management, Bankers, Reuters, Simsek, GAM, Thomson Locations: ANKARA, Turkish, United States, Ankara, Turkey, Jorgelina, Rosario, London

☆ Turkey inflation dips to 39.6% on relief from free gas
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +3 min

ISTANBUL, June 5 (Reuters) - Turkish annual inflation fell to 39.59% in May, official data showed on Monday, broadly in line with expectations, largely due to the government offsetting price rises in other goods by providing natural gas free of charge. The government had pledged ahead of last month's elections that it would provide free gas in May, and a monthly free 25 cubic metres until May 2024. The poll had forecast that annual consumer price inflation (CPI) (TRCPIY=ECI) would be 39.2%, and was expected to end the year at 45%. Clothing and shoe prices recorded the largest monthly increase with 9.85%, followed by restaurant and hotel prices with 7.10%. The weight of natural gas in the inflation basket is 2.9%.

Persons: Tayyip Erdogan, Erdogan, Mehmet Simsek, Liam Peach, Peach, Cevdet Yilmaz, Canan Sevgili, Daren Butler, Ali Kucukgocmen, Jonathan Spicer, William Maclean Organizations: Turkish Statistical Institute, Treasury, Finance, Capital Economics, Thomson Locations: ISTANBUL

☆ Turkey's Kilicdaroglu says to continue struggle after vote disappointment
▼ + stars: | 2023-05-28 | by ( ) www.reuters.com time to read: 1 min

ANKARA, May 28 (Reuters) - Turkey's opposition presidential candidate Kemal Kilicdaroglu said he will continue to lead his struggle, after early results showed him losing in what he said was "the most unfair election in years" against incumbent Tayyip Erdogan. Speaking in Ankara, Kilicdaroglu, who got some 47.9% of votes in Sunday's runoff election, said the results showed people's will to change an authoritarian government. He is saddened by the "troubles" awaiting Turkey, he said. Reporting by Huseyin Hayatsever and Ezgi Erkoyun; Writing by Ali Kucukgocmen; Editing by Jonathan SpicerOur Standards: The Thomson Reuters Trust Principles.

[1/2] An election campaign billboard of Kemal Kilicdaroglu, presidential candidate of Turkey's main opposition alliance, with a slogan that reads "Syrians will go! ", is pictured, ahead of the May 28 presidential runoff vote, in Istanbul, Turkey, May 25, 2023. "Most Syrians now feel as if the course of their entire lives depends on the results of the elections," he lamented. Like other regional leaders, Erdogan is also mending fences with Assad, raising the possibility of a rapprochement that could worry many Syrians in Turkey. He recounted an incident when a friend was robbed but feared he would be assaulted if he went to the police to illustrate the precarious position many Syrians feel themselves to be in in Turkey.

☆ Turkey opposition contests thousands of ballots after election
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +2 min

ANKARA, May 17 (Reuters) - Turkey's main opposition party said on Wednesday it had filed complaints over suspected irregularities at thousands of ballot boxes in Sunday's landmark election, in which President Tayyip Erdogan performed better than expected. He said the CHP had formally raised objections over 2,269 ballot boxes nationwide for the presidential election and 4,825 for the parliamentary vote that also took place on Sunday. In the presidential vote, Erdogan is headed for a runoff on May 28 against challenger Kemal Kilicdaroglu after falling just shy of the 50% threshold needed to win outright in the first round. "We are following every single vote, even if it does not change the overall results," Erkek told reporters in Ankara. There were a total of 201,807 ballot boxes set up for the election, in Turkey and abroad, Erkek said.

Kilicdaroglu, chair of the secularist Republican People's Party (CHP), received 44.9% in what was seen as the biggest electoral challenge to Erdogan's 20-year rule. A third candidate, nationalist Sinan Ogan, obtained 5.17% and both Erdogan and Kilicdaroglu are expected to seek his endorsement in negotiations this week. Turkey hosts the world's largest refugee population of around 4 million, according to official figures. Supporters of Kemal Kilicdaroglu, presidential candidate of Turkey's main opposition alliance, rally outside the Republican People's Party (CHP) headquarters on election night in Ankara, Turkey May 14, 2023. In Wednesday's video, Kilicdaroglu also accused Erdogan of cooperating with the network Ankara accuses of orchestrating a 2016 coup attempt.

We are experiencing the result of this marathon with you tonight," Erdogan, 69, told thousands of flag-waving supporters from the balcony of his party's headquarters. But Erdogan, a veteran of a dozen election victories, emerged comfortably ahead of Kilicdaroglu, though just short of the majority needed to win. The outcome reflects the strong support Erdogan still commands, especially in religiously conservative regions where voters long felt marginalised by a once-dominant secular elite. Over two decades, Erdogan has redrawn Turkey's domestic, economic, security and foreign policy, rivalling historic leader Mustafa Kemal Ataturk who founded modern Turkey a century ago. Erdogan's government said the purge was justified by threats from coup supporters, as well as Islamic State and the PKK.

The son of a sea captain, Erdogan has faced stiff political headwinds ahead of Sunday's election: he was already facing blame over an economic crisis when a devastating earthquake hit in February. Critics accused his government of a slow response and lax enforcement of building rules, failures they said could have cost lives. Two days before the vote, Erdogan said he came to office through the ballot boxes and if he had to, would leave the same way. A veteran of more than a dozen election victories, the 69-year-old Erdogan has taken aim at his critics in typically combative fashion. "I swear, Erdogan can solve it with a flick of his wrist," she said at a market in central Istanbul.

☆ What the voters say as Turkey votes in landmark elections
▼ + stars: | 2023-05-14 | by ( Deniz Uyar | Oriana Boselli | ) www.reuters.com time to read: +4 min

ISTANBUL/ANTAKYA, Turkey, May 14 (Reuters) - Here are some views from Turkish citizens as their country voted on Sunday in elections that could extend President Tayyip Erdogan's rule into a third decade or see a transfer of power to his main rival Kemal Kilicdaroglu. I don't think it will go to a runoff," said school staff member Hasibe, 40, in the school where Erdogan voted on the Asian side of the city. I chose democracy and I hope that my country chooses democracy. "Of course, there are good things (Erdogan) did, but lately, they started to look down on and insult the nation. As you can see, even in elections, votes are being cast in ballot boxes outside," said school teacher Behzat Oz.

☆ On final day of campaign, Erdogan accuses Turkish opposition of working with Biden
▼ + stars: | 2023-05-13 | by ( Ali Kucukgocmen | ) www.reuters.com time to read: +6 min

Polls show Erdogan trailing the main opposition candidate Kemal Kilicdaroglu a day ahead of one of the most consequential elections in Turkey's modern history. Erdogan also criticised Kilicdaroglu for his comments on Russia, calling Moscow an important partner for Turkey. [1/3] Turkish President Tayyip Erdogan holds a present for supporters ahead of the May 14 presidential and parliamentary elections, in Istanbul, Turkey May 13, 2023. REUTERS/Dylan Martinez 1 2 3Turkey's Western allies have been irked by closer ties between Ankara and Moscow under Erdogan. Kilicdaroglu is a "separatist," Erdogan later said in Kasimpasa, an AK Party stronghold where he grew up.

☆ The Turkey candidates for president and other key figures
▼ + stars: | 2023-05-12 | by ( ) www.reuters.com time to read: +6 min

Only three candidates remain in the race for president after Muharrem Ince, representing a small party, withdrew. CHP LEADER KEMAL KILICDAROGLUKilicdaroglu, 74, head of the main opposition Republican People's Party (CHP), was named the six-party opposition alliance's presidential candidate in March. Previously a staunch opponent of Erdogan, Bahceli's Nationalist Movement Party (MHP) began to work with the president and his AKP after a 2016 attempted coup. OPPOSITION FIGURES:IYI PARTY LEADER MERAL AKSENERFormer interior minister Meral Aksener, 66, leads the second-largest party in the opposition alliance, the centrist and nationalist IYI Party. ANKARA MAYOR MANSUR YAVASNationalist politician and lawyer Mansur Yavas, 67, defeated the AKP's Ankara mayoral candidate 2019 as the CHP candidate backed by an opposition alliance.

☆ Factbox: Key players in Turkey's election campaign
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +6 min

Turkey's longest-serving leader logged more than a dozen election victories and survived an attempted coup in 2016. CHP LEADER KEMAL KILICDAROGLUKilicdaroglu, 74, head of the main opposition Republican People's Party (CHP), was named the six-party opposition alliance's presidential candidate in March. HOMELAND PARTY LEADER MUHARREM INCEFormer physics teacher and headmaster Muharrem Ince, 58, is seen as having little chance of becoming president. OPPOSITION FIGURES:IYI PARTY LEADER MERAL AKSENERFormer interior minister Meral Aksener, 66, leads the second-largest party in the opposition alliance, the centrist and nationalist IYI Party. ANKARA MAYOR MANSUR YAVASNationalist politician and lawyer Mansur Yavas, 67, defeated the AKP's Ankara mayoral candidate 2019 as the CHP candidate backed by an opposition alliance.

☆ 'We can't afford anything': Turkey's cost-of-living crisis threatens Erdogan's re-election
▼ + stars: | 2023-05-08 | by ( Ali Kucukgocmen | ) www.reuters.com time to read: +5 min

But a cost-of-living crisis sparked by Erdogan's unorthodox economic programme over the past 1-1/2 years has eroded his popularity, posing the biggest electoral challenge to his 20-year hold on power. The parliamentary race remains on a razor edge, with the opposition seen potentially clinching a narrow majority. Food prices surged 54% year-on-year in April, with headline inflation dropping to 43.7% after peaking in October at 85.5%, the highest under Erdogan's rule. It began to surge after a currency crisis in late 2021, sparked by a series of interest rate cuts, in line with Erdogan's unorthodox views. But many AKP voters still believe only Erdogan can fix the economy, or blame other factors for its current state.

[1/2] Turkish President Tayyip Erdogan addresses his supporters during a rally ahead of the May 14 presidential and parliamentary elections, in Izmir, Turkey April 29, 2023. As he seeks to shore up his appeal among conservative voters, Erdogan has also spoken against homosexuality, describing LGBT rights as a "deviant" concept he would fight. 'BUILDING TURKEY TOGETHER'Polls suggest voting could go to a second round and some show Erdogan trailing. "I swear, Erdogan can solve it with a flick of his wrist," she said at a market in central Istanbul. The interventions won few allies, however, and faced with a struggling economy the countdown to the election, Erdogan sought rapprochement with rivals across the region.

It would ensure the central bank's independence and roll back measures such as allowing the cabinet to select its governor. FOREIGN POLICYIt would adopt the slogan of "Peace at Home, Peace in the World" as the cornerstone of Turkey's foreign policy. Judges' willingness to abide by Constitutional Court and European Court of Human Rights rulings would be considered when evaluating promotions. Measures would be taken to ensure courts quickly implement rulings by the two high courts. It would ensure that pre-trial detentions are the exception, a measure that critics say is abused under Erdogan's rule.

☆ Turkey's Erdogan says interest rates will fall as long as he is in power
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: 1 min

ANKARA, April 21 (Reuters) - Turkish President Tayyip Erdogan said on Friday that interest rates will fall as long as he is in power, and that inflation will decline with them, repeating his unorthodox views. Erdogan was speaking in Istanbul weeks before a presidential election on May 14. Turkey's central bank has slashed its policy rate to 8.5% from 19% since late 2021 in line with Erdogan's economic views. The easing cycle led to a currency crisis and sent inflation soaring, eating away at household savings. Reporting by Ali Kucukgocmen Editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

☆ Turkey's Getir denies reports of deal that would roughly halve valuation
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

ISTANBUL, April 20 (Reuters) - Turkey's fast delivery company Getir denied on Thursday reports of a deal that values it at $6.5 billion, roughly half of its valuation last year, adding that it is always in talks with investors for new funding. "Recent rumors claiming that Getir has as of now raised $500 million at a valuation of $6.5 billion is incorrect," the company said in a statement. News website Insider reported on Wednesday that Getir raised $300 million from Abu Dhabi state fund Mubadala, citing industry sources. The deal would cut the company's valuation almost in half. In March last year, Getir closed a $768 million funding round led by Mubadala that valued the company at around $12 billion.

☆ Turkish budget deficit widens in March after quakes
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

The primary balance, which excludes interest payments, logged a deficit of 2.15 billion lira in March, it said, bringing the total in the first three months to 149.37 billion lira. The budget deficit widened sharply after the earthquakes struck southern Turkey in February at a time when President Tayyip Erdogan was already facing major economic challenges. In February, the central government's budget deficit stood at 170.56 billion lira and the cumulative figure for the first two months of the year was 202.8 billion lira. Economists reckon government spending on rebuilding and aid efforts could lift the ratio of budget deficit to GDP to above 5% this year, up from Ankara's forecast last September of 3.5%. It had made a transfer of 5.6 billion lira to the areas a month earlier.

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