Page 13 - Turkey

Turkiye raises fuel taxes by almost 200% on high earthquake costs

The new special consumption taxes on different types of fuel - including gasoline and diesel - were published in the Official Gazette

Lawmakers to take up Sweden's Nato membership ratification in Oct: Erdogan

Turkish President Recep Tayyip Erdogan said Wednesday that Sweden's NATO membership bid would not be ratified by Turkiye's parliament before October, but that he hopes for a swift ratification once lawmakers return from a break. Turkiye on Monday withdrew its objections to Sweden joining the alliance, a step toward the unity that Western leaders have been eager to demonstrate in the face of Russia's invasion of Ukraine. The decision by Erdogan was a significant move toward Sweden's membership and came after days of intensive meetings. Erdogan's comments Wednesday were his first public confirmation of his decision to refer Sweden's membership to parliament, where his party and its allies command a majority. He said at a news conference at the NATO summit in Vilnius, Lithuania, that the process would have to wait until after lawmakers return from a summer recess. The new session opens Oct. 1. The parliament is not in session for the upcoming two months but our target is to finalize

Turkey's support for Sweden's Nato entry is tied to goals on security

Turkiye made a surprise pledge to drop its opposition to Sweden joining NATO, paving the way for the Nordic country to become a member of the Western military alliance. NATO Secretary General Jens Stoltenberg heralded the agreement Monday after talks with Turkish President Recep Tayyip Erdogan and Swedish Prime Minister Ulf Kristersson. Stoltenberg said Turkiye had agreed to support Sweden's NATO bid by putting the issue to a vote in Parliament -- in return for deeper cooperation with Sweden on security issues and a pledge from Sweden to revive Turkiye's quest for EU membership. The agreement also says Sweden and Turkiye will step up trade and investment with each other. Hungary, the only other NATO holdout on Sweden, is also expected to drop its opposition. Hungary's foreign minister said Tuesday that his country's ratification of Sweden's NATO membership was now just a technical matter. Erdogan has been uncharacteristically quiet since the agreement was publicized, declining to

Nato summit boosted by deal to advance Sweden's bid to join alliance

NATO's summit will begin Tuesday with fresh momentum after Turkiye withdrew its objections to Sweden joining the alliance, a step toward the unity that Western leaders have been eager to demonstrate in the face of Russia's invasion of Ukraine. The decision by Turkish President Recep Tayyip Erdogan is a significant move toward Sweden's membership and it will alleviate tension in Vilnius, Lithuania's capital. This is a historic day, NATO Secretary-General Jens Stoltenberg said late Monday as he announced the agreement following days of intensive meetings. As part of the deal, Erdogan said he would ask Turkiye's parliament to approve Sweden joining NATO. Hungarian Prime Minister Viktor Orban is expected to take a similar step. The outcome is a victory for US President Joe Biden as well, who has touted NATO's expansion as an example of how Russia's invasion of Ukraine has backfired on Moscow. Finland has already become the 31st member of the alliance, and Sweden is on deck to become th

US President Biden welcomes Turkey's agreement to back Sweden's NATO bid

Biden expressed readiness to work with Erdogan and Turkey on enhancing defence and deterrence. He stated that he looked forward to welcoming Sweden as US' 32nd NATO ally

Turkey agrees to send Sweden's Nato accession protocol to Parl: Stoltenberg

NATO Secretary-General Jens Stoltenberg says Turkiye's President Recep Tayyip Erdogan has agreed to send Sweden's NATO accession protocol to the Turkish Parliament as soon as possible. Stoltenberg made the announcement after talks with Erdogan and Swedish Prime Minister Ulf Kristersson on the eve of a NATO summit in Lithuania. Sweden's NATO accession has been held up by objections from Turkiye since last year.

UN urges Security Council to extend Turkey border crossing into Syria

The UN secretary general is hoping that the Security Council will vote later this month to keep a key border crossing from Turkiye to Syria's rebel-held northwest open for critical aid deliveries for a period of one year instead of six months, a UN official said Tuesday. Syria's northwestern province of Idlib is home to some 4 million people, many of whom were earlier displaced during the 12-year civil war, which has killed nearly half a million people. Hundreds of thousands live in tent settlements and rely on aid that comes through the Bab al-Hawa border crossing. The Security Council is expected to vote in the coming days, as the current six-month opening period expires on July 10. The situation got worse after the February 6 earthquake that hit southern Turkiye and northern Syria, killing tens of thousands of people and leaving many more homeless and in need of aid. In the past, Russia, the main backer of Syrian President Bashar Assad, abstained on or vetoed resolutions on ...

Turkey says Quran burning in Sweden raises questions about its reliability

Turkiye's foreign minister said Tuesday that Swedish authorities' failure to prevent Quran-burning protests in their country is raising security concerns and questions about Sweden's credentials for possible NATO membership. But Hakan Fidan said Turkiye would still approve Sweden's membership in the military alliance if Stockholm completes its homework and presses ahead with efforts to address Turkiye's concerns. The fact that the Swedish security system is incapable of preventing provocations and is presenting an image of a (country) that brings problems to NATO instead of more power is making us think in terms of the strategic and security aspects, Fidan said at a joint news conference with his Jordanian counterpart. When it comes to Sweden's membership in NATO, whether it will become a burden or a benefit has become more open to debate, he said. Sweden and Finland abandoned their decades-long neutrality and applied to join NATO last year following Russia's invasion of ...

Erdogan signals Turkey isn't ready to ratify Sweden Nato membership

Turkish President Recep Tayyip Erdogan signalled on Monday that his country is not ready to ratify Sweden's membership in NATO, saying Stockholm had to work harder on the homework it needs to complete. Speaking after a Cabinet meeting, Erdogan also renewed his condemnation of a Quran-burning protest that took place in Sweden last week, describing the action as a hate crime against Muslims. We have made it clear that the determined fight against terrorist organizations and Islamophobia are our red line," Erdogan said. Everyone must accept that Turkey's friendship cannot be won by supporting terrorism or by making space for terrorists. Turkey has delayed giving its final approval to Sweden's membership in the military alliance, accusing the country of being too lenient toward anti-Islamic demonstrations and groups that Ankara regards as security threats. These include militant Kurdish groups that have waged a deadly, decades-long insurgency in Turkey. The Kurdistan Workers' Party, o

Explained: Why Turkey has not yet approved Sweden's bid of joining Nato

Despite Sweden implementing new anti-terror legislation in June, Turkey still claims Sweden has not taken sufficient "concrete steps"

Türkiye delivers 650-basis point hike to 15% but still underwhelms

The move suggested that the new central bank governor may have limited room to aggressively tackle inflation under the watch of the country's president

Turkish central bank faces key economic test after Erdogan's reelection

The Turkish central bank faces a key test Thursday on turning to more conventional economic policies to counter sky-high inflation after newly reelected President Recep Tayyip Erdogan gave mixed signals about an approach that many blame for worsening a cost-of-living crisis. It is the bank's closely watched first interest rate-setting meeting since the longtime leader named internationally respected officials to head the bank and the finance ministry. While a sharp rate hike is expected, it's not clear if it will be enough to ease market concerns. The appointments were seen as a sign that Turkiye would change course and abandon Erdogan's unorthodox belief that lowering interest rates fights inflation. Traditional economic theory says just the opposite, and central banks around the world have been rapidly raising rates to combat spikes in consumer prices including a likely rate hike Thursday by the Bank of England. Erdogan a self-declared enemy of high borrowing costs has said he

Both cases are different: Pentagon on treatment meted out to India, Turkey

Pentagon's Deputy Press Secretary Sabrina Singh explained the different treatment being meted out to Turkey and India for getting delivery of Russia's S-400 missile system

India to buy 31 Predator drones from US for $3.5 bn; all you need to know

These drones can operate at heights up to 50,000 feet for over 27 hours with a payload capacity of 1,746 kg

Turkey to continue monetary disciplines, market rules to tackle inflation

Turkish Vice President Cevdet Yilmaz said that the govt would maintain existing monetary disciplines and follow free market rules while raising overall economic competitiveness to curb inflation

Turkey, Sweden agree to hold more talks on NATO bid ahead of summit

Sweden and Finland applied to join NATO last year but faced objections from Turkey on the grounds that the two countries harbour members of the outlawed Kurdistan Workers' Party and the Gulen movement

The not-so-peculiar inflation in Turkey

There are reasons why inflation has decreased despite the central bank's low interest rate policy

Here's why Turkey's currency is crashing after Erdogan got re-elected

Turkish President Recep Tayyip Erdogan won reelection last month despite a battered economy and a cost-of-living crisis that experts say are exacerbated by his unconventional economic policies. The longtime leader appointed an internationally respected former banker as finance and treasury minister and on Friday named a former co-CEO of a US-based bank as head of the central bank. But lingering uncertainty over Erdogan's economic direction and an apparent move to loosen government controls of foreign currency exchanges have led Turkiye's currency to plunge to record lows against the US dollar this week. The Turkish lira has now weakened by around 20 per cent against the dollar since the start of the year. It has raised fears of even higher prices for people already struggling to afford basics like housing and food amid high inflation. I am anxious. I am unhappy. Soon my income won't pay the rent, said Sureyya Usta, a 63-year-old who lives in Ankara. Here's a look at the falling v

Erdogan appoints former US bank executive as Turkish central bank chief

Turkish President Recep Tayyip Erdogan on Friday appointed a former US-based bank executive to head Turkiye's central bank, in another sign that his administration might pursue more conventional economic policies. Erdogan named Hafize Gaye Erkan, a former co-chief executive officer of the First Republic Bank, as governor, according to an announcement in the Official Gazette. The Princeton-educated Erkan, 41, becomes the Turkish central bank's first woman governor. Erdogan won a third presidential term in elections last month as the country grapples with a cost-of-living crisis fuelled by inflation that peaked at a staggering 85 per cent in October. Critics blame the turmoil on Erdogan's policy of lowering interest rates to promote growth. The approach runs contrary to conventional economic thinking that calls for rate increases to combat inflation. On Saturday, Erdogan reappointed Mehmet Simsek, a respected former banker, finance minister and deputy prime minister, to the post of .

Turkish lira crashes 7% after Recep Tayyip Erdogan's third term starts

In other Turkish markets, the main stocks index rose 3.1%, extending gains since the vote to 21% and reversing this year's losses