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Erdogan defends pursuit of lower interest rates as lira sinks

Erdogan defends pursuit of lower interest rates as lira sinks

BY BLOOMBERG President Recep Tayyip Erdogan defended his pursuit of lower interest rates to boost economic growth and job creation, pushing the lira to a new record low against the dollar. Turkey has abandoned old policies based on high borrowing costs and a strong currency in the name of slowing inflation, and instead shifted to...

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Netflix contributes TRY 583m to the economy

Netflix contributes TRY 583m to the economy

BY SELENAY YAGCI The U.S.-based subscription streaming service and production company Netflix has contributed TRY 583m to the Turkish economy since 2018. The company has also employed more than 3,300 people in Turkish productions. In the near future, the company plans to invest in further Turkish series and productions. Netflix has increased worldwide interest in...

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Malaysian Mr. DIY to enter Europe through Turkey

Malaysian Mr. DIY to enter Europe through Turkey

BY KERIM ULKER The Malaysia-based home improvement retailer Mr. DIY has entered the Turkish market, which the company considers a step on its way to the European market. Mr. DIY has officially launched its first store in Europe in Istanbul, according to a tweet by the Turkish Embassy in Kuala Lumpur. Mr. DIY, whose average...

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What matters on Monday, November 22

What matters on Monday, November 22

As everyone knows, the Central Bank’s Monetary Policy Committee (PPK) lowered the interest rate by 100 basis points, from 16% to 15%, last Thursday. Many have focused on the 5-minute delay of the announcement, since the rate cut was expected and, like the murder Gabriel Garcia Marquez pictured in his “Red Monday,” came later than...

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Housing sales increases by 15% in October

Housing sales increases by 15% in October

Housing sales in Turkey increased by 14.9% in October compared to the same month last year, according to the Turkish Statistical Institute (TurkStat). 137,401 houses were sold in October – Istanbul represented the highest share (19%) of sales, with 26,041 houses sold over the course of the month. After Istanbul, Ankara represented 9.8% of sales...

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2022 tourism target is USD 30bn, say hoteliers

2022 tourism target is USD 30bn, say hoteliers

BY FIKRI CINOKUR Turkey, which broke its all-time tourist records in 2019 with 45 million tourists and USD 34.5bn in foreign currency inflows, experienced a 69.14% decrease in the number of tourists and a 65.1% decrease in tourism income in 2020 due to the pandemic. 2020 tourism income stood at USD 12.6bn. Turkey opened to...

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JCB scores POS acceptance deal with Ziraat Bank

JCB scores POS acceptance deal with Ziraat Bank

JCB International Co., Ltd, the international operations subsidiary of JCB Co., Ltd, and Ziraat Bank, has signed a partnership deal. JCB Cards will be accepted by over 500,000 merchants in Turkey using Ziraat Bank POS devices and cash registers. Some 7,300 Ziraat Bank ATMs in Turkey will also accept JCB Cards.

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Parliament ratifies motion on Iraq, Syria

Parliament ratifies motion on Iraq, Syria

The Turkish parliament on October 26 passed a motion that extends authorization for the government’s troop deployment in Iraq and Syria for another two years. The motion underlined that the developments in the regions adjacent to Turkey’s southern land borders and the risks and threats posed by the ongoing environment of conflict increasingly continue. Turkey...