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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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EBRD to provide USD 25m to Garanti BBVA Leasing to be used by SMEs

EBRD to provide USD 25m to Garanti BBVA Leasing to be used by SMEs

The European Bank for Reconstruction and Development will provide a USD 25m loan to Garanti BBVA Leasing, the financial leasing arm of Garanti BBVA, to be used by eligible SMEs for investments in sustainability, according to a statement from the EBRD. This new loan has been distributed under the third phase of the Turkey Sustainable...

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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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Betting on becoming a unicorn

Betting on becoming a unicorn

BY HUSNIYE GUNGOR Thread In Motion, which produces smart, wearable, handheld terminals for the automotive, logistics, and manufacturing sectors, aims to become a unicorn in three years. As the only company in Turkey that produces wearable IoT technologies, the company aims to dominate both the local and the global market. Thread In Motion produces smart...

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I won’t stand by anyone who defends interest rates: Erdogan

I won’t stand by anyone who defends interest rates: Erdogan

Turkish President and AK Party Chairman Recep Tayyip Erdogan has underlined the ‘low interest rate’ message at the AK Party’s group meeting . Repeating the idea that the ‘interest is the cause and inflation is the result’, Erdogan said his party will remove the burden of the interest rate burden from the nation.  “We cannot let...

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EBRD to provide EUR 150m for railway project linking Europe and Asia

EBRD to provide EUR 150m for railway project linking Europe and Asia

The European Bank for Reconstruction and Development (EBRD) will provide EUR 150m loan to the Turkish government for the construction of the 67-kilometer Ispartakule-Cerkezkoy high-speed railway line project linking Istanbul to the Bulgarian border, according to a statement from the bank. The loan will also support the Turkey’s transition to a low-carbon economy.  The Ispartakule-Cerkezkoy...

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