Cemil Ertem

Turkey plans to impose tariffs on imports of cotton from the U.S. in response to Washington’s bid to impose hefty tariffs on foreign steel products, Cemil Ertem, chief economic adviser to President Recep Tayyip Erdoğan, has stated.

Ankara's relations with NATO ally Germany, hit by a deepening row, are expected to improve alongside a general upturn in ties with the EU early next year, boosting Turkish export and tourism prospects, an adviser to President Recep Tayyip Erdoğan told Reuters.

Ankara's relations with NATO ally Germany, hit by a deepening row, are expected to improve alongside a general upturn in ties with the EU early next year, boosting Turkish export and tourism prospects, an adviser to President Tayyip Erdogan told Reuters.

Turkey's banking sector loan growth may exceed 15 percent this year, lower than an expectation of some 20 percent, Iş Bank chief executive Adnan Bali said on May 24, adding Credit Guarantee Fund-backed (KGF) loans may slow down in the rest of the year.

Turkey's embattled lira took a new pounding on Jan. 11 on foreign exchange markets as emergency measures announced by the Central Bank failed to impress markets.

The Turkish Lira has lost almost 10 percent in value against the U.S. dollar since the start of this year alone, falling to 3.84 to the greenback, having earlier reached a new historic low of 3.89.

The Central Bank has responded to the Turkish Lira's historic plunge by cutting forex required reserves, in a move adding $1.5 billion in liquidity to the financial system, vowing additional steps if necessary. 

The statement helped stem some of the lira's losses, although analysts said more must follow to back the struggling currency.

Turkey is not expected to hold a snap election after the ruling Justice and Development Party (AKP) elects a new leader and will continue "securely" until the current government's mandate expires in 2019, presidential adviser Cemil Ertem said May 5. 

Turkey's lira weakened on April 8 after a presidential aide said its level justified an interest rate cut, increasing the political pressure on the central bank to cut rates.

Cemil Ertem told state broadcaster TRT Haber that the Turkish Lira, still not far off a record low hit last year, was in a "strong position" against the U.S. dollar.

Turkey's Central Bank may cut its overnight lending rate next week, despite stubbornly high inflation and a volatile lira, an advisor to President Recep Tayyip Erdo?an said on March 17.

Advisor Cemil Ertem said markets were expecting the Central Bank to keep rates on hold at its meeting next week, but there was also the chance of a rate cut.

The precipitous fall in the value of the Turkish Lira does not portend a crisis in Turkey, a key advisor to President Recep Tayyip Erdo?an said on Aug. 19.

Cemil Ertem?s remarks came a day after the lira again hit record lows against the dollar after the Turkish Central Bank announced that it was holding interest rates at current levels.