Şekib Avdagiç

Major business associations have welcomed the Central Bank's move to start the easing cycle by delivering a 250 basis points cut in its policy rate, calling on lenders to follow suit.

The bank slashed the one-week repo auction rate to 47.5 percent only two days after the minimum wage for millions of workers was hiked by 30 percent to a net of 22,104 Turkish Liras ($628) per month.

President-elect Donald Trump's upcoming policies could create a "window of opportunity" for Turkish companies, says Şekib Avdagiç, president of the Istanbul Chamber of Commerce (İTO).

Türkiye could become more competitive in products that are produced by countries that will be subject to high tariffs to be imposed by the second Trump administration, Avdagiç argued.

President Recep Tayyip Erdoğan has voiced his "full confidence and support" for the medium-term program that was unveiled on Sept. 5.

The government will continue to work tirelessly to achieve the goals set out in the program to increase the welfare of citizens and to ensure the sustainability of our economy for our future generations, Erdoğan said.

Leaders of business associations have welcomed the Central Bank's move to hike its policy rate sharply by 650 basis points, calling it a step taken toward ensuring price and financial stability.

The Central Bank on June 22 increased its one-week repo auction rate from 8.5 percent to 15 percent. This has been the first rake hike since March 2021.

Istanbul, Türkiye's financial and commercial capital, is experiencing a revival in congress tourism this year, with dozens of international events planned for 2023.

The increase in minimum wage for 2023 should be high enough to compensate for losses in purchasing power or the hike should even be above inflation rate, Şekib Avdagiç, head of the Istanbul Chamber of Commerce (İTO) has said.

Turkish developers this week showcased their real estate project at the Cityscape Qatar in Doha, just months ahead of the FIFA World Cup 2022 that will be held in this country.

The top management of Turkey's flag carrier, Turkish Airlines, was overhauled on Jan. 27 after three members of its board and executive committee, including chairperson İlker Aycı, resigned from their posts.

Ahmet Bolat has been appointed new chairman of Turkish Airlines' board and executive committee, a statement after a board meeting on Jan. 27 said.

German automotive giant Volkswagen's major investment in Turkey would encourage other big foreign companies to invest in the country, Istanbul Chamber of Commerce (ITO) President Şekib Avdagiç said on Oct. 6.