Mehmet

The market is beginning to believe that the government's economic program will bring inflation down, Finance Minister Mehmet Şimşek has said.

"Inflation may be around low 40s or high 30s later this year, and next year it might be around mid-10s and then will decline to single digits," Şimsek said at event in London organized by the Chatham House, a think tank.

The market value of Türkiye's untapped gold reserves is estimated at $300 billion, according to Mehmet Yılmaz, the head of the Miners' Association of Türkiye (TMD).

The studies show that the country's gold reserve potential is around 6,500 tons, Yılmaz said.

The government plans to introduce a bill to parliament later this week, aiming to raise additional 226 billion Turkish Liras ($7 billion), equal to about 0.7 percent of gross domestic product, in tax revenues.

The new tax package foresees increases in taxes on multinational and local companies as well as other taxes.

The historic Kaleoğlu Cave in the southeastern province of Gaziantep has evolved into a sanctuary for both locals and travelers, offering respite from the scorching 40-degree temperatures enveloping the city.

The cave, known for its natural air conditioning, maintains a cool temperature averaging 15 degrees Celsius, providing much-needed relief from the oppressive heat outside.

Work on introducing a tax on stock transactions has been postponed after feedback from all relevant parties, Finance Minister Mehmet Şimşek has said.

"We are postponing the draft tax work for the stock exchange for a while for further re-evaluation," Şimşek wrote on the social media platform X.

Finance Minister Mehmet Şimşek is expected to attend a Financial Action Task Force (FATF) meeting to be held in Singapore later this month, officials have said.

At the FATF plenary and working group meeting in Singapore on June 28, Türkiye is expected to be removed from its gray list.

The Paris-based global money-laundering watchdog added Türkiye to the list in 2021.

A delegation from the main opposition Republican People's Party (CHP) is set to meet with Treasury and Finance Minister Mehmet Şimşek in the coming days to propose reforms for a "fair tax system."

The decision was reached during President Recep Tayyip Erdoğan's landmark visit to the CHP headquarters, the first in 18 years.

World Bank President Ajay Banga with Finance Minister Mehmet Şimşek in Ankara on June 11.

The World Bank has lowered its growth projection for the Turkish economy for 2024 from a previous 3.1 percent to 3 percent.

In its Global Economic Prospects Report released on June 11, the bank also cut the GDP growth forecast for 2025 from 3.3 percent in January to 3 percent.

The European Football Championship, set to kick off in Munich, Germany on June 14, has brought an unexpected boon to watermelon producers in Adana.

President Recep Tayyip Erdoğan visited the Republican People's Party (CHP) headquarters for the first time in 18 years on June 11 to meet with the main opposition leader Özgür Özel.

This visit follows Özel's earlier meeting with Erdoğan at the Justice and Development Party (AKP) headquarters on May 2, marking the first such interaction between the AKP and CHP leaders since 2016.