Mehmet Şimşek

Türkiye is accelerating efforts aimed at obtaining additional foreign resources for the country in order to further strengthen its reserves, Treasury and Finance Minister Mehmet Şimşek said.

The Central Bank's net international reserves surged by $8.5 billion last week, Şimşek added in a post on Twitter, noting that this was the largest weekly increase ever on record.

A delegation from the United Arab Emirates (UAE) has recently held talks in the Turkish capital to discuss investment opportunities ahead of President Recep Tayyip Erdoğan's expected visit to the Gulf nation.

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.

President Recep Tayyip Erdoğan has finalized the appointment of 68 deputy ministers to serve in the newly formed cabinet following the May 14 elections.

The appointment decision, signed by Erdoğan, was published in the Official Gazette on June 22.

Türkiye was widely expected today to raise interest rates to fight inflation.

The central bank is expected to change course and raise rates on Thursday after President Recep Tayyip Erdoğan appointed a former Wall Street executive to head the institution following his re-election last month.

All eyes will be on the Central Bank this week when the Monetary Policy Committee (MPC) is set to meet on June 22 to decide about the policy rate.

Türkiye's President Recep Tayyip Erdoğan said his new economic team's priority will be to cut inflation to single digits from its current level of around 40%.

"Now that the elections are over, our hand is stronger," Erdogan said in a speech to a group of Turkish exporters on June 17.

"We will cut inflation to single digits, that will be the priority of the new economy team."

Foreign investors and Türkiye watchers are keeping a close eye on the steps the new economic team will take in the period ahead.

There are expectations that portfolio inflows in to the country may increase depending on the messages sent out by those at the helm of the economy management.

Turkish President Tayyip Erdogan said his newly appointed Finance Minister Mehmet Simsek will take unspecified steps swiftly with the central bank, but that it was a mistake to suggest Erdogan had changed his own views on interest rates.

Alamy Photo

The Turkish Lira sank to a new low against the dollar yesterday, more than a week after the reelection of President Recep Tayyip Erdoğan.

The currency, which was propped up by the Central Bank before the presidential election, fell 6.7 percent to 23.16 liras per dollar in the afternoon trade.