ISTANBUL: Turkey's lira nose-dived 15% on Tuesday in its second-worst day ever after President Tayyip Erdogan defended recent sharp rate cuts, and vowed to win his "economic war of independence" despite widespread criticism and pleas to reverse course. The lira tumbled to as low as 13.45 to the ...

ANKARA: Turkish President Tayyip Erdogan said on Monday the March 31 local elections were marred by “organised crime” at ballot boxes in Istanbul, and his comment drove down Turkey’s lira and assets as markets worried about a potential re-run of the vote. Erdogan’s AK Party ...

ISTANBUL: Turkish prosecutors issued detention warrants for 417 people on Tuesday over their alleged involvement in money laundering transactions, local media reported. According to the Hurriyet daily, police launched simultaneous operations in 40 provinces across the country to capture the ...

ANKARA: Turkish annual inflation rate surged to 17.9 percent in August, hitting highest point since 2004, showed official data on Monday. Consumer prices index (CPI) increased 17.9 percent in August from the same month in 2017, up from 15.85 percent in the previous month, according to the data ...

ISLAMABAD - The Turkish lira tumbled on Wednesday to its lowest value against the US dollar in two weeks, despite Ankara s attempts to reassure investors after Moody s downgraded its credit ratings on 20 Turkish financial institutions. The currency had already been hit by concerns over monetary ...

ANKARA - Turkey’s battered lira weakened more than 6 percent against the dollar on Friday, after a U.S. warning that Ankara should expect more economic sanctions unless it hands over detained American evangelical pastor Andrew Brunson. It has lost nearly 40 percent of its value against the ...

LAHORE: Pakistani Rupee is likely to be affected with a steep fall in the value of Turkish lira in the last two weeks. Economic experts believe that it’s after effects may impact the Pakistani economy in the shape of a possible currency devaluation. “Pakistan’s current account deficit is ...

Turkey doubled tariffs on some U.S. imports including alcohol, cars and tobacco on Wednesday in retaliation for U.S. moves, but the lira rallied further after the central bank’s liquidity moves had the effect of supporting the currency. Ankara acted amid increased tension between the two NATO ...

ANKARA - Turkey's lira has bled value against the dollar, leaving the country under President Recep Tayyip Erdogan facing its most serious economic challenge since a financial crisis in 2001. The crash on Turkey's "Black Friday" of August 10 -- when the lira fell by some 16 percent -- was ...

HONG KONG: Asian markets tumbled and the Turkish lira dived almost eight percent Monday on fears that the economic crisis gripping Turkey could spill over into the global economy. With investors already on edge over the China-US trade war, the lira’s collapse sparked a sell-off in Europe and ...