Tue, 21-Oct-2025

At least 98 people detained in Turkey in looting case

Turkey

Security officials in Turkey detained 98 people on Saturday. In allegations of robbing or deceiving earthquake victims. And looting damaged buildings, and defrauding phone victims. Security officials in Turkey detained at least 98 people on Saturday over allegations of robbing or deceiving earthquake victims or looting of damaged houses. Investigations were conducted into at least … Read more

Turkey’s highest inflation rate in 24 years

Turkey

Turkey’s Consumer Price Index (CPI) rose 73.5% in May from the same period last year, the highest since October 1998. According to the research institute, China’s CPI rose by 2.98% in May compared to the same month last year. The highest annual increase in prices in the transport sector was 107.62%. Read more: Turkey makes a formal request to change its name to ‘Turkiye’ Prices for food and non-alcoholic beverages increased by 91.63%, and prices for furniture … Read more

How supercharged Dollar is tearing through numerous Asian currencies

Dollar

KARACHI: Since the start of the current fiscal year 2022-23, the Pakistani rupee has fallen by nearly 27 percent, or over Rs40, against the US dollar over the last ten months, as the currency just exceeded the important threshold of 200 against the greenback. There are concerns that it will continue to lose value; nevertheless, … Read more

Shell ‘significantly’ boosted by high gas prices

Shell

LONDON: Royal Dutch Shell said on Friday that it will win a boost from soaring gas prices in the fourth quarter despite supply problems, but cautioned that Omicron weighs on oil demand. Shell expects “significantly higher” gas revenues in the three months to December thanks to the “high liquid natural gas spot price environment” as it … Read more

Turkish government imposes higher fines for stockpiling amid soaring inflation

Turkish government

ANKARA: The Turkish parliament on late Wednesday passed a law increasing fines for stockpiling in the face of the sharp fluctuations in the prices of goods in Turkey as the annual inflation has soared to a 19-year high. The law envisages imposing higher fines between 100,000 Turkish Liras (around $7,334) and 2 million Turkish Liras … Read more

Turkish lira crisis turns political with lawsuit threat

TRY to PKR

ISTANBUL: Turkey’s currency crisis turned increasingly political on Thursday after a top minister urged citizens to sue economists who comment on social media about the lira’s slide. Finance Minister Nureddin Nebati’s unusual remarks late Wednesday followed the banking regulator’s decision to file complaints against more than 20 people, including a former central bank governor, over … Read more

Turkish president announces new measures to cope with currency depreciation

Turkish president

ANKARA: Turkish President Recep Tayyip Erdogan unveiled a new package of measures on Monday to support deposits denominated in Turkish lira, after the currency has lost about 50 per cent of its value against the dollar this year. Speaking at a press conference after a cabinet meeting, Erdogan said Turkey would introduce new measures within … Read more

Lira plunges as Turkey cuts interest rate again

Turkish lira

ISTANBUL: The Turkish lira on Thursday hit fresh lows after the central bank fired the latest salvo in President Recep Tayyip Erdogan’s “economic war of independence” by cutting interest rates for the fourth successive month. The reduction of the main rate to 14 per cent from 15 per cent comes in face of an annual inflation … Read more

Turkish lira slides ahead of likely interest rate cut

ISTANBUL: The Turkish lira on Wednesday extended its historic slide on the eve of a meeting at which the central bank was expected to lower interest rates for the fourth month in a row. The lira has shed half its value since the start of the year, and 30 per cent in the last month … Read more

Turkish lira collapse piles misery on northern Syria

Turkish lira

AL-BAB, Syria: Mohammed al-Debek, a schoolteacher in northern Syria, is on strike: the currency devaluation in neighbouring Turkey has slashed the value of his salary by two-thirds. His town of Al-Bab lies in a northern area of war-torn Syria that in recent years has turned into a de facto Turkish protectorate. Because the Turkish lira is … Read more

Annual Turkish inflation surges to 21.31% in November

Turkish inflation

ANKARA: Turkey’s annual inflation rate jumped over 20 per cent in November, official data showed on Friday, after a currency crisis last month in which the Turkish lira hit record lows against the dollar. Consumer prices climbed to 21.31 per cent from the same period in November last year, up from 19.89 per cent in October, … Read more