Latest News from Turkey
Erdogan: Turkey Navigating Mideast Conflict Cautiously, Avoiding Traps
President Erdogan stated Turkey is prudently steering through the US-Israel-Iran war, refusing to fall into traps or enter the 'ring of fire,' while calling out Israel's actions. He emphasized Turkey's moral clarity in labeling right and wrong since the February 28 offensive that killed over 1,340, including Iran's leader.
Turkey prioritizes defense self-sufficiency and expanded security amid regional volatility.
Turkey's Economic Council Vows Measures Amid Iran War Impacts
The Economic Coordination Council affirmed Turkey's economic resilience with low debt, strong reserves, and falling inflation to 30%, pledging actions against war-induced shocks. Measures include sliding-scale pricing for oil, agricultural input security, and accelerated renewable energy investments to cut import dependence.
They aim to protect competitiveness amid global trade uncertainties and update EU customs union.
Turkey May Emerge as Winner in Global Steel Market
İş Bankası CEO Hakan Aran predicts Turkey could boost steel exports to 20 million mt and $17B revenue due to regional demand amid Middle East conflicts. However, rising energy prices risk $50B current account deficit, 4% GDP budget gap, and growth below 4% in 2026.
Steel demand sensitivity warns of cash flow risks if economic activity slows.
ECtHR Finalizes Ruling Against Turkey for Fair Trial Violations
Europe's top human rights court rejected Turkey's appeal on March 23, finalizing a judgment finding fair trial breaches in the Abo v. Turkey case. Turkey faces 74 violation judgments in 2025, mostly post-2016 coup measures affecting liberty and security.
Over 650 new cases in early 2026 signal ongoing systemic issues.
Barclays Forecasts Lira Depreciation as Inflation Tool
Barclays predicts controlled Turkish lira weakening to enhance exports and manage inflation via import costs, despite high rates above targets. Sectors like tourism and manufacturing benefit, but energy and imports face pressures from USD/TRY rises.
Policy balances competitiveness amid volatility impacting FDI and debt.
Turkey Eyes Mediating Role in US-Iran Conflict
Turkey could mediate between the US and Iran to end hostilities, vital for stability against refugee inflows and energy security threats. Discussions highlight Ankara's motivations amid ongoing air offensives and retaliations.
Preventing escalation aligns with Turkey's regional interests.
Central Bank Mulls $135B Gold Reserves to Stabilize Lira
Turkey's central bank considers deploying $135B gold via swaps to defend the lira amid Iran war volatility and 31.5% inflation. High energy import dependence strains reserves; Barclays sees USD/TRY at 50.25 by end-2026.
Move aims to counter traditional FX shortages.
Turkish Media Slams Greece's Mitsotakis Over Achilles Shield
Turkish outlets accuse Greek PM Mitsotakis of provocation by crossing limits with Achilles Shield air defense, seen as anti-Turkey preparation. Coverage claims Greece builds strong defenses anticipating conflict.
Tensions rise over regional military postures.
Turkey Lights First Gas Flare at Black Sea Sakarya Field
Turkey ignited the first gas flare at the Sakarya field, advancing energy independence amid global uncertainties. Erdogan linked it to growth despite Gaza and Iran war challenges.
Project boosts domestic production.
İhlas Holding Faces Economic Pressures from Inflation, Lira Fall
İhlas Holding stock contends with 64.3% February inflation and 15% YTD lira depreciation eroding margins. IMF projects 3.5% GDP growth masking issues; renewables pivot eyes EU subsidies.
Trades at discount to peers like Koç Holding.
Turkey Maintains Defense Self-Sufficiency Amid Embargoes
Erdogan highlighted achievements in drones, missiles, and air defense despite embargoes, expanding security beyond borders. This strategic depth aids navigation of Mideast crisis.
Positions Turkey as principled regional voice.