Mustafa Sonmez

Mustafa Sonmez is a Turkish economist and writer. He has worked as an economic commentator and editor for more than 30 years and authored some 30 books on the Turkish economy, media and the Kurdish question. On Twitter: @mustfsnmz

Turkey | Jul 16, 2023

Analysis

As Turkey grapples with deficit, Erdogan pins his hopes on Gulf funds during visit

Ankara is hoping for an inflow of Gulf dollars as the battered lira remains under pressure amid a gaping budget deficit and reluctance to take firmer measures to tame inflation.

Turkish President Recep Tayyip Erdogan (R) welcomes Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed Al Nahyan (R) during an official ceremony at the Presidential Complex in Ankara, on November 24, 2021. (Photo by Adem ALTAN / AFP) (Photo by ADEM ALTAN/AFP via Getty Images)

Turkey | Jun 24, 2023

Turkey’s smaller-than-expected rate hike comes as relief for banks

Turkey’s new economic chiefs are scrambling to navigate a return to rational policies as the lira continues to tumble, threatening to stoke inflation.

People wait to exchange money at a currency exchange shop on June 23, 2023 in Istanbul, Turkey. The Turkish Lira weakened to a record low of 25.74 against the dollar, a day after the central bank hiked interest rates from 8.5 percent to 15 percent in the first rate decision since the appointment of new central bank governor Hafize Gaye Erkan and the re-election of President Recep Tayyip Erdogan last month. (Photo by Chris McGrath/Getty Images)

Turkey | Jun 11, 2023

Turkey eases forex controls, rate hikes next as Simsek takes charge

Turkey’s Central Bank is expected to start hiking rates under a new economic leadership that many see as a signal that Erdogan will step back from his unorthodox policies.

Turkey | Jun 2, 2023

After reelection, can Erdogan tackle Turkey's economic woes?

In a bid to restore investor confidence in Turkey, Erdogan is reportedly seeking to convince Mehmet Simsek, a well-respected former minister, to return to the helm of the economy.

Turkey | May 23, 2023

Analysis

Turkey Elections: Currency fears grow ahead of presidential runoff

Turkey’s foreign exchange crunch has become so grave that the authorities would even go for limiting cash withdrawals from credit cards to keep the Turkish lira from plunging.

A man wearing a face mask leaves after changing money at an exchange office in Istanbul, Turkey, July 29, 2020.

Turkey | Apr 30, 2023

Turkey election pledges foretell bigger budget deficit

A review of economic programs and a supplementary budget appear inevitable for the winner of Turkey’s May 14 elections.

Turkey's Republican People's Party (CHP) Chairman and Presidential candidate Kemal Kilicdaroglu speaks on the stage during a rally in Kocaeli, on April 28, 2023. - A sea of umbrellas and hoods at his feet, Kemal Kilicdaroglu, the Turkish opposition candidate who will challenge Recep Tayyip Erdogan at the polls on 14 May, smilingly promises "the return of spring". (Photo by Yasin AKGUL / AFP) (Photo by YASIN AKGUL/AFP via Getty Images)

Turkey | Apr 11, 2023

Analysis

Turkey’s opposition pledges return to economic orthodoxy, faces uphill task

An opposition victory in Turkey’s upcoming elections should put the country back on the path of economic orthodoxy, but the huge cost of the February quakes dictates tough revisions to any economic plans.

ADEM ALTAN / AFP) (Photo by ADEM ALTAN/AFP via Getty Images)

Turkey | Mar 15, 2023

Will Turkey's multibillion-dollar earthquake fund help reelect Erdogan?

Turkey's president has pledged to rebuild the earthquake-hit regions within a year, hoping that the ambitious plan will help him win over disenchanted disaster victims.

Turkey | Feb 28, 2023

Turkey's economy grows 5.6% in 2022, but labor’s income share shrinks

In a sign of deepening income disparities, the share of Turkey’s labor force from the national income has dropped to 26.5%, a far cry from 36% in 2016.

A fisherman sells his fish at a public market where customers shop in the historical district of Ulus in Ankara on December 30, 2022. (Photo by ADEM ALTAN/AFP via Getty Images)

Turkey | Feb 26, 2023

Scientists: Time running out to save Istanbul from major earthquake

Seismologists are calling for urgent measures to prepare Istanbul for a major earthquake expected in the near future, warning of catastrophic destruction in Turkey’s most populous city and economic capital.

Mustafa Sonmez

As Turkey grapples with deficit, Erdogan pins his hopes on Gulf funds during visit

Turkey’s smaller-than-expected rate hike comes as relief for banks

Turkey eases forex controls, rate hikes next as Simsek takes charge

After reelection, can Erdogan tackle Turkey's economic woes?

Turkey Elections: Currency fears grow ahead of presidential runoff

Turkey election pledges foretell bigger budget deficit

Turkey’s opposition pledges return to economic orthodoxy, faces uphill task

Will Turkey's multibillion-dollar earthquake fund help reelect Erdogan?

Turkey's economy grows 5.6% in 2022, but labor’s income share shrinks

Scientists: Time running out to save Istanbul from major earthquake

Podcasts

Turkey's ratification of Sweden's NATO membership not enough to secure Congressional approval for F-16s, says Hellenic American Leadership Council chief Endy Zemenides

Mustafa Sonmez

As Turkey grapples with deficit, Erdogan pins his hopes on Gulf funds during visit

Turkey’s smaller-than-expected rate hike comes as relief for banks

Turkey eases forex controls, rate hikes next as Simsek takes charge

After reelection, can Erdogan tackle Turkey's economic woes?

Turkey Elections: Currency fears grow ahead of presidential runoff

Turkey election pledges foretell bigger budget deficit

Turkey’s opposition pledges return to economic orthodoxy, faces uphill task

Will Turkey's multibillion-dollar earthquake fund help reelect Erdogan?

Turkey's economy grows 5.6% in 2022, but labor’s income share shrinks

Scientists: Time running out to save Istanbul from major earthquake

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Podcasts

Turkey's ratification of Sweden's NATO membership not enough to secure Congressional approval for F-16s, says Hellenic American Leadership Council chief Endy Zemenides