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Jan 28, 2014

Turkish central bank makes massive rate hike to stem lira fall

ISTANBUL (Reuters) – Turkey’s central bank hiked all of its main interest rates in dramatic fashion at an emergency policy meeting, ignoring opposition from Prime Minister Tayyip Erdogan as it battles to defend a crumbling lira.

The bank raised its overnight lending rate to 12 percent from 7.75 percent, its one-week repo rate to 10 percent from 4.5, and its overnight borrowing rate to 8 percent from 3.5, much sharper moves than economists had forecast.

Jan 22, 2014

Turkish judicial purge brings corruption investigation to halt

ISTANBUL, Jan 22 (Reuters) – Turkey’s purge of the judiciary
and police has brought a corruption investigation shaking the
government to a grinding halt and could undermine confidence in
state institutions, senior legal figures and the opposition said
on Wednesday.

Ninety-six judges and prosecutors were reassigned overnight,
the biggest purge of the judiciary since a graft scandal erupted
on Dec. 17 with the arrest of businessmen close to Prime
Minister Tayyip Erdogan and three ministers’ sons.

Jan 21, 2014

Turkish central bank shies away from rate hike, credibility questioned

ISTANBUL, Jan 21 (Reuters) – Turkey’s central bank shied
away from hiking its main interest rates on Tuesday despite a
tumbling lira and rising inflation, bowing to what many
investors see as pressure from a government bent on maintaining
growth ahead of elections.

The bank has been battling to defend the lira by selling
foreign exchange, adjusting money market liquidity and making
statements of confidence. But it has avoided the outright rate
hikes virulently opposed by Prime Minister Tayyip Erdogan.

Jan 21, 2014

Turkish central bank seen shying from rate hike

ISTANBUL, Jan 21 (Reuters) – Turkey’s central bank finds
itself caught between economic reality and political pressure as
it meets to decide on interest rates on Tuesday, with most
economists expecting it to shy away from the decisive rate hike
investors are crying out for.

The bank faces heavy market pressure to raise rates and
defend a sliding lira but is fearful of restricting growth, with
a combative Prime Minister Tayyip Erdogan – already battling a
corruption scandal – bent on maintaining his reputation for
economic management ahead of elections this year.

Jan 16, 2014

Turkish prosecutors removed as judicial purge intensifies

ISTANBUL (Reuters) – Turkey’s government removed a series of high-profile prosecutors on Thursday stepping up a purge of a judiciary Prime Minister Tayyip Erdogan considers embroiled in a plot to undermine him with specious corruption allegations.

The actions hit at the heart of investigations made public on December 17 that have pitched Erdogan into one of the biggest crises of his 11 years in power. They came a day after the government tightened its grip on a panel that controls the appointment of all judges and prosecutors.

Jan 9, 2014

Turkish government brands corruption prosecutor as showman

ISTANBUL, Jan 9 (Reuters) – Turkey’s government derided a
high-profile prosecutor behind a damaging corruption
investigation as a showman on Thursday, after he accused Prime
Minister Tayyip Erdogan of threatening him and telling him to
halt the inquiry.

An opinion poll, the first since the corruption scandal
broke last month, showed Erdogan’s AK Party losing some support,
but still well ahead of any rivals.

Jan 7, 2014

Turkey predicts brief economic impact from graft probe

ISTANBUL (Reuters) – Hundreds of Turkish police officers were dismissed from their posts overnight and some moved to traffic duties, local media said, further undermining a graft investigation Prime Minister Tayyip Erdogan portrays as a covert attempt by a rival to usurp state power.

Erdogan, facing the biggest challenge of a ten-year rule that has seen the military banished from politics, the economy booming and Ankara pressing its influence in the Middle East, portrays the operation as a “dirty plot” by followers of a U.S.-based Islamic cleric. The cleric backs no political party but enjoys broad influence in the police and judiciary

Jan 7, 2014

Turkish graft scandal deepens with more arrests, police dismissals

ISTANBUL (Reuters) – Hundreds of Turkish police officers were dismissed from their posts overnight and some moved to traffic duties, local media said, further undermining a graft investigation Prime Minister Tayyip Erdogan portrays as a covert attempt by a rival to usurp state power.

Erdogan, facing the biggest challenge of a ten-year rule that has seen the military banished from politics, the economy booming and Ankara pressing its influence in the Middle East, portrays the operation as a “dirty plot” by followers of a U.S.-based Islamic cleric. The cleric backs no political party but enjoys broad influence in the police and judiciary

Jan 6, 2014

Turkey’s Erdogan moots retrial of military coup plots

ISTANBUL (Reuters) – Turkish Prime Minister Tayyip Erdogan has mooted the retrial of hundreds of army officers convicted of planning his overthrow, in an apparent attempt to discredit rivals he accuses of contriving a corruption crisis to drive him from office.

Erdogan’s Islamist-rooted AK Party is widely held to have relied heavily on U.S.-based Islamic cleric Fethullah Gulen’s influence in the police and judiciary in breaking the power of an army that carried out three coups between 1960 and 1980 and forced an Islamist-led government from power in 1997.

Jan 1, 2014

Erdogan rallies Turks to thwart ‘plot’ against nation’s success

ISTANBUL, Jan 1 (Reuters) – Prime Minister Tayyip Erdogan
urged Turks to rally around him in fighting what he termed a
dirty plot by foreign-backed elements targeting “the bread on
your table, the money in your pocket, the sweat of your brow”.

“History will not forgive those who have become mixed up in
this game,” Erdogan said in a televised end of year address
devoted almost entirely to a corruption investigation he says
has been engineered in police and judiciary to undermine his
government and sap its influence in the Middle East and beyond.

    • About Daren

      "I am based in Istanbul where I cover a broad range of financial and general news. I joined Reuters in Ankara in 1996 and left Turkey to work in London in 2000. I returned to Istanbul in 2003."
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