Tugce Ozsoy

News Reporter at Bloomberg News

Bloomberg News reporter in Istanbul. Opinions are my own. RTs are not endorsements.

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Articles

Turkey Surprises With ‘Brave’ Rate Hike to Win Back Markets (2)

1 week ago | news.bloombergtax.com | Beril Akman |Tugce Ozsoy

XYour Choices Regarding Cookies and IdentifiersWe and our 150 third party partners use cookies and similar technologies ("Cookies") and hashed identifiers (e.g., a hashed version of your name, email address or phone number) to help us identify you on our site and third-party sites and to process certain information, such as your IP address and digital identifiers, to analyze site usage and provide you with relevant advertisements and content.
Turkey Surprises With ‘Brave’ Rate Hike to Win Back Markets

1 week ago | bloomberg.com | Beril Akman |Tugce Ozsoy

The waterfront in the Eminonu district of Istanbul. (Bloomberg) -- Turkey raised its main interest rate, a surprise move to reassure investors after domestic turmoil and US tariff uncertainty triggered a sell off in the lira. The Monetary Policy Committee hiked its one-week repo rate to 46% from 42.5%. Only three of 23 analysts surveyed by Bloomberg had predicted a hike — with Goldman Sachs Group Inc. and Istanbul-based Is Asset Management anticipating the precise increase.
Turkey’s Automotive Production Declines 8.7% in First Quarter

1 week ago | bloomberg.com | Tugce Ozsoy

Employees working on a car assembly line, near Gemlik, Turkey. (Bloomberg) -- Turkish motor production fell in the first quarter, led by a drop in vehicles used for transporting goods and people for business purposes. Total automotive output was 344,120 units in the three months through March, down 8.7% compared to the same period a year earlier, according to data emailed by the Automotive Manufacturers Association, known as OSD. The drop in the so-called commercial vehicle segment was 11%.
Turkey Suffered Worst Cold Snap Since 2014, Minister Says

1 week ago | bloomberg.com | Tugce Ozsoy

A worker checks a snow-covered tulip field during spring time in the Kazimkarabekir district of Karaman, Turkey, on April 10, 2025. (Bloomberg) -- Turkey suffered one of its worst agricultural cold snaps in more than a decade in April, with sharp drops in temperatures damaging crops across the country.
Turkey Burns $10 Billion in Lira’s Defense Over Global Tariff Rout

1 week ago | bloomberg.com | Tugce Ozsoy |Beril Akman

An employee counts 200 Turkish lira banknotes at a currency exchange bureau in Istanbul, Turkey, on Jan. 10, 2025. (Bloomberg) -- The market turmoil triggered by Donald Trump’s tariff plans has probably cost Turkey another $10 billion in foreign-exchange reserves, adding to losses incurred last month amid a domestic political crisis.
Turkey’s FX Reserves Loss About $10 Billion in Tariff Rout (1)

1 week ago | news.bloombergtax.com | Tugce Ozsoy |Beril Akman

XYour Choices Regarding Cookies and IdentifiersWe and our 150 third party partners use cookies and similar technologies ("Cookies") and hashed identifiers (e.g., a hashed version of your name, email address or phone number) to help us identify you on our site and third-party sites and to process certain information, such as your IP address and digital identifiers, to analyze site usage and provide you with relevant advertisements and content.
Turkey FX Reserve Loss Seen at About $10 Billion in Tariff Rout

1 week ago | news.bloomberglaw.com | Tugce Ozsoy |Beril Akman

The market turmoil triggered by Donald Trump’s tariff plans has probably cost Turkey another $10 billion in foreign-exchange reserves, adding to losses incurred last month amid a domestic political crisis. Dollar sales by state banks to defend the lira cost between $10 billion to $11 billion since last Friday, according to estimates by two bankers who oversee execution of foreign-exchange trades.
Arrest of Erdogan Rival Triggered Record Exit from Turkey Bonds

2 weeks ago | bloomberg.com | Tugce Ozsoy

Foreign investors offloaded Turkish government bonds at a record pace in the final week of March, deepening the selloff in local markets triggered by the arrest of Istanbul’s mayor and top opposition figure, Ekrem Imamoglu. Overseas investors sold $2.39 billion in Turkish bonds in the week ending March 28, bringing non-resident holdings to the lowest since October, according to the latest central bank data.
Erdogan’s Jailed Rival Calls For Boycott of State-Linked Brands

3 weeks ago | bloomberg.com | Tugce Ozsoy

Turkey’s jailed opposition figurehead, Ekrem Imamoglu, urged supporters to boycott entities deemed to be linked to government circles, as protests continue following his arrest last month. Istanbul’s mayor, seen as the biggest rival to Turkish President Recep Tayyip Erdogan, called on “millions of our people to join the boycott process with discipline and self devotion,” according to a post on X.
Erdogan sortea su peor crisis con las reservas de divisas reconstruidas hace un año

3 weeks ago | bloomberglinea.com | Beril Akman |Tugce Ozsoy

Bloomberg — Turquía se pasó el año pasado reconstruyendo sus mermadas reservas de divisas, fortificando un colchón financiero que ha demostrado ser fundamental para sortear las turbulencias del mercado. Ese cofre de guerra dio a las autoridades la potencia de fuego para resistir la mayor crisis del país en casi una década, desencadenada por la detención del alcalde de Estambul, Ekrem Imamoglu, el rival más formidable del presidente Recep Tayyip Erdogan.