economy

Turkish inflation slightly surged 1.06 percent in January from December after two months of slowdown, reaching an annual rate of 20.35 percent, driven by higher food prices.

The IMF urged Turkish authorities faced with a falling currency and surging inflation to pursue "sound" economic policies to stabilize the situation.

Turkey's embattled lira tumbled almost five percent in value as the resignation of the deputy central bank governor intensified market concerns over the direction of monetary policy.

Turkish Foreign Minister Mevlult Cavushoglu has stated that the ties between Turkey and Russia should not be compared to Ankara's relations with the West.

The crash in the Turkish lira sparked by U.S. sanctions has left President Recep Tayyip Erdogan facing the biggest economic challenge of his one-and-a-half decades in power.

Turkey threatened to respond if Washington levied further sanctions over the detention of an American pastor.

Consumers have been buffeted by surging costs and economic uncertainty, with the Turkish currency sinking 20 percent in a month and 40 percent since the start of the year.

Qatar promised to make a $15 billion direct investment in Turkey, badly hit by a currency crisis amid a widening diplomatic standoff with the United States.

The collapse of the Turkish lira has caused trauma as Turks see their purchasing power slashed, but bargain-hunting foreign tourists are cashing in on a currency windfall.

President Recep Tayyip Erdogan accused the United States of seeking to stab Turkey "in the back" over a diplomatic row sparked by a pastor's detention.