Turkey in July 2026: the most important developments in economy
Turkey's economy in July 2026 was shaped by strong markets, pressure on the lira and a question over oil supply during the Strait of Hormuz crisis. The Istanbul Stock Exchange gained 25.4% in the first half of the year, and retail sales rose again in May. Goldman Sachs said Turkey was likely to tolerate a faster slide of the lira, and markets awaited the central bank's next rate decision. Vestel, the electronics maker, reportedly began restructuring its dollar-denominated bonds, and Emirates NBD was considering buying HSBC's Turkish operations. On July 13 the European Union remained divided over a proposal to halt trade with Israeli settlements in the West Bank.
Energy supply was the main issue toward the end of the month. On July 29 Iraq proposed supplying 1 million barrels of oil a day to Turkey as an alternative route during the Hormuz crisis. On July 30 Turkey reported that oil was still flowing from Iraq while pipeline talks continued.
Turkish officials and outlets pointed to export and trade openings. The defence industry was described as booming and looking to European markets, and heat waves in Europe raised Turkish exports of climate control equipment, according to Anadolu Ajansı. Turkey opened import quotas for sunflower seeds on July 4 to protect local producers, and it offered hotel discounts to attract Russian tourists. On July 28 Turkey took practical steps to restore a rail link with Armenia, and Turkish electro-optical technology was integrated into South Africa's Mwari aircraft.
by WorldBrief & Maksim Micheliov | AI-generated summary
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