• Turkey's adjusted unemployment rate rose to 9.2% in June from a revised 8.5% in May, according to the Turkish Statistical Institute. That marks the highest for the series since August 2023. The number of jobless rose 234k m/m while the adjusted labour force participation rate fell to 54.4% from a revised 54.6%.
  • The central banks of S. Korea and Turkey have renewed a bilateral currency swap agreement for 3 more years, according to a statement from the Bank of Korea. The arrangement allows for exchange of local currencies of up to TRY 56bn.
  • Turkey will lift its ban on Instagram, saying the social media site has promised to meet government demands on censorship and content, Bloomberg report. The internet regulator halted Instagram access on Aug 2 without explaining why, though the move came after a senior aide to the President criticised the platform for what he described as “censorship” of posts.
  • Nike Inc. suspended online sales in Turkey via its website and mobile app, days after an increase in customs taxes levied by Turkey on online purchases from abroad, Bloomberg report.

TURKEY: Unemployment Rate Reaches Multi-Month High

Last updated at:Aug-12 07:17By: Hiren Ravji
  • Turkey's adjusted unemployment rate rose to 9.2% in June from a revised 8.5% in May, according to the Turkish Statistical Institute. That marks the highest for the series since August 2023. The number of jobless rose 234k m/m while the adjusted labour force participation rate fell to 54.4% from a revised 54.6%.
  • The central banks of S. Korea and Turkey have renewed a bilateral currency swap agreement for 3 more years, according to a statement from the Bank of Korea. The arrangement allows for exchange of local currencies of up to TRY 56bn.
  • Turkey will lift its ban on Instagram, saying the social media site has promised to meet government demands on censorship and content, Bloomberg report. The internet regulator halted Instagram access on Aug 2 without explaining why, though the move came after a senior aide to the President criticised the platform for what he described as “censorship” of posts.
  • Nike Inc. suspended online sales in Turkey via its website and mobile app, days after an increase in customs taxes levied by Turkey on online purchases from abroad, Bloomberg report.

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