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4 Min Read ISTANBUL (Reuters) - A surge in COVID-19 infections and the prospect of another economic downturn could sorely test Turkish President Tayyip Erdogan’s reluctant acceptance of much higher interest rates and the need for greater austerity. FILE PHOTO: Pigeons fly over the Taksim Square during a nation-wide weekend curfew which was imposed to prevent the spread of the coronavirus disease (COVID-19), in Istanbul, Turkey December 5, 2020. REUTERS/Murad Sezer/File Photo Already, record COVID-19 infections and deaths have led to new curfews and shorter business hours, hitting Turkey’s...

By Reuters Staff 2 Min Read FILE PHOTO: A merchant counts Turkish lira banknotes at the Grand Bazaar in Istanbul, Turkey, March 29, 2019. REUTERS/Murad Sezer ISTANBUL (Reuters) -Turkey’s lira was steady on Thursday ahead of an expected 150-point rate hike by the central bank, which is seeking to burnish its credibility among investors and locals and deliver on a pledge to rein in double-digit inflation. The currency stood at 7.6375 against the dollar at 0730 GMT, slightly weaker than Wednesday’s close of 7.6250. It is down nearly 23% so far this year, on track for its second worst year af...

4 Min Read ISTANBUL (Reuters) - President Tayyip Erdogan said on Friday U.S. sanctions over Turkey’s purchase of Russian S-400 missiles would be disrespectful to a NATO ally, after sources said Washington was poised to take the step likely to further strain relations. FILE PHOTO: Turkish President Tayyip Erdogan talks during a news conference following a cabinet meeting in Ankara, Turkey, November 30, 2020. Presidential Press Office/Handout via REUTERS The report of imminent U.S. sanctions targeting Turkey’s defence industry over missiles comes as EU leaders at a summit discussed separat...