Turkey & Eurasia Business — 2026-10-31

Key Highlights

• Tourism Revenue Hits Record High: Türkiye’s tourism sector reported a record high for both the third quarter and the first nine months of 2026, with full-year revenues projected to top $65 billion. Culture and Tourism Minister figures confirm the surge in visitor spending.
• High-Tech Export Targets Set: The government announced new goals to raise the combined share of high- and medium-high-technology sectors in manufacturing exports to 48.5% by next year. This strategy aims to shift the export mix toward higher-value goods.
• Lira at Record Low: The Turkish lira weakened to a record low of 48.5 per USD in September, continuing a trend of controlled, slow devaluation. The Central Bank of Turkey continues to intervene in foreign exchange markets to prevent sharper slides.

Analysis

The most significant business development this week is the juxtaposition of strong sectoral performance against currency pressure. While the lira’s depreciation to 48.5 per USD signals ongoing macroeconomic challenges, the tourism sector’s record-breaking Q3 revenue demonstrates the economy’s capacity to generate hard currency through services.

Simultaneously, the push to increase the high-tech export share to 48.5% indicates a structural attempt to reduce reliance on low-margin goods. This aligns with broader efforts to stabilize the balance of payments by increasing the value-added component of exports, even as the currency remains under pressure.

What to Watch

• Currency Interventions: Investors will monitor Central Bank interventions closely as the lira hovers near record lows, with the current strategy focusing on controlled devaluation rather than abrupt adjustments.
• Export Composition Shifts: Watch for quarterly data on manufacturing exports to see if the 48.5% high-tech target is being met, which could influence foreign investment flows into the industrial sector.