Turkish food delivery startup Getir has agreed to a restructure that will split the business and bring in a $250 million capital injection led by Abu Dhabi wealth fund Mubadala Investment Co., Bloomberg News reported. Mubadala will lead the round and take a controlling stake in Getir’s domestic grocery and food business in Turkey, according to a statement from Getir on Monday. Cofounder and Chief Executive Officer Nazim Salur will be replaced by Getir’s Turkey head Batuhan Gultakan. The restructure follows a power struggle between Salur and Mubadala.

Turkey is considering taxing proceeds from investments in stocks and cryptoassets as part of a fiscal tightening push. Stocks and the lira fell on the news, Bloomberg News reported. Treasury and Finance Minister Mehmet Simsek discussed the plans during a ruling-party meeting over the weekend, AK Party officials told Bloomberg, asking not to be identified as the discussions were private. Simsek emphasized the need for proper taxation of all financial income during the meeting, the people said. Turkey cut the tax rate on profits from stock-market trading to 0% from 10% in 2008.

Turkey’s inflation accelerated more than forecast last month, in what officials hope marks the worst of a yearslong cost-of-living crisis, Bloomberg News reported. Data on Monday showed inflation reached an annual 75.5% in May, from just under 70% a month earlier. Monthly price growth, the central bank’s preferred gauge, also quickened and hit 3.4%. Both readings exceeded the median economist predictions. “Annual inflation reached its cyclical peak in May,” said Muhammet Mercan, ING Bank’s chief economist for Turkey.

Turkey’s central bank kept interest rates unchanged on Thursday and introduced new measures to tackle excess liquidity and curb lending in foreign currencies, Bloomberg News reported. The Monetary Policy Committee led by Governor Fatih Karahan left the benchmark at 50% for a second consecutive month, in line with all forecasts. The MPC maintained its hawkish bias, repeating that its policy will remain tight “until a significant and sustained decline in the underlying trend of monthly inflation,” according to a statement. The lira erased earlier losses and traded little changed as of 5:22 p.m.

For Nazim Salur, it’s the end of a nearly decade-long dream to build a global delivery powerhouse out of Turkey. Getir, the rapid grocery app Salur cofounded from Istanbul in 2015, last week confirmed it will exit its remaining international operations, Bloomberg News reported. Once a poster child of pandemic growth valued at $11.8 billion, attracting investors like ex-Sequoia Capital partner Michael Moritz, Mubadala Investment Co., Sequoia Capital and Tiger Global, the startup is halting operations in the Netherlands, the U.K., U.S. and Germany to focus on its core market of Turkey.

Turkish annual consumer price inflation climbed to 69.8% in April, official data showed on Friday, a bit below expectations but the highest since late-2022 on strong rises in education, restaurants and hotels prices, Reuters reported. Commenting on the figures, Finance Minister Mehmet Simsek said April's month-on-month inflation, which was 3.18%, was in line with expectations. In March it stood at 3.16%. "After annual inflation reaches its peak in May, it will begin to decline sharply in line with our predictions," Simsek said on social media platform X.

Turkey’s central bank kept interest rates unchanged, pausing a month after surprising markets with a big hike and delivering additional tightening since then, Bloomberg News reported. The Monetary Policy Committee led by Governor Fatih Karahan left the one-week repo rate at 50% on Thursday. All but two economists surveyed by Bloomberg correctly predicted the decision, while the rest saw an increase. The lira pared gains after the announcement and traded 0.2% stronger against the dollar as of 3:14 p.m. in Istanbul.

Turkey’s lira reversed earlier losses and surged against the dollar on Monday as President Recep Tayyip Erdogan indicated he’ll give his economic team more time to produce results despite facing an unprecedented rout at local elections over the weekend, Bloomberg News reported. Erdogan’s ruling Justice and Development Party suffered a defeat on Sunday, ceding control of many of Turkey’s cities, including Istanbul and Ankara, to the opposition.

Turkey’s central bank raised its key interest rate by 5 percentage points on Thursday, resuming a policy of rate hikes aimed at combating soaring inflation that is causing households severe economic pain, the Associated Press reported. In a surprise decision, the central bank said it was raising the benchmark one-week repo rate to 50%. The bank had been widely expected to keep the benchmark rate steady for a second month, ahead of mayoral elections on March 31.

Turkey’s annual inflation swung to a 15-month high with a faster pickup than forecast, an acceleration closely watched by a central bank that’s still on alert after ending interest-rate hikes, Bloomberg News reported. Stoked in part by this year’s sharp increase in the minimum wage, price growth in February quickened for a fourth straight month to 67.1% from 64.9% in January. Monthly inflation — a gauge that’s been under particular scrutiny by the central bank — also exceeded forecasts even as it eased back to 4.5% from 6.7% in January. It remains well above its level in the fourth quarter.