Turkey's Inflation Figures Set Salary Raises as İş Bankası Launches $300M SME Funding

Turkey's statistical institute (TÜİK) will release June consumer‑price data that will determine the semi‑annual salary increase for retirees and civil servants. If June CPI comes in at 1% or lower, the half‑year raise could reach 17.75%, adding to the 16.6% increase already granted for the first five months. May’s CPI had risen 1.71% month‑on‑month, with annual inflation at 32.61%.

İş Bankası, together with the Istanbul Chamber of Industry, announced a $300 million programme to accelerate digitalisation in small and medium‑sized enterprises. The "Value‑Focused Digitalisation and Growth" initiative will initially fund up to 100 SMEs with $2‑3 million each, and the ceiling per company could rise to $10 million as the programme expands to 200‑300 firms. The bank will provide advisory services, financing, and interest subsidies. Pilot projects have already shown a 30% boost in equipment efficiency and cost reductions of up to 18%.