The two rivals have been at the brink of military conflict several times in recent decades. An agreement signed by the countries’ leaders on Thursday aims to change that.
The country’s central bank increased rates by 5 percentage points in an attempt to deal with the soaring cost of household necessities and the devaluing of the lira.
On the same day the federal authorities raided the home of Mayor Eric Adams’s chief fund-raiser, they also searched the residences of two people with ties to Turkey.