The Central Bank stuck to its forecasts for a sharp drop in inflation yesterday, saying the increasing predictability of the lira’s exchange rate plus financing support meant there was no longer the basis for large price rises, according to Reuters. Presenting a quarterly economic report, the bank’s Governor Sahap Kavcioglu stood by previous year-end annual...
Author: Beste Kara (Beste Kara)
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What matters on Wednesday, January 25
The payment period for the restructuring of the debts to the public sector will be 48 months, according to Treasury and Finance Minister Nureddin Nebati. The Treasury and Finance Minister, who gave the details of the regulation announced by President Recep Tayyip Erdogan in a meeting in Izmir, stated that 90% of the hike, which...
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Domestic tourism expenditures skyrocket
Turkey’s domestic tourism expenditures jumped 112.6% to TRY 63.36bn in the third quarter (Q3), compared to the previous quarter, according to the Turkish Statistical Institute (TurkStat). 88.7%, or TRY 56.19bn of the amount consisted of individual expenditures while package tour expenditures generated 11.3%, or some TRY 7.17bn. The expenditure averaged TRY 2,710 per trip. Some...
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Consumer confidence hits 16-month high
The consumer confidence index surged by 4.6% from 75.6 to 79.1 in January, compared to the previous month, hitting a 16-month high, according to the Turkish Statistical Institute (TurkStat). The financial situation of households, at present, went up 7.4% to 61.6 in January, month-over-month. The index for the assessment of spending money on durable goods...
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What matters on Monday, January 23
We apologize for delay due to a technical issue… We’re going to spend a lot of this week talking about the results of confidence indices. The Central Bank will release the Financial Services Confidence Index for January on Tuesday morning, while it will announce the Real Sector Confidence Index for the same month on Wednesday...
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Central Bank keeps interest rate steady at 9%
The Central Bank’s Monetary Policy Committee (PPK) has decided to keep the policy rate (one-week repo auction rate) constant at 9% in line with market expectations. However, the bank removed the expression that “the current policy rate is adequate” from the PPK statement this month. Here is the PPK statement: “Although recently released data point...
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What matters on Wednesday, January 18
Banking sources told daily EKONOMI that the Treasury and Finance Ministry may issue a 15-year or 20-year fixed coupon bond to meet the financing need, which will increase before the election. If this happens, the Treasury will issue a bond with a maturity of more than 10 years for the first time ever. This will...
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What matters on Tuesday, January 17
The new German Supply Chain Due Diligence Act (LkSG) will create opportunities rather than risks, according to Turkish exporters. Sector representatives told daily EKONOMI that the LkSG, which imposes an obligation of environmental protection and ‘humanitarian working conditions’ on both German companies and their suppliers, will be an anchor for the sectors in Turkey that...
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Budget deficit hits TRY 139.1bn in 2022
The central government budget balance posted a TRY 139.1bn deficit last year, according to Treasury and Finance Minister Nureddin Nebati. Speaking at an event held at Dolmabahce Palace’s Working Office in Istanbul, Nureddin Nebati said the budget deficit was TRY 322.1bn below the OVP (Medium-Term Economic Program) target set for 2022. Budget revenues, meanwhile, totaled...
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What matters on Friday, January 6
Considering seasonal conditions, the 2023 elections can be moved to an earlier time, according to President Recep Tayyip Erdogan. Speaking at AK Party’s extended provincial heads meeting, President Recep Tayyip Erdogan said after an upcoming foreign ministers meeting, the leaders of Russia, Turkey, and Syria may also meet to discuss peace and stability in Syria....