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Author: Beste Kara (Beste Kara)

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What matters on Friday, November 26

What matters on Friday, November 26

The Central Bank (CB) Governor Sahap Kavcioglu, the Banking Regulation and Supervision Agency (BDDK) Chairman Mehmet Ali Akben, the Banks Association of Turkey (TBB) Chairman Alpaslan Cakar, the Participation Banks Association of Turkey (TKBB) Chairman Ikram Goktas, and a variety of chair people and top executives of banks, met. The group discussed the global and...

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What matters on Thursday, November 25

What matters on Thursday, November 25

While we approach the weekend, TRY devaluation is still among the most critical agenda items of the country. USD/TRY, which tested 13.18, decreased by over 3% and fell to 12.30 before it exceeded 12.60 again yesterday. USD/TRY is traded at 12.10 this morning. Following the sharp depreciation in TRY, forecasts on the country has started...

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What matters on Wednesday, November 24

What matters on Wednesday, November 24

TRY nosedived more than 17% yesterday after President Recep Tayyip Erdogan defended the recent interest rate cuts, describing the policy rate cut process as an ‘economic war of independence.’ He has remained steadfast in the cuts despite widespread criticism, especially from the opposition, and pleas to reverse his course. TRY has been devaluated by 42%...

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What matters on Tuesday, November 23

What matters on Tuesday, November 23

Borsa Istanbul’s BIST 100 index painted a positive picture yesterday, rising by 1.05% to 1,755.48, an all-time high, as of Monday’s close. The Central Bank (CB) may deliver an ‘emergency’ interest rate hike late this year or early next year, leaving the policy rate at 19% in the first quarter of 2022, according to the...

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EBRD to provide USD 25m to Garanti BBVA Leasing to be used by SMEs

EBRD to provide USD 25m to Garanti BBVA Leasing to be used by SMEs

The European Bank for Reconstruction and Development will provide a USD 25m loan to Garanti BBVA Leasing, the financial leasing arm of Garanti BBVA, to be used by eligible SMEs for investments in sustainability, according to a statement from the EBRD. This new loan has been distributed under the third phase of the Turkey Sustainable...

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What matters on Friday, November 19

What matters on Friday, November 19

The Central Bank’s Monetary Policy Committee (PPK) lowered the interest rate by 100 basis points from 16% to 15%. It is worth nothing that the PPK announced the decision with a 5-minute delay (at 2.05 pm instead of 2.00 pm) for the first time in its history. This shows weakness of communication and the Central...

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What matters on Thursday, November 18

What matters on Thursday, November 18

TRY continues to devaluate. USD/TRY broke another record at 10.73 while EUR/TRY hit 12.17. The exchange rate of USD has increased by more than TRY 2.00 since September 8, when the Central Bank Governor Sahap Kavcioglu emphasized core inflation, according to daily DUNYA Finance Editor Sebnem Turhan. And all eyes are on the Monetary Policy...

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EBRD to provide EUR 150m for railway project linking Europe and Asia

EBRD to provide EUR 150m for railway project linking Europe and Asia

The European Bank for Reconstruction and Development (EBRD) will provide EUR 150m loan to the Turkish government for the construction of the 67-kilometer Ispartakule-Cerkezkoy high-speed railway line project linking Istanbul to the Bulgarian border, according to a statement from the bank. The loan will also support the Turkey’s transition to a low-carbon economy.  The Ispartakule-Cerkezkoy...

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What matters on Wednesday, November 17

What matters on Wednesday, November 17

Foreign exchange rates will stabilize, and Turkey’s risk premium will decrease as fight against inflation continues in a determined and wholistic approach, according to Treasury and Finance Minister Lutfi Elvan. “By the support of these, the long-term interest rates will decline and predictability for investments will increase,” Elvan said in a speech at the 5th...

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What matters on Tuesday, November 16

What matters on Tuesday, November 16

Borsa Istanbul’s BIST 100 index, which drew a positive picture under the leadership of the banking equities, rose by 3.91% to 1,702.49, an all-time high as of Monday’s close. Analysts said the banking equities rapidly increased after Banco Bilbao Vizcaya Argentaria (BBVA), which owns 49.85% share in Garanti BBVA, launched a voluntary takeover bid for...