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Author: Beste Kara (Beste Kara)

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What matters on Tuesday, January 18

What matters on Tuesday, January 18

Rising inflation and heterodox policies increase macroeconomic and financial risks in Turkey, according to the international credit rating agency Fitch Ratings. “High inflation and fiscal policies, which are implemented against TRY’ devaluation make the public finance more sensitive to foreign exchange (FX) fluctuations and increase macroeconomic vulnerability,” the institution said, stressing that Turkey’s borrowing costs...

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Vakko becomes a partner in Fuudy

Vakko becomes a partner in Fuudy

Turkish luxury ready wear brand Vakko Holding has invested USD 3m in the online food delivery application Fuudy, according to a press release from the holding company. The company aims to expand services offered by Fuudy as well as to build on the luxury concept in the food and beverages industry. “We’ll continue to support...

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Central government budget posts TRY 192.2bn deficit in 2021

Central government budget posts TRY 192.2bn deficit in 2021

The central government budget balance posted a TRY 192.24bn deficit in 2021, up by 9.7% year-on-year, according to the Ministry of Treasury and Finance.  Excluding interest payments, the budget balance saw a deficit of TRY 11.39bn last year. Budget revenues rose by 36.8% to TRY 1.4tr, and budget expenditures increased by 32.9% to TRY 1.59tr...

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Short-term external debt stock up in November

Short-term external debt stock up in November

The country’s short-term external debt stock surged by 8.6% to USD 124.1bn in November 2021, as compared to the end of 2020, according to the Central Bank. In this period, banks’ short-term external debt stock fell 6.7% to USD 53.5bn in the same period, while other sectors’ short-term external debt stock rose 25.4% to USD...

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What matters on Monday, January 17

What matters on Monday, January 17

We will start the week with the December results of the central government budget. With this data, the picture for the economy in 2021 will become clear. The target for 2021 was that budget expenditures be TRY 1.35tr, revenues be TRY 1.1tr, and the budget not exceed a TRY 245bn deficit. As of the end...

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What matters on Friday, January 14

What matters on Friday, January 14

Turkey has the potential to move forward in digital transformation with its dynamic population structure, increase in information technologies (IT) usage, and mobile application development, according to Simone Kaslowski, President of the Turkish Industry and Business Association (TUSIAD). Kaslowski stated during his opening speech at the 2nd Digital Turkey Conference held by TUSIAD that there...

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Industrial production up by 11.4% in November

Industrial production up by 11.4% in November

The industrial production index rose by 11.4% in November, compared to the same month of the previous year, according to the Turkish Statistical Institute (TurkStat). The index also increased by 3.3% on a monthly basis. Considering the subsectors, the manufacturing index rose by 3.8% and the electricity, gas, steam and air conditioning supply index increased...

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What matters on Thursday, January 13

What matters on Thursday, January 13

The negotiations on the collective group agreement in the metal sector, which includes 140,000 workers, and the country’s most important export companies, have been completed. The total increase in hourly rates for the first and the second six months has reached 65.67%, according to the agreement reached by the Turkey Metal, Steel, Ammunition, Machinery, Metal...

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Onur Insaat to carry out Ukraine’s first PPP project

Onur Insaat to carry out Ukraine’s first PPP project

BY KERIM ULKER Construction company Onur Insaat will carry out Ukraine’s first road construction project using the Public-Private-Partnership (PPP) model. As part of the project, the company will build a highway between Lviv and Mukachevo.  Onur Insaat will carry out the project with the State Agency of Motor Roads of Ukraine (UKRAVTODOR). “The PPP model...

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Prices will not  weaken competitive power in machinery exports

Prices will not weaken competitive power in machinery exports

Turkey’s machinery sector exports surged by 23.3% to USD 23bn in 2021, compared to the previous year, according to the Machinery Exporters’ Association (MAIB). The sector’s exports also rose by 18.3% versus the pre-pandemic year of 2019. “The volume of orders shows that the Turkish machinery sector’s market share in the European Union and the...