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What matters on Monday, October 25

What matters on Monday, October 25

Today, the Cabinet convenes with President Recep Tayyip Erdogan. Among the main agenda items for the meeting will be the call by 10 countries for the release of businessman, philanthropist, and activist Osman Kavala from prison. The COVID-19 pandemic is also expected to be discussed. Further, the Cabinet is also expected to prepare for the...

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What matters on Friday, October 22

What matters on Friday, October 22

The Central Bank’s Monetary Policy Committee (PPK) surprisingly lowered the policy rate by 200 basis points from 18% to 16%, while the market expectation was a 50-100 basis point interest rate cut. USD/TRY, which stood at 9.27 prior to the PPK’s decision, reached 9.54 and broke another record. EUR/TRY tested above 11.11 for the first...

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FATF may put Turkey on ‘grey list’ over money laundering and terror financing: Report

FATF may put Turkey on ‘grey list’ over money laundering and terror financing: Report

Turkey may be “greylisted” by the Financial Action Task Force (FATF) since it has reportedly failed to combat terrorist financing and money laundering. The Financial Times reported that that global financial watchdog may approve the decision to put Turkey on the “grey list”. The report said Turkey was “put on notice” two years ago by...

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VavaCars raises USD 50m in Series B round for Turkey and Pakistan

VavaCars raises USD 50m in Series B round for Turkey and Pakistan

VavaCars, a Turkey-based online trading platform for buying and selling used cars, has raised USD 50m in Series B funding to expand its operations in Pakistan and Turkey. Duquesne Family Office LLC (founded by Stanley F Druckenmiller) and Vitol, along with another investors participated in the round, according to a press statement issued by the...

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Sovos to acquire Digital Planet

Sovos to acquire Digital Planet

Sovos, a tax compliance software provider based in Boston, said Wednesday it plans to acquire Digital Planet, an Istanbul, Turkey-based developer of cloud-based invoicing, receipts, delivery notes and ledger technology. The deal marks Sovos’s eighth acquisition this year. After acquiring another Turkish company, Foriba, in 2019, Sovos set up a European center of excellence in...

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Xylem expands footprint in Turkey with acquisition of Anadolu Flygt

Xylem expands footprint in Turkey with acquisition of Anadolu Flygt

Xylem has further expanded its regional footprint with the acquisition of Turkey’s pumping and water treatment systems company, Anadolu Flygt. The acquisition will allow the company to service a broader range of countries across the region and further accelerate Xylem’s growth in the Middle East market with an enhanced suite of digital water solutions, as...

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What matters on Thursday, October 21

What matters on Thursday, October 21

The economy world and markets are concentrated on the Central Bank’s Monetary Policy Committee (PPK) meeting today. USD/TRY exceeded 9.37 after a 100-basis point interest rate cut. Prior to the PPK meeting, TRY appreciated and fell to 9.23 yesterday against USD and hovers around 9.27 today. The decrease stemmed from the possibility of the PPK...

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Turkish banks could face further curbs on consumer lending: S&P

Turkish banks could face further curbs on consumer lending: S&P

Turkey’s banking regulator could further restrict consumer borrowing as it tries to control high levels of inflation, potentially squeezing margins at the country’s privately owned banks, S&P Global said in a report. Lower limits on credit cards and personal loans are possibilities, as are increased risk-weighted asset requirements for general purpose loans and auto loans,...

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What matters on Wednesday, October 20

What matters on Wednesday, October 20

Turkish Industry and Business Association (TUSIAD) made a call yesterday to rebuild Turkey. The messages by the Turkish biggest business NGO were crystal clear than ever before.   TUSIAD announced the framework of its 50th anniversary project “Building the Future with a New Approach” at its High Advisory Council meeting. The study pointed out that the...

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TRY Rout Imperils One of the Best Bets in Emerging Markets

TRY Rout Imperils One of the Best Bets in Emerging Markets

BY BLOOMBERG The TRY’s slump this month threatens to derail a rally in Turkish corporate bonds that’s handed investors some of the richest returns in emerging markets. The debt, offering returns of 4.4% in 2021, was the second-worst performer in developing nations after President Recep Tayyip Erdogan sacked three central bankers last week. As TRY tumbled, the...