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EBRD President visits Turkey

EBRD President visits Turkey

The President of the European Bank for Reconstruction and Development (EBRD), Odile Renaud-Basso, kicked off a 3-day visit to Turkey on October 6, according to a statement from the EBRD. Renaud-Basso held an online meeting with Treasury and Finance Minister Nureddin Nebati. They  discussed the global economic outlook, economic developments in Turkey, and collaboration between...

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What matters on Friday, October 7

What matters on Friday, October 7

President Recep Tayyip Erdogan, who attended the European Political Community summit with 44 European countries are invited, conveyed Turkey’s views, contributions, and assessments related to the challenges Europe faces in terms of peace and security, energy, climate, and economy, according to the Presidency. Erdogan also informally met with his Azeri counterpart Ilham Aliyev and Armenian...

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Credit rationing

Credit rationing

BY FATIH OZATAY There is now research that shows that banks don’t want to open credit at real interest rates (IRs) which exceed the inflation-adjusted (real) threshold loan interest rate (IR). Therefore, banks won’t meet the loan demand at those IRs, stating that they will implement credit rationing. Credit rationing is when lenders limit the...

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Karsan inks EUR 18.2m export deal

Karsan inks EUR 18.2m export deal

The bus manufacturer Karsan has inked a EUR 18.2m export deal with the Italian passenger transportation company TPER Bologna. The deal comes after a tender was opened for 31 18-meter electric buses for the public transportation system in Bologna. As part of the contract, Karsan will deliver 24 electric e-ATA buses while an additional seven...

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Colendi secures USD 150m credit line

Colendi secures USD 150m credit line

FinTech service provider Colendi has inked a deal with Fibabank to open a USD 150m credit line. The funding will allow Colendi to offer new products and services in payment, loan, and investment services. “Colendi and Fibabank have also become partners with this agreement. This investment will provide loan and investment opportunities for over 10...

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What matters on Thursday, October 6

What matters on Thursday, October 6

The Turkish economy will grow by 4.7% this year, according to the latest report prepared by the World Bank. The institution said the decrease in investors’ confidence and TRY devaluation will create pressure on companies’ and banks’ balance sheets.  It added that the hike in energy and food prices deteriorated the budget of low-income households...

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What matters on Wednesday, October 5

What matters on Wednesday, October 5

The ready-to-wear sector, which is among Turkey’s leading export industries, faces a risk of supply alternatives offered by North Africa. North African countries, whose energy and labor costs are relatively cheaper compared to Turkey, are eroding Turkey’s competitive advantages. Some companies have started to shift their production and investments to countries such as Egypt, Morocco, and...

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Loans slow while interest rates decline

Loans slow while interest rates decline

BY TALIP AKTAS Despite a 10-point decline in interest rates, the annual growth of commercial loans contracted from 50% to below 20% in September, compared to the beginning of the year, in an environment where producer inflation hit 144% and consumer inflation reached 80%. Why have loans fallen sharply despite a negative real interest rate...