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Migros penetrates online food delivery sector

Migros penetrates online food delivery sector

The supermarket chain Migros Ticaret AS’ subsidiary Migros One, which incorporates Migros Sanal Market, Migros Hemen, MacroOnline, and Tazedirekt, has penetrated the online food delivery sector with Migros Yemek. Migros Yemek, which now operates in Atasehir, in Istanbul, will serve a major part of Istanbul, Ankara, and Izmir by July. “With Migros Yemek, we’ll deliver...

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What matters on Friday, June 24

What matters on Friday, June 24

The Central Bank’s Monetary Policy Committee (PPK) kept its policy rate steady at 14% as expected. No notable message was included in the PPK statement, and no message was sent about the future of the interest rate policy, according to the economic world. As a change, the bank pointed out in the PPK statement that...

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Interest rate remains steady

Interest rate remains steady

The Central Bank kept the policy rate steady at 14% at the Monetary Policy Committee (PPK) meeting in line with the market expectations. In a statement the bank emphasized that the PPK will continue to implement the strengthened macroprudential policy set decisively and take additional measures when needed. Here is the bank’s statement:  >> “The...

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Turkey and Sweden must agree on differences

Turkey and Sweden must agree on differences

PROFESSOR ILTER TURAN The debate regarding the accession of Finland and Sweden to NATO continues. Turkey insists that these countries should reconsider their policies which, for all practical purposes, amount to extending support to the PKK that conducts acts of terrorism against Turkey, operating mainly from Iraq and to a lesser degree from Syria. The...

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What matters on Thursday, June 23

What matters on Thursday, June 23

The market will focus on the Central Bank’s Monetary Policy Committee (PPK) meeting today. Analysts predict the interest rate will remain steady at 14%. However, some economists think that a 100-basis point cut wouldn’t be a surprise due to a possible swap deal by the Central Bank. Saudi Crown Prince Mohammed bin Salman visited Turkey...

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Consumer confidence hits record low

Consumer confidence hits record low

The seasonally adjusted consumer confidence index fell by 6.2% from 67.6 to 63.4 in June, compared to the previous month, hitting a fresh record low, according to the Turkish Statistical Institute (TurkStat). The index of household finances dropped by 8.1% over the past 12 months from 48.5 to 44.5 while the household finances expectations index...

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Russian, Turkish military hold meeting on grain export from Ukraine’s port

Russian, Turkish military hold meeting on grain export from Ukraine’s port

Russian and Turkish military officials met in Moscow to discuss the safe exit of Turkish merchant ships and grain export from Ukrainian ports, according to a statement from the Russian Defense Ministry. The sides also discussed approaches to ensure safe navigation in the Black Sea, the statement read. “On June 21, negotiations between the delegations...

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FX poured in April and we didn’t even notice

FX poured in April and we didn’t even notice

BY ALAATTIN AKTAS The Central Bank’s (CB) balance of payments statistics show that a considerable amount of foreign exchange (FX) flowed to Turkey in April. The FX that entered Turkey was more than needed and the surplus added to the CB’s reserves. The current account deficit totaled USD 2.7bn in April. There was a higher...

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What matters on Wednesday, June 22

What matters on Wednesday, June 22

The Economic Coordination Council (EKK) convened under the presidency of Vice President Fuat Oktay. Due to recent developments, the council evaluated the overall outlook of the Turkish economy, forecasts on public finance for the rest of the year, and basic issues regarding the additional budget process. The EEK also discussed measures for supply security and price stability...

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FDI outflows on the rise

FDI outflows on the rise

BY MEHMET KAYA Foreign direct investment (FDI) inflows to Turkey are slowing, while FDI outflows from Turkey continue to surge. The net FDI inflow to the country fell by 31% from USD 1.47bn to USD 1.01bn in January-April, year-over-year, according to the Central Bank. The net FDI inflow to Turkey from capital and real estate...