Real sector confidence (RSCI) rose by 2.4% in February compared to last month, reaching 109,3. RSCI reached its highest level since May 2018. Meanwhile, the seasonally adjusted real sector confidence index (RSCI-SA) decreased by 0.3% to 108.7 compared to the previous month. According to the survey questions that make up the index, the export quantity,...
Category: Daily News
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January tourism data at all-time low
The number of foreign visitors decreased by 71.48% to 509,787 in January 2021 compared to last year, according to the temporary data announced by the Ministry of Tourism. The data recorded an all-time low of foreign visitors in the month of January. Of 509,787 foreign visitors, 2,901 (0.57%) were overnight travellers. The ranking of the...
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Will CBRT Governor Agbal’s ‘tight stance’ sustainable?
Naci Agbal, Turkey’s new central bank governor, began his career as a financial inspector three decades ago. He hopes such devotion to the rules will see him – and the economy – through one of the trickiest turnaround jobs in emerging markets. Turkish President Tayyip Erdogan appointed Agbal in early November as the lira touched...
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Turkish Petroleum International AS to operate the Black Sea natural gas
Turkish Petroleum International AS will be established to operate the natural gas field holding 405 billion cubic meters of natural gas discovered in the Black Sea, with a capital of USD 1.65bn. Turkish Petroleum Overseas Company Limited (TPOC), the subsidiary of Petroleum Pipeline Company (BOTAS) and Turkish Petroleum Corporation (TPAO) has decided to establish three...
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The CBRT effect on the budget deficit
BY SEBNEM TURHAN The Ministry of Treasury and Finance announced the first results for the budget for this year. The budget deficit increased to TRY 24.15bn in January this year compared to TRY 21.5bn budget surplus last year. The surplus had resulted from the early transfer of Central Bank’s (CBRT) operating income to the budget....
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TurkStat appoints Dosdogru as Chairman by proxy
Turkish Statistical Institute (Turk Stat) Chairman Muhammed Cahit Sirin was dismissed and replaced by Deputy Chairman Ahmet Kursad Dosdogru by proxy, a statement by Turk Stat said. Sirin had been appointed to the post on May 22, 2020. TurkStat had recently established advisory boards comprised of well-known academics, following criticisms about its calculations of inflations...
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Expectations for year-end USD/TL decreases to 7.79
Year-end inflation will be 11.23, according to the Expectations Survey by the Central Bank. This figure was 11.15 in the previous survey. 12-month CPI forecast, which was 10.53% in the previous survey, is 10.36%. The 24-month CPI forecast was 9.14% and 9.03% in the respective survey periods. The current year-end USD/TL forecast decreased from 8.09...
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Trade Minister calls for investment in Next-Generation Specialized Free Zones
Speaking at the promotion meeting for specialized free zones, Trade Minister Ruhsar Pekcan called the private sector and foreign investors to invest in the “Next-Generation Specialized Free Zones”. Pekcan said that to this date, foreign capital companies have invested more than USD 2.5bn in free zones. “With our new model, we aim to establish R&D-intensive,...
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Unemployment to be 13.2% for the year 2020
By H. BADER ARSLAN Turkish Statistical Institute (TurkStat) announced the November labor statistics this morning. With 12.9%, unemployment in November was lower on an annual basis but higher than the previous month. While the number of employed people was 28.1 million in the same period of the previous year, it decreased to 27.6 million in...
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Turkey to reach moon in 2023: Erdogan
Turkey aims to achieve first contact with the moon as part of its national space programme in 2023, according to President Recep Tayyip Erdogan. Speaking in an event in Ankara, Erdogan announced a programme with 10 strategic goals of some which included sending a Turkish citizen to a scientific mission in space. “The first rough...