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What matters on Friday, November 19

What matters on Friday, November 19

The Central Bank’s Monetary Policy Committee (PPK) lowered the interest rate by 100 basis points from 16% to 15%. It is worth nothing that the PPK announced the decision with a 5-minute delay (at 2.05 pm instead of 2.00 pm) for the first time in its history. This shows weakness of communication and the Central...

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What matters on Thursday, November 18

What matters on Thursday, November 18

TRY continues to devaluate. USD/TRY broke another record at 10.73 while EUR/TRY hit 12.17. The exchange rate of USD has increased by more than TRY 2.00 since September 8, when the Central Bank Governor Sahap Kavcioglu emphasized core inflation, according to daily DUNYA Finance Editor Sebnem Turhan. And all eyes are on the Monetary Policy...

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I won’t stand by anyone who defends interest rates: Erdogan

I won’t stand by anyone who defends interest rates: Erdogan

Turkish President and AK Party Chairman Recep Tayyip Erdogan has underlined the ‘low interest rate’ message at the AK Party’s group meeting . Repeating the idea that the ‘interest is the cause and inflation is the result’, Erdogan said his party will remove the burden of the interest rate burden from the nation.  “We cannot let...

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EBRD to provide EUR 150m for railway project linking Europe and Asia

EBRD to provide EUR 150m for railway project linking Europe and Asia

The European Bank for Reconstruction and Development (EBRD) will provide EUR 150m loan to the Turkish government for the construction of the 67-kilometer Ispartakule-Cerkezkoy high-speed railway line project linking Istanbul to the Bulgarian border, according to a statement from the bank. The loan will also support the Turkey’s transition to a low-carbon economy.  The Ispartakule-Cerkezkoy...

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What matters on Wednesday, November 17

What matters on Wednesday, November 17

Foreign exchange rates will stabilize, and Turkey’s risk premium will decrease as fight against inflation continues in a determined and wholistic approach, according to Treasury and Finance Minister Lutfi Elvan. “By the support of these, the long-term interest rates will decline and predictability for investments will increase,” Elvan said in a speech at the 5th...

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What matters on Tuesday, November 16

What matters on Tuesday, November 16

Borsa Istanbul’s BIST 100 index, which drew a positive picture under the leadership of the banking equities, rose by 3.91% to 1,702.49, an all-time high as of Monday’s close. Analysts said the banking equities rapidly increased after Banco Bilbao Vizcaya Argentaria (BBVA), which owns 49.85% share in Garanti BBVA, launched a voluntary takeover bid for...

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Opposition parties to prepare an economic ‘constitution’

Opposition parties to prepare an economic ‘constitution’

BY MARUF BUZCUGIL The urgent nature of the economic crisis has led Turkey’s opposition parties to come together to try and solidify the foundations of the economy. These opposition parties –  CHP, IYI Party, SP, DP, Democrat Party, Gelecek Party and DEVA Party –will work to enter the next election with a set of agreed-upon...

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Housing sales increases by 15% in October

Housing sales increases by 15% in October

Housing sales in Turkey increased by 14.9% in October compared to the same month last year, according to the Turkish Statistical Institute (TurkStat). 137,401 houses were sold in October – Istanbul represented the highest share (19%) of sales, with 26,041 houses sold over the course of the month. After Istanbul, Ankara represented 9.8% of sales...

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What matters on Monday, November 15

What matters on Monday, November 15

The Monetary Policy Committee (PPK) will announce the interest rate decision on Thursday. Prior to the PPK meeting, at which interest rate is expected to be further lowered, USD/TRY saw 10.04 while EUR/TRY hit 11.50 this morning. The problems and hot agenda in the economy pushed the opposition parties to act jointly in this area...