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New economic reform package between the lines

New economic reform package between the lines

The new economy reform package, which was by President Recep Tayyip Erdogan last November, was revealed on Friday. Announcing the reforms at the Economic Reforms Introductory Meeting at the Halic Congress Center in Istanbul, “The package aims to grow the Turkish economy on the basis of investment, production, jobs, and exports,” said Erdogan. The package...

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Automotive production decreases by 9.3% in February: OSD

Automotive production decreases by 9.3% in February: OSD

Total automotive production fell by 9.3% to 116,088 in the automotive industry in February, according to the monthly report of the Automotive Manufacturers Association (OSD). In the meantime, passenger car production declined by 22.4% to 68,105 and total exports dropped by 14.3% to 87,908, while passenger car exports decreased by 31.8% to 50,384 in February....

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What matters this morning

What matters this morning

The map prepared to show COVID-19 cases by provinces turning red day by day, indicating the risk is increasing. Two weeks after the release of the map, today there will be an evaluation by the presidential cabinet, which is expected to meet at 16:00. The main agenda item of the meeting will be the fight...

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Inflation expectation reaches 11.54%

Inflation expectation reaches 11.54%

Expectation on year-end inflation reached 11.54% in March, according to the Central Bank’s Expectation Survey. The Consumer Price Index (CPI) expectation was 11.23% in the previous survey. The 12-month CPI increased from 10.36% to 10.47% and the 24-month CPI rose from 9.03% to 9.18% for the next 24 months, compared to the previous survey. USD/TRY...

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Koc Holding to grow by gold abroad

Koc Holding to grow by gold abroad

By Kerim Ulker Koc Holding increases its investments in the goldmining. The company’s subsidiary Demir Export has decided to carry out its first operation abroad in Ireland. The company signed a letter of intention with Irish Conroy Gold& Natural Resources on mining license in the Republic of Ireland and Northern Ireland. Accordingly, Demir Export will...

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What matters this morning

What matters this morning

The day of the days has finally arrived. The long-awaited Economic Reform Package will be announced by President Erdogan today. The details do the program have already been whistled around. The package is said to include goals, targets and actions just like its predecessor Human Rights Action Plan did. Critical steps towards price stabilization, increasing...

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2020: The year of acquisition for domestic firms

2020: The year of acquisition for domestic firms

By Mehmet Kaya In 2020, 26 companies controlled by Turkish citizens were bought by foreigners while foreign companies acquired by Turkish citizens stood at 11, according to Competition Authority’s report. Accordingly, the total amount of acquisitions made by foreigners was TRY 9.9bn while Turkish buyout of foreign companies stood at TRY 11.8bn. This indicates that...

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Turkey’s inflation to decrease in 2021 and 2022: Fitch

Turkey’s inflation to decrease in 2021 and 2022: Fitch

The annual inflation is expected to fall to 11% in 2021 and to 9.2% in 2022, according to Fitch Ratings Director. International credit ratings agency Fitch Ratings organized the ‘Turkey: Sovereign and Financial Institutions Update’ webinar. Speaking at the event, Fitch Ratings Director Douglas Winslow stated that the country’s annual inflation is estimated to decline...

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What matters this morning

What matters this morning

Turkey Wealth Fund (TWF) hit the headlines lately with the appointment of Salim Arda Ermut as the new general manager, who also served as Board Member during the former Minister of Treasury and Finance Berat Albayrak’s term. The new management will give its first test with the renewal of the EUR 1bn syndicated loan, it...

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Turkey Statistical Institute abolish the advisory boards

Turkey Statistical Institute abolish the advisory boards

Turkey Statistical Institute (TurkStat) was reported to abolish its advisory boards, which were established during the short term of the previous president consisting of economists and experts. The board members were informed about the abolition of the members, according to three sources who spoke to Bloomberg HT. One of the sources said that there will...