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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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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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Turkey has the highest inflation among OECD countries

Turkey has the highest inflation among OECD countries

Consumer prices in the OECD area reached 9.2% year-on-year in April, up from 8.8% compared to the previous month, according to a statement from the OECD. Nine OECD countries recorded double-digit inflation rates, with the highest rates experienced in Turkey and Estonia. Annual inflation hit 69.97% in Turkey, while it reached 18.8% in Estonia in...

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Number of unicorns to reach 10 by 2023

Number of unicorns to reach 10 by 2023

BY SELENAY YAGCI The local startup ecosystem has raised the bar after it ended 2021 with record figures. Four more startups are expected to join the Turkish unicorn league by 2023 following Getir, Dream Games, Insider, Trendyol, Hepsiburada and Peak. In the meantime, the number of incubation centers rose from nine to 82, and the...

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Short-term foreign debt at USD 132bn in March

Short-term foreign debt at USD 132bn in March

Turkey’s short-term foreign debt stock amounted to USD 132bn as of the end of March, according to the Central Bank. The external debt due to be paid over the next 12 months jumped 9.9% from the end-2021, the bank said in a statement. In this period, lenders’ short-term external debt stock increased 6.9% to USD...

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Manufacturing capacity inches up in May

Manufacturing capacity inches up in May

Turkey’s manufacturing industry used 78% of its production capacity in May, posting a slight rise from a month ago, according to the Central Bank. The capacity utilization rate (CUR) of the manufacturing industry inched up by 0.2 percentage points from 77.8% in April. The CUR figures are based on the responses given to a business...

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Central government gross debt stock at TRY 3.1tr in April

Central government gross debt stock at TRY 3.1tr in April

The central government’s gross debt stock totaled TRY 3.12tr (USD 210.7bn) at the end of April, according to the Ministry of Treasury and Finance. The figure was up 0.3% from the previous month on a TRY basis. The gross debt stock includes the outstanding debt of public sector institutions, the Turkish Central Bank, private companies...

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House sales up by 39% in April

House sales up by 39% in April

Residential property sales in Turkey increased 38.8% on an annual basis in April, according to the Turkish Statistical Institute (TurkStat). A total of 133,058 houses changed hands last month, up from 95,863 in April 2021, TurkStat reported. Mortgaged house sales stood at 32,030 last month, up 82.9% year-on-year, accounting for 24.1% share of all house...