Annual inflation hit 83.45% in September, hitting a 24-year high, according to the Turkish Statistical Institute (TurkStat). The figure remained below the market expectation of 84.63%. The Consumer Price Index (CPI) rose by 3.08% last month. The Istanbul Wage Earners Cost of Living Index (WECLI) prepared by the Istanbul Chamber of Commerce (ITO) jumped 107.42%...
Tag: Turkey
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Central Bank cuts interest rate by another 100 basis points
The Central Bank’s Monetary Policy Committee (PPK) surprisingly cut the interest rate by 100 basis points to 12%. Thus, the bank reduced the policy rate for the second consecutive month. TRY touched a record 18.42 versus the USD, surpassing the level reached during a full-blown currency crisis last December. It edged back to 18.36 following...
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Economy expands 7.6% year-on-year in Q2
The Turkish economy economy grew 7.6% year-on-year in the second quarter of 2022, according to the Turkish Statistical Institute (TurkStat). The country’s gross domestic product (GDP) at current prices surged 114.6% to TRY 3.4tr (USD 219.3bn) in the April-June period, TurkStat said. During this period, while the annual sectoral growth was 7.8% in industry and...
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EBRD to provide EUR 12m to May Tohum
The European Bank for Reconstruction and Development (EBRD) will provide a EUR 12m loan to seed producer May Tohum, according to a statement from the EBRD. The financing will be used by the company to expand its operations, renovate its manufacturing plants and R&D centers, and enhance the automation of R&D. The loan will also...
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Triwi raises over TRY 2.3m
Technology startup Triwi has received over TRY 2.3m in investment, following the completion of its latest funding round. Founded in 2018, Triwi is a technology company, which aims to make breast checks routine by enabling women to easily perform breast self-exams with a wearable technology product. “There is no obstacle to start manufacturing – funding...
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American Podean enters Turkish e-commerce market
The U.S.-based e-commerce marketing consultancy company Podean Marketplace Marketing (Podean) launched its Turkey office. The firm, which is the official partner of the U.S.-based multinational e-commerce, cloud computing, digital streaming, and artificial intelligence company Amazon.com, Inc. on six continents, plans to grow brands on Amazon. “Podean will help brands to grow in Turkey with over...
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Central Bank cuts interest rate to 13%
The Central Bank cut its interest rate by 100 basis points from 14% to 13% in an effort to shore up growth, it announced in an official statement. After Russia and China, Turkey’s Central Bank also lowered rates to help ensure economic activity would not slow down, despite economists’ previous expectations that rates would remain...
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Ronesans seeks up to USD 3bn in projects with Japanese peers: Nikkei Asia
Construction, real estate, and energy company Ronesans Holding is in talks with Japanese companies to carry out joint projects of up to USD 3bn in value to increase its growth in foreign markets, according to Erman Ilicak, Founder and President of Ronesans Holding. “Ronesans is also looking to buy a stake in a Japanese engineering...
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Manufacturing PMI hits 2-year low
The Istanbul Chamber of Industry (ISO) Turkey Manufacturing PMI (Purchasing Managers Index) dropped from 48.1 to 46.9 month-over-month in July, below the threshold level of 50.0 for the fifth consecutive month. Thus, the ISO Turkey Manufacturing PMI has fallen to its lowest level since the beginning of 2020, when the pandemic started. Market uncertainty and...
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1st grain-loaded ship sets off from Ukrainian port
As part of a recent grain export deal signed between Turkey, the UN, Russia, and Ukraine, the first ship has departed from the port of Odesa, according to the National Defense Ministry. Loaded with corn, the Sierra Leone-flagged dry cargo ship Razoni left Odesa at 8.30 a.m. local time (0530GMT), as agreed by the sides...