The Economic Confidence Index rose by 1.3% from 98.1 to 99.3 in January, month-over-month, according to the Turkish Statistical Institute (TurkStat). The hike stemmed from the increase in the consumer, real sector, and construction indices in this period. “The figure indicates that the economic activity has made a moderate start to the new year,” Dr....
Tag: Turkey
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Central Bank keeps interest rate steady at 9%
The Central Bank’s Monetary Policy Committee (PPK) has decided to keep the policy rate (one-week repo auction rate) constant at 9% in line with market expectations. However, the bank removed the expression that “the current policy rate is adequate” from the PPK statement this month. Here is the PPK statement: “Although recently released data point...
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Central Bank keeps interest rate steady at 9%
The Central Bank’s Monetary Policy Committee (PPK) has decided to keep the policy rate (one-week repo auction rate) constant at 9% in line with market expectations. The bank cut the interest rate by 150 basis points to 9% and decided to end the rate cut cycle, at the previous PPK meeting. Here is the PPK...
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Central Bank cuts interest rate by 150 basis points
The Central Bank’s Monetary Policy Committee (PPK) cut the interest rate by 150 basis points from 12% to 10.5%, below the market expectation. The policy rate was expected to be cut by 100 basis points to 11%, according to surveyed analysts. Here is the PPK statement: “The weakening effects of geopolitical risks on global economic...
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Annual inflation hits 24-year high
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%...
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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...