The regulation for the victims of the delayed pension age (EYT) has been approved by the Parliamentary Planning and Budget Commission. The regulation will pass into law next week, according to AK Party Group Deputy Chairman Mustafa Elitas.
Turkey’s benchmark stock index closed at 4,752.24 points yesterday, notching its eighth consecutive session of losses. After starting the day at 4,720.15 points, Borsa Istanbul’s BIST 100 index gained 38.85 points, or 0.82%, from Wednesday’s close of 4,713.39 points. The index’s lowest value during the day was 4,479.69 points, while its daily high was 4,870.66 points. The daily trading volume was TRY 118bn, while 46 stocks on the index posted gains and 54 were down during the day.
President Recep Tayyip Erdogan will receive Kosovar Prime Minister Albin Kurti in Istanbul today for talks on various issues, according to the Turkish presidency. Erdogan and Kurti will review various aspects of Turkey-Kosovo relations and the potential steps that would further enhance the bilateral cooperation, the presidency said in a statement. “Besides the bilateral relations, views on regional and international matters, regarding the Balkans in particular, will likely be exchanged during the meetings,” the statement read.
Treasury and Finance Minister Nureddin Nebati said Turkey would keep interest rates low after the elections and not reverse course on monetary policy, according to Reuters citing an interview published by Bloomberg. Contrary to the expectations that President Tayyip Erdogan will roll back his stimulus program after the vote, Nebati was quoted as saying the Central Bank would keep cutting rates as inflation slows and keep them low.
Turkey summoned ambassadors of nine Western countries including the U.S. and Sweden yesterday to criticize their decisions to temporarily shut diplomatic missions and issue security alerts following the Quran-burning incidents in Europe. The envoys of Belgium, France, Germany, Italy, the Netherlands, Switzerland, and the UK were also summoned, according to foreign ministry sources in Ankara.
DAILY AGENDA
The monthly inflation rose by 6.65% and the annual inflation reached 57.68% in January, according to the Turkish Statistical Institute (TurkStat).
The domestic producer price index (D-PPI) surged by 4.15% monthly, and 86.46% annually in January, according to TurkStat.
Meanwhile…
>> Residents’ FX deposit accounts declined by USD1.83bn to USD 196bn in the week ending on January 27, compared to the previous week, according to the Central Bank
>>Residents’ FX deposit accounts dropped by USD 2.1bn in the week ending on January 27, compared to the previous week, according to parity-adjusted data from the Central Bank.
>> The banking sector’s total loan volume jumped TRY 85.65bn to TRY 7.8tr and its total deposits rose by 0.8%, to TRY 9.19tr in the week ending on January 27, compared to the previous week, according to the Banking Regulation and Supervision Agency (BDDK).
>> The total amount in FX-protected TRY deposit accounts (KKM) increased by TRY 21.2bn to TRY 1.41tr in the week ending on January 27, compared to the previous week, according to BDDK.
>> The Central Bank’s international net reserves fell by USD 906.6m from USD 26.7bn to USD 25.8bn in the week ending on January 27, compared to the previous week. The bank’s total reserves decreased by USD 1.6bn to USD 127.13bn in this period.
>> The total asset size of the Industrial Development Bank of Turkey (TSKB) rose by 37% to TRY 115.5bn in 2022, as compared to 2021. The bank’s annual net profit totaled TRY 4bn.
>> Passenger car and light commercial vehicles sales climbed by 33.5% to 50,894 units in January, year-over-year, according to the Automotive Distributors and Mobility Association (ODMD).
>> Exports increased by 10.4% to USD 19.4bn while imports jumped 21.0% to USD 33.7bn in January, compared to the same month last year, according to Trade Minister Mehmet Mus. The foreign trade deficit hit a record high of USD 14.3bn last month.
>> Koc Holding’s banking subsidiary Yapi Kredi injected TRY 850bn into the economy last year. The bank’s net profit amounted to TRY 52.74bn in 2022.
