Turkish Lira is at its psychological test level.
Stubborn inflation in the U.S. and hawkish Fed on one hand, domestic inflation reaching 20% and the uncertainty of the CBRT on the other… The TRY, which was stuck between two separate monetary policies, has reached its psychological level of 10 against the USD. The USD/TRY was traded at 10 at the free market yesterday.
The USD/TRY continues to renew its historical peaks in the foreign exchange markets. The USD/TRY, which was over 9.97 yesterday, reached its peak this morning to 9.9857. EUR/TL is trading above 11.42 this morning.
One good news is that Ravago, one of the largest chemical companies in the world, continues its growth in Turkey. Belgian Ravago, which has grown by acquiring companies one after another in Turkey, becomes the main shareholder in Turkuaz Kimya, according to Kerim Ulker of daily DUNYA.
Ravago, which entered the Turkish market by purchasing 50% of Izoberrock in 2013, then acquired Tekpol in 2014 for USD 36m. Having recently acquired Kemiropa, Ravago is now becoming the main shareholder of Turkuaz Kimya. The company is buying 51% of the shares of Turkuaz Kimya ve Tarim Sanayi Ticaret.
Operating in more than 55 countries around the world, Ravago has 45 production facilities. The number of employees of the company is more than 7,000. Turkuaz Kimya, on the other hand, is the representative and distributor of foreign chemical companies such as Nouryon, Afcona Additives, Avebe, Bruchsaler Farben, Laviosa and Kao in Turkey.
DAILY AGENDA
President Recep Tayyip Erdogan will attend the 8th Summit of the Turkic Council to be held on the Democracy and Liberties Island (10.00 am).
The Industrial Production Index surged by 8.9% in September, compared to the same month of the previous year, according to the Turkish Statistical Institute (TurkStat). The index dropped by 1.5% on a monthly basis.
The Total Turnover Index jumped 42.6% in September, compared to the same month of the previous year, according to TurkStat. The index also increased by 0.6% on a monthly basis.
Retail sales volume with constant prices surged by 15.9% in September, compared to the same month of the previous year, according to TurkStat. Retail turnover with current prices remained steady at 37.3% in September.
The Central Bank will release the Survey of Market Participants for November.
The Parliament’s Planning and Budget Commission will discuss budgets of various institutions including the Ministry of Treasury and Finance, Banking Regulation and Supervision Agency, Capital Market Boards of Turkey, TurkStat.
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