What matters on Friday, October 7

President Recep Tayyip Erdogan, who attended the European Political Community summit with 44 European countries are invited, conveyed Turkey’s views, contributions, and assessments related to the challenges Europe faces in terms of peace and security, energy, climate, and economy, according to the Presidency. Erdogan also informally met with his Azeri counterpart Ilham Aliyev and Armenian Prime Minister Nikol Pashinyan on the sidelines of the summit, marking the first top-level talks between Turkey and Armenia since they launched a bid to mend ties late last year after decades of animosity.

Treasury and Finance Minister Nureddin Nebati tweeted that the Turkish Grain Board (TMO) will restart barley and corn sales to reduce costs for meat and milk producers and that additional measures are being evaluated.

The capacity of the Trans-Anatolian Natural Gas Pipeline (TANAP) will be doubled from 16 billion cubic meters to 32 billion cubic meters soon as a result of talks between Turkey and Azerbaijan, according to Energy and Natural Resources Minister Fatih Donmez.

South Korea made a transfer worth USD780m to the Central Bank, a portion of the USD 2bn agreed under a swap deal signed in 2021, two bankers told Reuters. The total amount transferred to Turkey from South Korea under the deal is now worth almost USD 1bn, two bankers said, citing calculations based on the bank’s balance sheet and reserves data.

13 more ships have left Ukrainian ports under the Istanbul grain export deal over the past two days, according to the National Defense Ministry. Since the first ship sailed from Ukraine under the deal on August 1, more than 260 ships with over 6 million tons of grain have departed from ports.

Turkey’s benchmark stock index ended yesterday at 3,553.85 points, increasing 1.99% from its previous close. Borsa Istanbul’s BIST 100 index rose 69.43 points from Wednesday’s close of 3,484.42 with a daily trading volume of TRY 72.5bn. Central banks’ steps and concerns over economic activity have led to a fluctuation in the markets which is expected to continue until the U.S. employment report is released, according to analysts. They said 3,340 points will be the support level and 3,570 points will be the resistance level for the BIST 100 index, in technical terms.


No important data will be released in the country. 


>> Residents’ FX deposit accounts fell by USD 85.2m from USD 210.41bn to USD 210.33bn in the week ending on September 30, compared to the previous week, according to the Central Bank.

>> The Central Bank’s international net reserves rose by USD 55m from USD 9.66bn to USD 9.72bn in the week ending on September 30, compared to the previous week. The bank’s total reserves fell from USD 110.8bn to USD 107bn in the same period.

>> State-owned Ziraat Bank’s agricultural loans have exceeded TRY 175bn as of September, according to the bank’s statement.

>> Foreigners’ net equity outflow from Turkey reached USD 300.3m in the week ending on September 30, according to the market price and FX movements adjusted data from the Central Bank. Their outflow has totaled USD 551.8m since the week ending on September 9.

>> The total amount in FX-protected TRY deposit accounts (KKM) rose from TRY 1.37tr to TRY 1.4tr in the week ending on September 30, compared to the previous week, according to the Banking Regulation and Supervision Agency (BDDK).

>> The banking sector’s loan volume surged from TRY 6.74tr to TRY 6.83tr while its total deposits climbed from TRY 7.98tr to TRY 8.05tr in the week ending on September 30, compared to the previous week, according to BDDK.

>> Yapi Kredi’s leasing arm, Yapi Kredi Leasing, inked a USD 120m loan deal with the International Finance Corporation (IFC). The amount will be used to help SMEs to shift to a sustainable economy.

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