What matters on Monday, January 23

We apologize for delay due to a technical issue…

We’re going to spend a lot of this week talking about the results of confidence indices. The Central Bank will release the Financial Services Confidence Index for January on Tuesday morning, while it will announce the Real Sector Confidence Index for the same month on Wednesday morning. The Turkish Statistical Institute (TurkStat) will release the confidence index in the services, retail, and construction industries for January on Wednesday morning as well.

We can see various results in sectoral confidence indices. Upward results in the services, retail, and construction sectors and a downward movement in the manufacturing industry would not be surprising. Confidence in the manufacturing industry (real sector) has been declining recently due to the weakening in foreign demand. The construction sector may move upwards due to the recently announced housing packages, while the service and retail sectors may move upwards due to the minimum wage and EYT regulation.

Moreover, TurkStat will release the road motor vehicle registrations for December on Tuesday, and the Central Bank will release the capacity utilization rate for the manufacturing industry for January on Wednesday morning. The bank will also release the weekly banking and monetary statistics on Thursday morning. The Union of Chamber and Commodity Exchanges of Turkey (TOBB) will announce the industrial capacity report statistics for the last year on Friday.

In terms of internal affairs, the Cabinet will convene under the chairmanship of President Recep Tayyip Erdogan with the regulation on the restructuring of public debts on the agenda today. Treasury and Finance Minister Nureddin Nebati is expected to make a presentation on the work done.

On Wednesday, discussions on the constitutional amendment proposal regarding the headscarf at the Constitutional Commission of the parliament will continue and new contacts may take place between the political parties within the framework of the search for reconciliation.

On Thursday, the six-party opposition roundtable will meet for the presidential candidate on its agenda for the first time. The Transition Process Roadmap and Common Policies Text, which will be announced on January 30, will also be finalized.


Consumer Confidence Index increased by 4.6% on a monthly basis and became 79.1 in January, highest level in the last 16 months. (TurkStat).

19.15 million people traveled domestically in the third quarter of 2022. Travel expenditures of domestic tourists in the period of July-September 2022 increased by 112.5% compared to the same period of 2021 and reached TRY 63.4bn. (TurkStat)


>> On the cover: Taiwan-based cryptocurrency exchange platform WOO will invest over TRY 100m in its Turkey operation WOOTR, which aims to reach a daily trading volume of around TRY 5bn in 2023, according to Bugra Gokagacli, General Manager of WOOTR. “We have invested a part of this figure in technical infrastructure and security systems. We continue to develop our liquidity and market-making services thanks to this investment,” Gokagacli said. You can read the details on pages 8-9.

>> Professor Ilter Turan says on page 10 that Ukrainian intervention tests the limits of Russian power.

>> Report: Macroprudential measures can’t replace monetary policy: TUSIAD. P.11.

>> Chief Economist Gunduz Findikcioglu: How did we ‘conquer inflation’ two decades ago? P. 12-13.

>> Zeynep Gurcanli: No linkage between the sale of F-16s and NATO expansion: U.S. Envoy. You can read the details on page 14.


>> Presidential Decrees on four investments within the frame of the project-based incentive system were published in the Official Gazette. Accordingly, TRY 31.73bn investment will be made in Gaziantep, Konya, Hatay, and Bursa provinces in total.

>> The banking sector’s TRY securities have increased by 84.6% while the sector’s government debt securities stock jumped 250.5% in a year, according to the Banking Regulation and Supervision Agency (BDDK).

>> 40% of 5 million people under the EYT regulation will retire this year, according to Treasury and Finance Minister Nureddin Nebati.

>> President Recep Tayyip Erdogan announced that he will use the power of election on March 10. “Then, there will be a 60-day period,” Erdogan added.

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