Treasury and Finance Minister Nureddin Nebati spoke about the recent developments on Borsa Istanbul and with FX-protected TRY deposit accounts (KKM) on his Twitter account. Nebati said Borsa Istanbul’s BIST 100 Index, which has broken successive records for two months, closed last week at 3,521.38 points, the strongest rally since July 2005. “Borsa Istanbul becomes more attractive in terms of listed companies and investors each passing day. Domestic and foreign investors invest more in capital markets day by day as they trust in our companies’ balance sheets, capital structures, and profitability,” Nebati added. The Treasury and Finance Minister also stated that the BIST 100 Index jumped 142% in a year while Turkey’s capital market has reached TRY 4.8tr with over 29 million investors and more than 56 accounts. Touching on the KKM, Nureddin Nebati added that the total amount in the KKM has exceeded TRY 1.3tr while the number of legal persons and real persons with KKM accounts has totaled 2.13 million.
Regarding the agenda of the week, the Turkish Statistical Institute (TurkStat) will release the Industrial Production Index, Retail Sales Indices, and Retail Turnover Index for July on Tuesday.
While the Republican People’s Party (CHP) Chairman will hold his party’s group meeting in Sakarya on Tuesday, President Recep Tayyip Erdogan will announce Turkey’s largest-ever social housing project to include all 81 provinces at 2.00 PM. The TRY 362bn social housing project is expected to create over TRY 1.5tr in economic mobility in more than 250 sub-sectors.
The Ankara Chamber of Industry (ASO) will hold its traditional reception, which brings together the Ankara business world and the representatives of foreign missions in Ankara, at the Ankara Ethnography Museum on Wednesday.
TurkStat will release paid employee statistics for July as well as house sales statistics and the Producer Price Index for Agricultural Products for August while the Central Bank will announce the private sector’s outstanding loans received abroad for July on Thursday. The Treasury and Finance Ministry will also release the Central Government’s budget balance statistics for August.
President Recep Tayyip Erdogan will pay a visit to Uzbekistan on Thursday, September 15, and Friday, September 16.
The regulation on the sale of second-hand cars in less than six months and with less than 6,000 km in mileage will come into effect on Thursday, September 15. The regulation will last until July 1, 2023.
The Turkish Enterprise and Business Confederation (TURKONFED) will hold the Green Transformation Summit in association with Konrad-Adenauer-Stiftung (KAS) Turkey and Akbank. The “Green Transformation – Risks, Opportunities and Prospects Report” will be released at the event.
The Central Bank will release the short-term external debt statistics and the Residential Property Price Index for July on Friday.
President Erdogan will also go to the U.S. to attend the United Nations General Assembly on Saturday and will stay in the U.S. until September 22.
The current account balance posted a USD 4bn deficit in July, according to the Central Bank.
The unemployment rate dropped by 0.3 points to 10.1% in July, compared to the previous month, according to TurkStat.
The Construction Cost Index (CCI) jumped 114.74% in July, year-over-year, according to TurkStat. The CCI rose by 6.46% on a monthly basis.
IN OUR MAGAZINE THIS WEEK:
>> On the cover: Theresa Cutajar, Ambassador of Malta to Turkey, is on our cover this week. Turkey is the second largest source of foreign direct investment (FDI) in Malta, the ambassador said, stressing that at present there are around 500 companies in Malta owned by Turkish shareholders and more than 600 companies that are owned by Turkish Beneficial Owners. You can read the details on pages 8-9.
>> Professor Ilter Turan: It’s not easy to part with empires. P. 10.
>> Q&A: Onur Altan Tan, CEO of Bitci Holding. P. 11.
>> Chief Economist Gunduz Findikcioglu: Outside financing capacity. Pp. 12-13.
>> Zeynep Gurcanli: Relations with the West: One step forward, two steps back. P. 14.
>> Five more ships have left Ukrainian ports under the Istanbul grain export deal, according to a statement from the National Defense Ministry.
>>Greek Prime Minister Kyriakos Mitsotakis said he remains open to communication with President Recep Tayyip Erdogan although the Turkish president recently said that Mitsotakis “no longer exists for him.” “I am always ready to meet with the Turkish president,” Mitsotakis said at a press conference in Thessaloniki yesterday, adding that he hoped for talks at the first meeting of the European Political Community in Prague in early October.