Russian President Vladimir Putin said Turkey may become the principal route for Russian gas deliveries to Europe. Speaking at the Russian Energy Week International Forum in Moscow, Vladimir Putin stated that the natural gas, which can’t be delivered through North Stream, may be transported through the Black Sea and an energy hub may even be built in Turkey for Europe. “Of course, if our partners are interested in this idea and if it is financially accessible,” Putin added. He also noted that Russia will continue to expand its natural gas supply geography and sell its energy resources in local currencies instead of USD.
Russian President Vladimir Putin’s gas hub proposal needs a comprehensive evaluation, according to Energy and Natural Resources Minister Fatih Donmez. “Such international projects must be discussed in detail in terms of preparation of feasibilities, legal, technical and commercial directions,” Donmez said, stressing that Turkey and Russia are two partners that implemented various similar international projects.
Regarding the TOKI social housing project, the number of applications for houses, land, and offices has reached 7.5 million, 67,000, and 20,000, respectively, to date, according to Environment, Urbanization and Climate Change Minister Murat Kurum. Speaking in a televised interview with broadcaster NTV, Kurum said the price of house sales and rentals have started to decrease with the project. Within the scope of the project, 500,000 houses, 50,000 offices and 1 million pieces of land with infrastructure will be delivered across the country by 2028.
Turkey and Kazakhstan will continue to work to strengthen connections in the fields of transportation, energy, and trade, according to President Recep Tayyip Erdogan. “Last year, we exceeded USD 5bn in our trade volume with Kazakhstan. We are taking firm steps toward our target of USD 10bn in the medium term,” Erdogan said at a joint news conference with his Kazakh counterpart Kassym-Jomart Tokayev in the capital, Astana. Turkey and Kazakhstan signed six agreements in various fields, such as health, culture, and tourism.
National Defense Minister Hulusi Akar met with NATO Secretary General Jens Stoltenberg as part of NATO defense ministers meeting in Brussels. During the meeting, the two discussed regional defense and security issues.
Turkey’s benchmark stock index ended yesterday at 3,517.75 points, down 1.51% from its previous close. Borsa Istanbul’s BIST 100 index lost 53.80 points from Tuesday’s close of 3,571.55 points with a daily trading volume of TRY 62.9bn. The fact that there is no sign of a softening in inflation is the main risk factor, according to analysts. They said inflationist concerns continue to be at the center of the agenda due to an increase in geopolitical risks, China’s ongoing ‘zero COVID’ policy, and the energy crisis. Analysts also stated that the warning that the central banks’ monetary policies may lead to recession has had an effect. They also said 3,450 points will be the support level and 3,620 points will be the resistance level for the BIST 100 index, in technical terms.
The Banking Regulation and Supervision Agency (BDDK) will release the weekly banking statistics (2.00 p.m.).
The Central Bank will release the weekly monetary and banking statistics (2.30 p.m.).
>> State-owned enterprises (SOEs) will invest TRY 163.3bn in 2023, up by 164% as compared to 2022, according to a Presidential Decree published in the Official Gazette.
>> Exports of home and kitchenware goods totaled USD 3.4bn last year, according to Talha Ozger, Chairman of the Turkish Home and Kitchenware Manufacturers and Exporters Association (EVSID). He said hos sector is aiming to reach USD 3.7bn this year.
>> The banking sector provided a TRY 1.21tr loan to companies in January-September, according to the Central Bank Deputy Governor Taha Cakmak. A TRY 558bn loan was provided to SMEs in this period.
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Our Critical Angle Columnist Ismet Ozkul examines the financial vulnerability of the sectors.