The world, including Turkey, is focused on the Russia-Ukraine crisis. Russian President Vladimir Putin recognized the independence of the so-called Donetsk and Luhansk Republics before he ordered the deployment of troops to these regions. Putin’s announcement drew international condemnation and immediate sanctions of global leaders including NATO, EU, and the U.S. Turkey, meanwhile, rejected Russia’s decision to recognize Ukraine’s breakaway regions of Donetsk and Luhansk, calling it “unacceptable.” “The decision of the Russian Federation to recognize the regions, in addition to contradicting the Minsk Agreements, constitutes a clear violation of Ukraine’s political unity and territorial integrity,” the Foreign Ministry said in a statement.
Treasury and Finance Minister Nureddin Nebati continues to meet with the business world. Nebati held a consultation meeting with the Turkish Exporters Assembly (TIM) about recent developments including the new Economy Model, which focuses on investment, production, export, employment, and the current issues in the economy. Then the Treasury and Finance Minister held another meeting with the Authorized Automotive Dealers Association (OYDER) to discuss sectoral opinions and recommendations as well the impacts and outputs of recently implemented policies.
Turkey’s first climate council kicked off yesterday to form a roadmap in line with the Paris Agreement to reach the 2053 net-zero emissions target. The country’s new roadmap will be determined in seven different fields, from greenhouse gas reduction to green finance and carbon pricing, from climate change adaptation to local governments, from migration to transition, and social policies to science and technology, according to Environment, Urbanization and Climate Change Minister Murat Kurum. Stressing that Turkey is among the countries at high risk in terms of the impacts of global climate change, Kurum said Turkey urgently needs the Climate Law, which is currently being prepared and which will shape the next century in the country. The Minister also noted that Turkey will play an important role in carbon pricing.
Turkey and Senegal have more than doubled their bilateral trade volume target, according to President Recep Tayyip Erdogan. Speaking at the Turkey-Senegal Business Forum held in Dakar, President Erdogan said the bilateral trade target, which previously stood at USD 400m, has been raised to USD 1bn. Erdogan also stressed the need to put new mechanisms into practice while utilizing existing opportunities to enhance economic ties between the two countries. “Cooperation channels, especially in the fields of production, agriculture, tourism, textile, industry, energy, food, and health, will benefit the entire region,” he noted. The bilateral trade volume between Turkey and Senegal increased by 42% to USD 540m in 2021 year-on-year. After Senegal, Erdogan is scheduled to visit the West African country of Guinea-Bissau.
The Real Sector Confidence Index (RSCI) increased by 0.3 points to 109.8 in February compared to January, according to the Central Bank. The seasonally-adjusted RSCI dropped by 2.0 points to 109.9 in the same period.
The Capacity Utilization Rate (CUR) in the manufacturing industry decreased by 1.0 points to 76.6% in February, month over month, according to the Central Bank. The seasonally-adjusted CUR (CUR-SA) also dropped by 0.8 points to 77.2% in the same period.
The seasonally-adjusted confidence index dropped by 1.2% in the services sector, 3.8% in the retail trade sector and 3.3% the construction sector in February, as compared to January, according to the Turkish Statistical Institute (TurkStat).
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Our Eco Analysis Columnist Alaattin Aktas interprets the Central Bank’s latest interest rate decision.