Work continues to develop the financial infrastructure of Turkey, according to Treasury and Finance Minister Nureddin Nebati. Speaking at a finance event, Nebati stated that the government will announce new steps soon. “These new steps will also contribute to financial stability, like the FX-protected TRY deposit accounts,” Nebati added. The Treasury and Finance Minister also said the government aims to expand the usage of the payment system TROY (Turkey’s Payment System) by strengthening its corporate structure.
Russia said that it would be risky for Ukraine to continue exporting grain via the Black Sea now that Moscow has suspended its participation in a United Nations (UN)- brokered deal to facilitate shipments, according to Reuters. “In conditions when Russia is talking about the impossibility of guaranteeing the safety of shipping in these areas, such a deal is hardly feasible, and it takes on a different character – much more risky, dangerous and unguaranteed,” Kremlin spokesman Dmitry Peskov told reporters.
In the meantime, Foreign Minister Mevlut Cavusoglu and his Russian counterpart Sergey Lavrov discussed over the phone the security corridor established by the Black Sea grain deal, according to Turkish diplomatic sources. They also discussed recent developments in the Caucasus region as well as the trilateral regional cooperation platform meeting held between Azerbaijani, Russian, and Armenian leaders in Russia yesterday.
Turkey’s benchmark stock index went up 2.58% yesterday to close at 3,978.96 points, hitting an all-time high. Starting the day at 3,902.86 points, Borsa Istanbul’s BIST 100 index gained 99.98 points with a daily trading volume of TRY 65.1bn. Global markets have remained on a cautious course before the Federal Reserve’s interest rate decision, but Borsa Istanbul positively differentiates, according to analysts. They said investors’ pricing has become difficult with geopolitical risks in addition to the concerns over inflation and recession. Analysts also stated that 3,850 points will be the support level and 4,000 points will be the resistance level for the BIST 100 index, in technical terms.
The Istanbul Chamber of Industry (ISO) will release the Turkey Manufacturing PMI for October (10.00 a.m.).
>> TRY 12.7bn in funds has been provided by initial public offerings this year, according to Ibrahim Omer Gonul, Chairman of the Capital Markets Board of Turkey (SPK). Gonul said 30 companies went public this year. He added that the number of investors in Borsa Istanbul’s equity market rose by 430,000 to 2.8 million this year, compared to the end of 2021.
>> The asset size of the insurance sector has reached TRY 534.7bn, according to Mehmet Akif Eroglu, Chairman of the Insurance and Private Pension Regulation and Supervision Agency (SEDDK). The total premium production increased by 108% this year, as compared to September 2021.
>> Turkey’s electricity consumption dropped by 2.45% in October, compared to the same month last year, according to daily DUNYA.
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Daily DUNYA Editorial Coordinator and Columnist Talip Aktas addresses why borrowers have trouble accessing loans.