The casting lot process for the Social Housing projects, which started yesterday, will be completed by March 2023, according to President Recep Tayyip Erdogan. Speaking after the Cabinet meeting, President Erdogan said the instability in house sales and rental prices will be lessened as a result. Erdogan also noted that TRY 3.2bn will be transferred to the accounts of owners who qualify for social assistance today.
President of the Union of Chambers and Commodity Exchanges of Turkey (TOBB), Rifat Hisarciklioglu tweeted that inflation accounting has become a vital need for Turkish companies. “As the business world, we expec necessary steps to be taken for his issue,” Hisarciklioglu added.
Turkey’s benchmark stock index ended yesterday at an all-time high of 4,331.66 points. Borsa Istanbul’s BIST 100 index rose 2.72% or 114.67 points from Friday’s close of 4,216.98 points. During the day, the index’s lowest value was 4,230.14, points, while its daily high was 4,338.88. The market value of the BIST 100 was around TRY 3.4tr at close, with a trading volume of TRY 107.8bn. Uncertainty over monetary policies and concerns over high inflation and the recession continue to adversely affect the global market while a positive outlook continues on Borsa Istanbul, according to analysts. They said 4,180 points will be the support level and 4,400 points will be the resistance level for the BIST 100 index, in technical terms.
A Turkey-U.S. High-Level Defense Group meeting was held in Ankara yesterday with a delegation from the U.S. Defense Department. At the ‘positive and constructive meeting,’ regional and global defense and security issues were discussed, as well as bilateral defense, military training, and defense industry cooperation, according to a statement from the National Defense Ministry. The group’s next meeting is expected to be held in 2023 in the U.S.
No important data will be released in the country.
>> The 2023 budget for the Trade Ministry submitted to the Parliament’s Planning and Budget Commission has been estimated at TRY 17.12bn, according to Trade Minister Mehmet Mus.
>> The Treasury and Finance Ministry borrowed TRY 4.41bn in two auctions yesterday. The Treasury scheduled five auctions for November with a domestic borrowing of TRY 57bn versus the domestic debt service of TRY 31.2bn.
>> Isbank raised its asset size by 39.3% to TRY 1.29tr in September, compared to the end of 2021. The bank’s cash and non-cash loan volume rose to TRY 711.6bn and TRY229.3bn in this period. Isbank contributed TRY 940.9bn to the national economy in the same period.
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Daily DUNYA Editorial Coordinator and Columnist Talip Aktas examines the reasons behind cheap exports and low terms of trade.