Public banks are working to gain access to TOGG, according to Treasury and Finance Minister Nureddin Nebati. Speaking in a televised interview with national broadcaster TRT, Nureddin Nebati said Ziraat Bank, Halkbank, Vakifbank, and the public participation banks will provide the necessary incentives for the carmaker. Touching on support packages for tradespeople, Nebati added: “We are still working on the Credit Guarantee Fund (KGF) package. With the KGF loans, we’ll help companies which actually need financing but have difficulties in borrowing from the banking and finance sectors.”
Turkey’s benchmark stock index, Borsa Istanbul, went up 1.90% yesterday to close at 4,054.67 points, hitting another all-time high. The BIST 100 index gained 75.71 points with a daily trading volume of TRY 79.9bn. Equity markets are on a positive course in the lead up to the Federal Reserve’s interest rate decision, but equity-based fluctuations continue due to the ongoing financial statement period, according to analysts. They said 3,900 points will be the support level and 4,100 points will be the resistance level for the BIST 100 index, in technical terms.
Turkey will continue to take necessary steps with all parties to solve problems related to the implementation of the grain export deal, President Recep Tayyip Erdogan told his Russian counterpart, Vladimir Putin. Erdogan and Putin discussed regional issues, especially the latest developments in the ongoing Russia-Ukraine war, in a phone call, according to a statement from the Communications Directorate. Erdogan said he is confident that Russia and Ukraine will establish solution-oriented cooperation and that a constructive solution to the grain crisis will also encourage a return to negotiations.
Germany’s chancellor appreciates Turkey’s efforts to maintain grain exports from Ukraine through the Black Sea Grain Initiative, a government spokesman said Tuesday. Steffen Hebestreit said Olaf Scholz exchanged views with Turkish President Recep Tayyip Erdogan on the latest developments in the Russia-Ukraine war. He said the two leaders criticized “Russia’s nuclear rhetoric” and Scholz flatly rejected Moscow’s accusation that Ukraine is preparing to use a “dirty bomb,” saying it was unfounded. He also noted that Scholz and Erdogan agreed to stay in close contact over the current security situation.
DAILY AGENDA
No important data will be released in the country.
Meanwhile…
>> The Istanbul Wage Earners Cost of Living Index (WECLI), which indicates the movement of retail prices in Istanbul, jumped 108.77% in October, compared to the same month last year, according to the Istanbul Chamber of Commerce (ITO). The Wholesale Price Index, which reflects wholesale prices in the city, climbed by 104.21% in the same period. The Istanbul WECLI rose by 3.96%, and the Wholesale Price Index increased by 5.89% in October, month over month.
>> Koc Holding’s banking subsidiary, Yapi Kredi, contributed TRY 791m to the national economy in January-September. The bank’s consolidated asset size surged by 85% to TRY 1.1tr in the first nine months of this year, compared to the same period last year. Its cash loan climbed by 68% to TRY 543.6bn and total deposits reached TRY 617.3bn in the same period.
>> Glass company Sisecam made a TRY 5bn investment in January-September. The company’s consolidated net sales totaled TRY 66.2bn in this period.
>> Sabanci Holding’s subsidiary, Teknosa, grew by 118% and raised its turnover to TRY 10.78bn in January-September.
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>> The CB shouldn’t have tried so hard to fail
Our Eco Analysis Columnist Alaattin Aktas examines the Central Bank’s last Inflation Report for this year.
