Work on the E-commerce Law, which will enter into force on January 1, 2023, has almost been completed, according to Trade Minister Mehmet Mus. Speaking at the Parliament’s Planning and Budget Commission following 2023 budget talks for the Trade Ministry, Mehmet Mus said they may release the regulation this month. “This is a regulation that prevents monopolization, includes more than one player, and protects the rights of tradespeople. The regulation will gradually enter into force over three years. It’ll also prevent destructive implementations,” Mus added.
The Central Bank is telling top bank executives, including the CEO of Isbank, in ongoing talks that it will continue the market regulating policies that have been criticized by the banking sector, two sources who attended the meetings told Reuters. One of the sources said the central bank indicated in the talks that “policies directing resources towards areas needed for sustainable economic activity will continue.” The bank will also continue to strengthen a “selective credit stance that will increase investment, employment, value-added production, and exports,” the source added.
President Recep Tayyip Erdogan indicated there would be a new package for citizens at a tunnel and linking roads opening ceremony in Batman. “We have prepared projects beyond just compensating the losses of our citizens who suffered from the adverse impact of the global crisis on our country,” Recep Tayyip Erdogan said, stressing that these steps have been taken to differentiate Turkey from the global crisis and help the country to move towards its goals. He said these implementations would start to produce more significant results by the beginning of 2023.
Treasury and Finance Minister Nureddin Nebati tweeted that incentive policies will continue to make the economic boom sustainable despite the expectation of a global recession. Nureddin Nebati said the government would continue to implement anti-inflationist loan policies to make growth sustainable and increase production to support employment hikes within the scope of the Turkey Economy Model. Nebati, who emphasized that the government is helping enterprises to reach commercial loans at a cost below inflation, also pointed out that interest rates for commercial loans, which hovered around 30% at the end of July, currently have fallen to 18%.
Turkey’s benchmark stock index rose 0.66% for another all-time high close of 4,360.28 points yesterday. After starting the day at 4,356.37 points, Borsa Istanbul’s BIST 100 index gained 28.62 points from Monday’s close of 4,331.66 points. The index also saw an intraday record of 4,412.18 points yesterday. The total market value of the BIST 100 was around TRY 3.5tr by close, with a daily trading volume of TRY 121bn. Touching on the importance of the news flow regarding elections in the U.S., analysts said 4,280 points will be the support level and 4,400 points will be the resistance level for the BIST 100 index, in technical terms.
On the foreign policy side, President Recep Tayyip Erdogan stated at a joint news conference with Sweden’s Prime Minister Ulf Kristersson in Ankara that Turkey expects to see Sweden alleviate Ankara’s concerns about terrorism under a tripartite memorandum. Erdogan also urged Stockholm towards more concrete steps. “We will take great steps towards the end of this year and at the beginning of next year, especially in the field of anti-terror legislation,” Kristersson said, adding that his country will take any threat against Sweden and Turkey “seriously.”
DAILY AGENDA
No important data will be released in the country.
Meanwhile…
>> The Istanbul Chamber of Industry (ISO) Turkey Manufacturing Export Climate Index, which measures the contributions of the country’s manufacturing industry to primary export markets, fell from 48.8 to 47.9 in October, compared to the previous month.
>> Erdal Bahcivan has been reelected as the Chairman of the Istanbul Chamber of Industry (ISO).
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>> Inflation peak likely to be here: 85.51%
Our Eco Analysis Columnist Alaattin Aktas addresses the October inflation.
