Record-breaking net errors and omissions, which hit USD 28bn in January-August, are temporary, according to Treasury and Finance Minister Nureddin Nebati. Nebati told the Financial Times that he believes that unaccounted-for tourism revenues were a key component. “Some came from Russians, many of whom used cash because they were unable to use the financial system owing to western sanctions on Moscow,” he said. Nebati also predicted that monetary inflows would continue and voiced confidence that Turkey would very comfortably avoid a balance of payments crisis over the next year despite the USD 100bn energy import bill it is facing.
The foundation of 5,615 houses was laid within the scope of the social housing project. President Recep Tayyip Erdogan said the construction of 500,000 homes would be completed by 2028. Erdogan also noted that the Turkish economy will gain a TRY 2tr bump as a result of the TRY 900bn investment to be made as part of the project.
The roadmap to build a natural gas hub in Turkey will be clarified by the end of this year, according to Energy and Natural Resources Minister Fatih Donmez. “Our teams are about to complete their studies. The important thing here is to think about both buyers and sellers,” said Fatih Donmez. He stated that Turkey has a range of solutions for the crisis “We have seven natural gas pipelines, five LNG (liquified natural gas) facilities, three of which are floating storage and regasification units (FSRU), and two underground natural gas storage facilities,” Donmez said, stressing that Turkey also has projects which are under construction.
Turkey’s benchmark stock index fell 0.06% to close at 3,975.01 points yesterday. After starting the day at 3,993.88 points, Borsa Istanbul’s BIST 100 index lost 2.5 points from Monday’s record close of 3,977.51 points. During the day, the index’s lowest value was 3,928.17, points, while its daily high was 4,011.08. The total market value of the BIST 100 was around TRY 3.1tr by market close, with a daily trading volume of TRY 83bn. The equity-based volatility may increase as the financial statement period has been densified as of yesterday, according to analysts. They said 3,900 points will be the support level and 4,000-4,030 points will be the resistance level for the BIST 100 index, in technical terms.
DAILY AGENDA
No important data will be released in the country.
Meanwhile…
>> Turkey’s major appliance exports increased by 4% to 2.43 million units in September, compared to the same month last year, according to the White Goods Manufacturers’ Association of Turkey (TURKBESD). The sector’s domestic sales remained unchanged at 769,236 units in the same period.
>> The economy is projected to grow by 5% in 2023, according to the 2023 Presidential Annual Program approved by a Presidential Decree in the Official Gazette. The year-end inflation is estimated to hit 65% this year and fall to 24% for 2023.
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