President Recep Tayyip Erdogan announced the details of the social housing project he described as the most comprehensive social housing campaign in Republican history. “Our target is to build 500,000 social homes, and 50,000 workplaces, also provide 250,000 residential land plots, in 81 provinces in five years from 2023-2028,” President Erdogan said, adding that these investments would reduce property prices and rents. 250,000 units of the 500,000 social housing will be completed within two years. As part of the project, 100,000 lots and 10,000 industrial sites in 28 provinces will be put on the market. Applications will be made through e-government applications, the state-owned Ziraat Bank, and Halkbank for the project to help low-income citizens own houses. The project is expected to create a TRY 2tr economic impact with a multiplier effect in the construction industry and sub-sectors. The project will be a ‘psychological win’ against the recession, according to the business world and representatives of the construction industry.
Following the successive records, Turkey’s benchmark stock index ended yesterday at 3,426.88 points, down 6.09% from Monday’s close. Starting the day at 3,709.05 points, Borsa Istanbul’s BIST 100 index lost 222.33 points from the previous close. The index’s lowest value during the day was 3,426.88, while its daily high was 3,715.28. The total market value of the BIST 100 was around TRY 2.77tr by market close, with a daily trading volume of TRY 138bn. The U.S. inflation, which exceeded estimations, has increased the expectation that the Federal Reserve would continue the ‘ultra-hawkish’ monetary policies next month while it has also paved the way for sales pressure on the equity markets, according to analysts. They said Borsa Istanbul was adversely affected by the downward course in the global market. Analysts also stated that 3,30 points will be the support level and 3,440 points will be the resistance level for the BIST 100 index, in technical terms.
President Recep Tayyip Erdogan will meet with his Russian counterpart Vladimir Putin on the sidelines of the Shanghai Cooperation Organisation (SCO) Summit to be held on September 15-16 in Samarkand, Uzbekistan, according to Russian presidential aide Yury Ushakov. Touching on the issues that will be discussed by the leaders, Ushakov said: “Many issues will be discussed at the meeting. A substantial part of the meeting in Samarkand will be devoted to economic issues as a continuation of agreements reached in Sochi on July 5.”
No important data will be released in the country.
>> The Qatar Investment Authority (QIA) has bought a stake in the Eurasia Tunnel company in Istanbul from the South Korean partner in the venture, SK Group, according to the Competition Board.
>> The Treasury and Finance Ministry borrowed TRY 1.26bn with a compound interest rate of 14.63% through the reissuance of a 2-year fixed coupon bond.
>> Isbank signed a USD 100m loan agreement with the Asian Infrastructure Investment Bank (AIIB). This will be used to finance the liquidity need of SMEs and strengthen their operational capital.
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