Today is the eve of Eid al-Adha, which is one of the two religious holidays celebrated within Islam. It honors the willingness of Prophet Ibrahim (Abraham) to sacrifice his son Ismail (Ishmael) as an act of obedience to God’s command. Before Ibrahim could sacrifice his son, however, Allah provided a lamb to sacrifice instead. In commemoration of this intervention, animals are sacrificed ritually. One third of their meat is consumed by the family offering the sacrifice, while the rest is distributed to the poor and needy. Sweets and gifts are given, and extended family are typically visited and welcomed.
The 9-day holiday period has already begun in the country. The markets will be closed until July 25, within the scope of the Feast of Sacrifice, while they are open half day today. Exchange of transactions made on July 16 at Borsa Istanbul will be carried out with transactions to be made today.
Looking at the money market today, USD/TRY, which fell to 8.48 and was balanced at above 8.50 last week, is traded at 8.57 this morning, while EUR/TRY started the week at 10.11.
Contrary to foreign exchange rates, gold and oil prices decreased. Spot gold declined to USD 1,805 per ounce, while brent crude saw USD 72.69 per barrel this morning.
IN THE LATEST ISSUE OF TR MONITOR, WHICH WILL BE COVERING TWO WEEKS:
>> On the cover: This week in our cover, an interview with Yildiz Holding’s next generation leader Yahya Ulker will acquaint readers with the ways in which young family members of Turkish holdings are changing the orthodox investment culture of conglomerates. You can read the details on pages 14 and 15.
>> Professor Ilter Turan: “Another migration crisis?” P. 10.
>> Q&A: Prof. Dr. Muhammed Sahin, Former Rector of Istanbul Technical University, Founding Rector of MEF University. P. 11.
>> Report: ‘Biogas has fourfold potential’. P. 13.
>> Startup: Three Turkish startups to represent Turkey at “Davos of deep tech”. P. 16.
>> Report: Phoenix introduces one-stop shop for crypto mining. P. 18.
>> Zeynep Gurcanli looks into the Afghanistan Summit in Tehran on page 24.
>> Do not miss Time Out’s alternatives for the week.