Economy Turkey’s central bank aims for disinflation in H2 2024 Turkey will see disinflation in the second half of the year, the Turkish central bank governor Fatih Karahan has reiterated. Ankara will maintain tight monetary conditions that will significantly lower the monthly inflation trend, he said at a meeting with the Turkish Banks Association management. “Our determined stance on monetary policy will enable us to […] April 3, 2024
Tourism Turkey secures more funds for Antalya airport expansion An additional $463 million financing has been secured to help upgrade and expand Turkey’s second busiest airport, Antalya. Antalya served more than 35 million passengers in 2023 which went some way towards Turkey recording record tourism receipts. The first phase of development will include the expansion of Terminal 2 and the construction of new general […] April 3, 2024
Economy Erdoğan election blow poses questions for Turkey’s economy Turkey’s opposition has dealt the ruling bloc of President Recep Tayyip Erdoğan a resounding blow in municipal elections – a result that could have a significant impact on the country’s economy. The Republican People’s Party (CHP) won more than 38 percent of the popular vote on March 31, compared to 36 percent for Erdoğan’s Justice […] April 2, 2024
Energy Turkey looks to Russia to build second nuclear power plant Turkey hopes to expand its partnership with Russia’s state-owned Rosatom to develop its second nuclear power plant in Sinop on the southern coast of the Black Sea, a senior government official has said. The Russian company is working on the country’s first Akkuyu nuclear power plant (NPP) in Mersin province on the Mediterranean coast. The project […] March 28, 2024
Sustainability European bank backs Turkey’s decarbonisation Turkey has secured the backing from the European Bank for Reconstruction and Development (EBRD) to launch a new initiative to decarbonise its hard-to-abate sectors, such as steel, cement, aluminium and fertiliser. The low-carbon pathways (LCPs) initiative will offer guidance to domestic and international players on the necessary technology and green financing to accelerate the country’s decarbonisation. The […] March 28, 2024
Renewable Energy Germany’s Nordex to invest $1bn in Turkey’s wind energy sector German wind turbine maker Nordex plans to invest €1 billion ($1.1 billion) as part of its expansion strategy in Turkey. The company aims to increase its wind energy capacity by 1 gigawatt (GW) next year from the existing 3.5 GW, state-owned Anadolu Agency reported, quoting CEO Jose Luis Blanco. He said that Ankara will be able to […] March 26, 2024
Transport Turkish operator to invest in Saudi airport expansion Turkish airport operator TAV Airports will invest $71.5 million as part of the $275 million expansion plan for Prince Mohammad bin Abdulaziz International Airport, better known as Madinah Airport, in Saudi Arabia, according to a media report. The new investment will increase Madinah Airport’s passenger handling capacity to 18 million annually from the existing eight million […] March 25, 2024
Agriculture Turkey’s agricultural sector gets $50m boost from Opec Fund The Opec Fund for International Development (Opec Fund) has extended a $50 million loan to Turkey to support its agricultural and food production sectors in 11 cities severely impacted by earthquakes in February 2023. The Development and Investment Bank of Turkey (TKYB) will lend the funds to small and medium-sized enterprises to promote a more […] March 25, 2024
Opinion Economy Egypt and Turkey turn a corner but Lebanon flounders The phrase 'two out of three ain't bad' offers no solace for a struggling nation March 22, 2024
Trade Turkey and GCC to create $2.4trn free trade area Turkey and the Gulf Cooperation Council (GCC) will begin negotiations on a free trade agreement (FTA), to create one of the world’s largest free trade areas worth $2.4 trillion. GCC secretary general Jasem Mohamed Albudaiwi and Turkish trade minister Omer Bolat signed a pact to proceed with the talks. The GCC comprises the UAE, Saudi […] March 22, 2024
Economy Turkey raises interest rate to 50% amid soaring inflation Turkey’s central bank has raised its key interest rate by 500 basis points to 50 percent from 45 percent following a deteriorating inflation outlook. The move comes after monthly inflation was higher than expected in February, driven by services inflation, the monetary policy committee (MPC) said in a statement. “Stickiness in services inflation, inflation expectations, […] March 22, 2024
Trade Turkey imposes dumping duties on solar panel imports Turkey plans to implement anti-dumping measures on solar panel imports from five countries to combat unfair competition, according to a local media report. The countries are Vietnam, Malaysia, Thailand, Croatia and Jordan, state-run Anadolu Agency reported, citing the government’s official gazette. The solar panel imports will be subject to a fee of $25 per sq m, […] March 20, 2024
Tech Meta faces legal action in Turkey over data sharing Turkey’s competition authority on Monday imposed an interim measure on Meta Platforms meant to hinder data sharing between the Instagram and Threads platforms as it investigates possible abuse of the company’s dominant market position. In December the authority launched an investigation into Facebook parent Meta over a possible violation of competition law by linking its social media […] March 19, 2024
Tourism Turkey hopes sunken wartime wrecks can refloat tourism sector 'Each of these wrecks has a story' – and there are hopes wealthy visitors will want to hear them March 18, 2024
Trade UK and Turkey open fresh trade negotiations The UK and Turkey have launched fresh trade talks targeting the services sector as part of any new deal. The two countries are planning to enhance their current trade deal, which was negotiated back in the 1990s and has remained despite the UK leaving the European Union in 2020. Bilateral trade stood at £26 billion […] March 15, 2024
Energy Turkey to conduct new oil explorations in Black Sea Turkey will undertake three hydrocarbon explorations in the Black Sea this year, the country’s energy and natural resources minister, Alparslan Bayraktar, has confirmed. “One of the goals in the vision of 2053 is to end Turkey’s energy dependency. This is such a great goal that it will affect the face of Turkey and the future […] March 15, 2024
Finance Turkey’s rating upgraded on tighter monetary policies Ratings agency Fitch upgraded Turkey’s long-term foreign currency issuer default rating to “B+” from “B”, driven by greater-than-expected monetary policy tightening aimed at controlling inflation. “Upgrade reflects increased confidence in the durability and effectiveness of policies implemented since the pivot in June 2023,” Fitch said, revising the country’s outlook to “positive” from “stable.” Inflation expectations […] March 11, 2024
Manufacturing Turkish manufacturers buoyed by rise in PMI Turkish producers are cautiously optimistic after the Turkey Production Managers Index (PMI), which measures the outlook of the country’s manufacturing sector, returned to positive territory in February. According to the latest report issued by the Istanbul Chamber of Commerce and Standard and Poor’s, this is the first increase after seven straight months of contraction. The […] March 1, 2024
Sustainability Turkey and Europe join up to promote carbon trading The European Energy Exchange (EEX) and Turkish energy bourse Enerji Piyasalari Isletme A.S (Epias) have signed a memorandum of understanding to develop carbon emissions trading in Turkey. “We look forward to working with Epias in creating a robust emissions trading system (ETS) in Turkey by providing our expertise in carbon markets,” said EEX chief executive […] February 29, 2024
Tech Ericsson and Turkcell to lead 6G research in Turkey Swedish telecom company Ericsson and Turkish operator Turkcell will begin advancements on research and development of 6G in Turkey. The sixth-generation wireless network will use higher frequencies than its predecessor 5G and provide substantially higher capacity and much lower latency. The advent of 6G networks holds promise of faster connectivity in various sectors including wireless […] February 28, 2024
Analysis Banking & Finance GCC banks look to US and Europe GCC banks may be forced to look overseas to fulfil growth ambitions as home markets become increasingly saturated, experts say. While some banks have already ventured abroad – mainly into Turkey, Egypt and Pakistan, which constitute nearly a half of their presence outside the Gulf – more developed markets such as the US and Europe […] February 28, 2024
Banking & Finance Turkey close to removal from FATF ‘grey list’ says minister Turkey has successfully concluded technical studies aimed at removal from the Financial Action Task Force’s (FATF) grey list, treasury and finance minister Mehmet Şimşek has said. The final step involves an on-site assessment scheduled for June, Hurriyet Daily News, a Turkish English daily, reported, citing the minister’s post on social messaging site X. “We are […] February 26, 2024
