Trade Turkish trade gap narrows as imports drop A sharp drop in imports, combined with a solid rise in outbound shipments, led Turkey’s trade deficit to narrow in July This aligned with government efforts to curb domestic demand while looking to exports to sustain growth. Turkey’s exports jumped 13.8 percent in July to a total value of $22.5 billion, according to data issued […] August 29, 2024, 4:21 AM
Video length: 04:56 VIDEO Finance Turks turn to crypto to ‘escape’ currency fluctuations As blockchain platform Tether introduces the first dirham-pegged stablecoin – cryptocurrencies whose value is tied to a currency, commodity or financial instrument – in the UAE, AGBI looks into how unstable economies such as Turkey have used cryptocurrencies as a hedge against inflation. Turkey banned the use of cryptocurrencies for payments in 2021, the same year […] August 28, 2024, 9:40 AM
Finance Turkey’s largest privately owned bank to expand to UK and EU Işbank, the largest private bank by assets in Turkey, is exploring potential acquisitions and partnerships in digital banking and payment systems in the United Kingdom and European Union, a news report said. The move is part of the bank’s aims to become a regional fintech hub, backed by the recent merger of its subsidiary Moka […] August 28, 2024, 5:53 AM
Infrastructure Backers of $17bn project to rival Suez Canal to meet in Turkey The four backers of the $17 billion Development Road project will meet this week in Turkey to advance the mega plan, a news report said. Turkey, Iraq, Qatar and the UAE signed a preliminary agreement in April to cooperate on the project, which was launched last year. “We are moving into a critical phase following the […] August 26, 2024, 4:13 AM
Construction Turkey’s construction sector battles costs and credit A tightening credit environment and higher costs have weakened demand in Turkey’s construction sector, causing a fall in new building licences and completion permits in the residential segment. The number of new permits for buildings issued fell by 22.7 percent to 24,082 in the second quarter of 2024 compared to the same period last year, […] August 23, 2024, 4:01 AM
Agriculture Turkey’s hazelnut growers expect good season despite climate fears Turkey’s hazelnut growers are hopeful for higher production this year, but they are increasingly fearful of the effect of climate change on their crops. Harvesting of one of Turkey’s key agricultural export products recently began, as experts forecast higher yields than last year. But concerns are mounting over the sector’s longer-term prospects. The country accounts […] August 22, 2024, 1:53 AM
Finance Turkey holds interest rate steady for fifth straight month Turkey’s central bank held interest rates steady at 50 percent for a fifth consecutive month despite geopolitical developments keeping inflationary risks alive. Indicators for the third quarter suggest that domestic demand will continue to slow down with a diminishing inflationary impact, the central bank’s monetary policy committee said in a statement. The disinflation process will […] August 21, 2024, 1:16 PM
Markets Turkey transfers shares in 12 companies to its wealth fund The Turkish government has transferred treasury shares of 12 companies to the state-run Turkey Wealth Fund (TWF), according to a presidential decree published in the official gazette. Among these companies are Borsa Istanbul-listed Koza Altin Isletmeleri, Koza Anadolu Metal Madencilik Isletmeleri and Ipek Dogal Enerji Kaynaklari Arastirma, the decree said. However, no details on the […] August 20, 2024, 5:43 AM
Industry Turkey gets $100m to support quake-hit agriculture sector Turkey has secured $100 million from the Jeddah-based Islamic Development Bank to support its agricultural industry, which was impacted by last year’s earthquakes. The International Islamic Trade Finance Corporation (ITFC), a member of the development bank, has provided funding to the Development and Investment Bank of Türkiye (TKYB). The funding, guaranteed by the Ministry of Treasury […] August 16, 2024, 3:55 AM
Markets Turkey’s courting of carry traders risks leaving it exposed While fund managers are still moving into the Turkish carry trade market, there are rising concerns these flows could reverse, leaving the economy exposed. In this instance, carry trading involves borrowing currency in low-yield foreign economies to convert into the lira to reap rewards from Turkey’s high interest rate environment. Turkey became very attractive to […] August 15, 2024, 12:41 PM
Banking & Finance ADQ in talks to buy Turkish lender Odeabank Abu Dhabi sovereign wealth fund ADQ is in discussions to buy Turkish lender Odeabank as it seeks to expand its international footprint. The fund has been engaged in talks over the past few months to buy the bank owned by Lebanon’s Bank Audi SAL, Bloomberg reported quoting informed sources. However, the report said that no final […] August 14, 2024, 6:06 AM
Agriculture Climate change drying up Turkish agricultural production Drought conditions across much of Turkey have led to authorities in one prime agricultural region banning new crop plantings. There are rising concerns across local government, academia and the farming industry that climate-driven water shortages are dramatically weakening food security in the country. In late July, agricultural authorities in the Seyhan region of the southern […] August 14, 2024, 4:00 AM
Logistics Turkey and AD Ports talks continue over port venture Turkey is continuing negotiations with the UAE state-owned Abu Dhabi Ports (AD Ports) to establish a joint venture for the operational rights of the Aegean port of Izmir, a news report said. Regional competition and changing capacity conditions have delayed the closure of the deal, Reuters reported, quoting two unnamed sources. Although Ankara explored discussions […] August 13, 2024, 5:13 AM
Media & Advertising Turkey lifts ban after Instagram agrees to demands Turkey has lifted its more than week-long ban on Instagram after the social media company agreed to collaborate with the government to address its concerns. The ban was removed on Saturday night after Instagram promised to work on demands regarding “catalogue crimes” and censorship on users, transport and infrastructure minister Abdulkadir Uraloğlu said in a […] August 12, 2024, 7:04 AM
Manufacturing Turkish industrial output hamstrung by falling demand Output from Turkey’s factories plunged in June, with many of the country’s main industries scaling back production due to high input costs and weakening demand. Industrial output dropped 2 percent month-on-month in June and by 5 percent year-on-year, according to data issued by Turkstat, the state statistics agency, on August 9. The annualised fall was […] August 9, 2024, 12:31 PM
Retail Turkey hikes customs duties on overseas ecommerce sales Turkey is raising customs duties on goods bought online from international retailers as it seeks to defend local retailers against the global ecommerce giants. Under regulations announced on August 6 and due to come into force on August 21, items valued at up to €30 ($32.75) ordered online from a European Union vendor and delivered by […] August 8, 2024, 3:37 AM
Media & Advertising Turkey’s Instagram ban hits $57m-a-day ecommerce trade For four days and counting, Instagram has been blocked in Turkey – not only putting a dent in the social lives of millions of users but also placing additional pressure on an economy under strain. Turkish regulators gave no reason when they imposed a ban on the Meta-owned platform on August 2. However, the shutdown […] August 6, 2024, 11:17 AM
Economy Turkey ups FDI forecast to $14bn after FATF removal Foreign direct investment (FDI) in Turkey is expected to reach $12-14 billion in 2024, compared to $10 billion in 2023, following the country’s removal from the Financial Action Task Force (FATF) ‘grey list’. Foreign investment has increased following removal from the Paris-based watchdog’s list and subsequent improvements in the country’s credit rating, Turkey’s investment office […] August 6, 2024, 7:35 AM
Manufacturing Outlook cools again for Turkey’s manufacturers Softening domestic demand, slowing export orders and rising costs all hit Turkey’s manufacturing sector in July, leading to reductions in the workforce and a scaling back of production. Although consumer inflation has begun to fall in Turkey, analysts were not optimistic about a respite for manufacturers in the second half of the year. The Purchasing […] August 6, 2024, 3:49 AM
Economy Turkish car sales fall for fourth consecutive month Turkish vehicle sales slipped in July, as concerns over the economy, high costs of borrowing and car-sale taxes dented consumer sentiment. July car sales reached 94,000 units, according to a report released on August 2 by Turkey’s Automotive Distributors and Mobility Association (ODMD). The July figure represents a 17.5 percent year-on-year fall and marks the […] August 5, 2024, 8:30 AM
Trade Turkey narrows trade deficit in first half of year Turkey’s trade deficit fell 30.5 percent in the first six months of the year after a drop in imports and inbound trade. Turkish exports totalled just over $126 billion, up 2.6 percent on the same period in 2023, according to data issued by state statistics agency Turkstat on July 31. This compared to imports of […] August 1, 2024, 7:10 AM
Analysis Oil & Gas Turkey expands its energy search into troubled waters Turkey is stepping up its efforts to become a major player in hydrocarbons, preparing to conduct surveys off the coast of Somalia and working on an agreement with Libya to identify deposits in the Mediterranean. Alparslan Bayraktar, the energy minister in Ankara, announced last Friday that the seismic research vessel Oruç Reis would be dispatched […] July 31, 2024, 9:59 AM
