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Clinic, Person, Human

EBRD provides $80m to support Turkey’s hospital infrastructure

The European Bank for Reconstruction and Development (EBRD) will provide a €‎75 million ($80 million) long-term convertible loan to a subsidiary of Turkey’s Ronesans Holding for investment in hospital infrastructure. Ronesans Saglik Yatirim, the unit of the conglomerate that runs hospitals, will undertake to complete the newly acquired hospital project in their portfolio, EBRD said. […]

Turkey lira

Turkey extends forex-protected lira deposit scheme for a year

Turkey has extended by a year a scheme that it had adopted in the throes of a 2021 currency crisis, which protects lira deposits from depreciation versus hard currencies. A presidential decree published in Saturday’s official gazette amended the deadline for opening new so-called KKM accounts to December 31, 2023. President Tayyip Erdogan’s government introduced […]

Turkey sees 17% drop in foreign property buyers in November

Turkish home sales fell 34.1 percent year-on-year in November to 117,806 houses, with sales to foreigners dropping 17.4 percent, data from the Turkish Statistical Institute showed on Thursday. Russians topped the list of foreigners with 2,575 houses purchased, reflecting how many have sought a financial haven in the wake of Moscow’s invasion of Ukraine and […]

Turkey’s central bank unlikely to change policy rate next week

Turkey’s central bank is expected to keep its policy rate unchanged next week, a Reuters poll showed on Thursday, having decided to end the cycle after cutting it to nine percent in line with President Tayyip Erdogan’s call for single-digit rates. The central bank has lowered its one-week repo rate by 500 basis points in […]

Turkey reaches deal over crude oil tanker insurance

Turkey welcomed an agreement reached with its counterparts Tuesday that allows the continuation of a new regulation requiring crude oil tankers to present an insurance confirmation letter before transiting Turkish straits. The Turkish measures, which went into effect December 1, require vessels to provide proof of insurance for the duration of transit through the Bosporus or when […]

Turkey discusses Black Sea grain deal with Russia and Ukraine

Turkish President Tayyip Erdogan discussed the Black Sea grain export agreement on Sunday with the leaders of Russia and Ukraine, as both sides seek changes that would boost their exports. Turkey has acted as mediator alongside the United Nations in the grain deal, which opened up Ukrainian ports for exports after a six-month de facto […]

Hardhat, Helmet, Clothing

Mubadala-backed Getir buys fast grocery rival in $1.2bn deal

Turkish delivery company Getir has bought German rival Gorillas in a deal worth $1.2 billion that will merge two of the remaining companies in Europe promising groceries in minutes. Serkan Borancili, who founded Istanbul-based Getir in 2015, shared the price tag on Twitter on Friday and said the combined company was now stronger. The deal […]

Opec+ oil supply cuts

Turkey to continue check tankers despite growing queue

Turkey’s maritime authority said on Thursday it would continue to block oil tankers without appropriate insurance letters from its waters and it needed time to make checks, dismissing pressure from abroad over a growing queue of vessels. The number of tankers waiting in the Black Sea to cross Istanbul’s Bosphorus strait on the way to […]

Person, Human, Chair

Turkey will soon receive $5bn deposit from Saudi Arabia

Saudi Arabia will place a $5 billion deposit at Turkey’s central bank “within days,” the kingdom’s finance minister, Mohammed Al-Jadaan, said on Wednesday. “It will happen soon. The decision was taken between us and Turkey,” he told reporters, saying discussions were on remaining details and the deposit could happen “within days.” “There is great improvement […]

Turkey’s MNG Airlines to list on New York Stock Exchange

Turkey’s MNG Airlines will list on the New York Stock Exchange through a merger with Golden Falcon Acquisition Corp, a special purpose acquisition company (SPAC), the Turkish cargo carrier said on Wednesday. The merger has a pro-forma enterprise value of $676 million, and has been approved by the boards of both the companies, MNG said […]

Tanker delays off Turkey not due to Russia oil price cap, says G7

Disruptions in tanker traffic from Russia’s Black Sea ports to the Mediterranean are a result of a new Turkish insurance rule, not the price cap on Russian oil agreed by a coalition of G7 countries and Australia, an official with the group said on Tuesday. Of the 20 loaded crude oil tankers facing delays in […]

Oil tankers said to queue up off Turkey after Russia price cap

Oil tankers formed a traffic jam off the coast of Turkey on day one of the West’s price cap on Russian crude, with Ankara insisting on new proof of insurance for all vessels, the Financial Times reported on Monday. Around 19 crude oil tankers were waiting to cross Turkish waters on Monday, the report said, […]

Moody’s sees ‘very high’ foreign exchange risk for Turkish banks

Banks in countries such as Turkey and Ukraine face a “very high” risk from restrictions on capital flows, weak international reserves and a high level of foreign currency debt, Moody’s Investors Service said in a report on Monday. Belarus, El Salvador, Nigeria, Kyrgyzstan and Tajikistan complete the list of countries also exposed to high levels […]

Hat, Clothing, Person

Turkey’s inflation falls below 85% after a 17-month surge

Turkey’s official inflation rate eased to 84.4 percent in November, its first fall in 17 months, in a sign that the economic upheaval caused by President Tayyip Erdogan’s unorthodox policies could moderate in time for elections in six months. The annual rate was just below forecast at 84.39 percent, down from a 24-year high of […]

Sahap Kavcioglu said the central bank was prioritising steps aimed at removing structural causes of high inflation

Turkish central bank will continue to increase forex reserves

Turkey’s central bank will continue increasing its foreign currency reserves, its governor Sahap Kavcioglu said on Friday. Forex reserves have dropped sharply in recent years due to market interventions and in the wake of a currency crisis last December. The lira lost 44 percent of its value against the US dollar last year and another […]

Tayyip Erdogan's economic programme over the last 14 months prioritised growth and exports

Turkey’s economy up 3.9% on last year but growth is slowing

Turkey’s economy expanded 3.9 percent in the third quarter from a year ago, according to official data released on Wednesday, though growth slowed from the previous quarter as a global slowdown put a drag on exports, but the tourism sector remained strong. Gross domestic product (GDP) contracted 0.1 percent from the previous quarter on a […]

Person, Human, Forge

Turkish trade deficit surges 422% in October 2022

Turkey’s foreign trade deficit surged 421.7 percent year-on-year to $7.87 billion in October, with imports climbing 31.4 percent, data from the Turkish Statistical Institute showed on Tuesday. Imports stood at $29.2 billion, while exports rose three percent to $21.33 billion, the data showed. Under an economic programme unveiled last year, Turkey aims to shift to […]

Turkey central bank halts easing cycle after rate cut to 9%

Turkey’s central bank cut its policy rate by 150 basis points to nine percent as expected on Thursday and said it decided to halt its easing cycle, in line with President Tayyip Erdogan’s call for a single-digit rate by year-end despite inflation above 85 percent. The lira weakened to a record low of 18.66 to […]

Saudi Arabia close to making $5bn deposit with Turkey

Saudi Arabia and Turkey are discussing Riyadh placing a $5 billion deposit at Turkey’s central bank, a Saudi ministry of finance spokesperson said on Tuesday. “We are in final discussion to make a $5 billion deposit with the central bank of (Turkey),” the spokesperson said in an emailed response to a Reuters query. The Turkish […]

Turkish consumer confidence rises for fifth month in November 2022

Turkey’s consumer confidence index rose by 0.6 percent to 76.6 points in November, official data showed on Tuesday, continuing a rebound from a record low of 63.4 in June despite a continuing surge in inflation. The biggest improvement in confidence was seen in the general economic situation expectation over the next 12 months, which rose […]

Turkey to clamp down harder on shops charging excessive prices

Turkish President Tayyip Erdogan said he will hold discussions at the next cabinet meeting on adopting heavier measures for supermarkets and stores that charge excessive prices for goods, broadcaster Haberturk reported on Monday. Annual inflation in Turkey is more than 85 percent. Speaking to reporters on his flight back from Qatar, Erdogan said previous fines […]