Oil & Gas Turkey hopes to offer Russia a gas route into Europe Turkey hopes it can cash in on Ukraine’s decision to halt gas exports from Russia across its territory by offering Moscow an alternative route into Europe through its own network of pipelines for increased transit fees. In the short term, however, its ambitions may be restricted by gaps in infrastructure. As of January 1, Russian […] January 3, 2025
Transport Turkish bidder offers lower fee for Islamabad airport operations A Turkish consortium aims to take over the operations of Pakistan’s Islamabad airport after offering a concession fee below the minimum threshold, Sadiq ur Rehman, the chairman of the bid evaluation committee, has said. The cash-strapped South Asian country is looking to generate revenue by speeding up its privatisation push, including outsourcing the running of three major […] January 3, 2025
Trade Turkey hikes tariffs on Chinese cars to boost investment Turkey has accelerated its policy of targeted tariffs on Chinese vehicles, increasing levies on gasoline and hybrid model imports. Industry insiders believe the move is designed to protect local manufacturers and encourage Chinese investors to set up in the country, even though it is likely to further anger Beijing. The Ankara government announced that tariffs […] January 3, 2025
Economy Poorest parts of Turkey to get $14bn investment The Turkish government has revealed plans to invest more than $14 billion into the country’s underdeveloped southeast. Spending will be ramped up in the nine of Turkey’s 81 provinces that constitute the area close to the borders of Syria and Iraq, traditionally the poorest in the country, with funding to be provided for 200 projects. […] December 31, 2024
Economy Turkey minimum wage hike sparks inflation and strike threats Turkish workers on the minimum wage will receive a 30 percent pay increase from January 1, fuelling inflation but still well short of the expectations of opposition and unions who are threatening to go on strike. The government announced the pay increase late on December 24, following a series of meetings between representatives of the […] December 30, 2024
Economy Turkey plans ‘landmark’ rate cuts in 2025 says Erdoğan Turkey is planning additional interest rate cuts in 2025 after the central bank cut its key rate to 47.5 percent to tame inflation, president Tayyip Erdoğan has said. “The priority in our economy programme is to lower inflation,” Daily Sabah newspaper reported, quoting the president, who termed 2025 a “landmark year for rate cuts”. He […] December 30, 2024
Economy Turkish central bank surprises with large rate cut Turkey’s central bank has cut its key lending rate by a higher than expected 250 basis points. The bank lowered its lending rate to 47.5 percent on December 26, down from the 50 percent it has stood at since March. This is the first reduction in nearly two years and a sign that the bank […] December 27, 2024
Finance Turkey to end FX-protected lira deposits next year The Turkish central bank plans to end the forex-protected lira deposits (KKM) scheme in 2025 after its balance fell to $34.2 billion as of December 20 2024. The share of Turkish lira deposits within total deposits rose to 58.6 percent, and the share of KKM within total deposits fell to 6.2 percent, the central bank […] December 26, 2024
Analysis Energy Turkey closing in on nuclear energy aspirations Turkey’s first nuclear power plant reactor will come online in 2025, two years behind schedule, the country’s energy minister has confirmed. Three more will follow in the next three years as part of Turkey’s efforts to diversify energy production and reduce carbon emissions. The first reactor at the $20 billion Akkuyu nuclear power plant, in […] December 26, 2024
Finance Turkey’s central bank forecast to slash policy rate Turkey’s central bank is expected to reduce its key policy rate by 150 basis points (bps) from the existing 50 percent, according to a survey by state-run Anadolu Agency. Among the 14 economists surveyed, 10 projected a rate cut between 47.5 percent and 50 percent. The remaining four economists forecast no change. Looking ahead, the […] December 24, 2024
Oil & Gas US gives Turkey sanctions waiver for gas payments to Russia The US has given Turkey an exemption from sanctions on Gazprombank for its gas payments to Russia, the Turkish energy minister Alparslan Bayraktar said on Friday. New sanctions on Russia’s Gazprombank were imposed by the US in November, creating an obstacle for buyers of Russian gas, who had been using the bank to make payments. […] December 20, 2024
Aviation Turkey’s Pegasus places firm order for 100 Boeing jets Turkish low-cost carrier Pegasus Airlines has placed a firm order for 100 Boeing 737 Max-10 aircraft with the option for an additional 100 jets. The Max-10, the largest model in the 737 Max family, can accommodate up to 230 passengers and has a range of 3,566 miles (5,740 kilometres). The aircraft offers a 20 percent reduction […] December 20, 2024
Tech Turkey space race gains pace with Somalia launch facility Turkey is building a rocket-launching facility in Somalia, boosting its ambition to join the global space race. The project is expected to generate jobs and revenue, Bloomberg reported, citing Somalia president Hassan Sheikh Mohamud. “I personally believe that the importance of Somalia hosting a launchpad for Turkish satellites is even more significant than the billions […] December 19, 2024
Banking & Finance Banks strike debt deal to take stake in Istanbul’s cruise port Five banks will take a 49 percent stake in Istanbul’s luxury cruise terminal after striking a debt restructuring deal worth €1.02 billion ($1.1 billion) with Dogus Group, owned by Turkish billionaire Ferit Şahenk. Under the agreement, Yapi Kredi Bankasi AS will acquire up to a 13 percent stake in Galataport Istanbul Liman İşletmeciliği ve Yatırımları […] December 18, 2024
Opinion Infrastructure Rebuilding Syria would revive its nexus status A stable environment in Syria, Lebanon and Iraq would encourage an influx of foreign capital December 16, 2024
Manufacturing Turkey holds 65% of global drones market Turkey accounts for 65 percent of the global unmanned aerial vehicle (UAV) market, a senior executive with drone maker Baykar has said. The company alone commands nearly 60 percent of this market, Daily Sabah reported, citing chairman and chief technology officer Selcuk Bayraktar. Baykar has been the world’s largest drone company for three consecutive years […] December 16, 2024
Energy Turkey’s first nuclear plant to start trial production in 2025 Turkey is to begin trial production at its first nuclear plant in 2025, energy and natural resources minister Alparslan Bayraktar has said. Ankara plans to load the first fuel in its more than 90 percent complete first reactor at the Akkuyu Nuclear Power Plant next year, he said in a post on the social messaging […] December 16, 2024
Analysis Economy The pros and cons for Turkey of a Syrian exodus The end of the civil war in Syria will, at least in time, offer strong economic opportunities for neighbouring Turkey, though there could also be a few unwanted costs coming as part of any peace dividend. On December 10 Turkish officials said they were developing plans to support up to 2 million of the 3.2 […] December 12, 2024
Opinion Economy Syria after Assad: a long road to recovery The failed state needs a government of technocrats, not warlords December 11, 2024
Construction Turkish builders sense opportunity in Syria Turkey’s construction sector is hoping to build on the rubble of the collapsed Assad regime in Syria. There are high expectations that Turkish companies will be in the running to win valuable contracts to replace damaged housing and infrastructure. There were sharp rises in building shares on the Istanbul Stock Exchange on December 9, the […] December 10, 2024
Transport Turkish electric vehicle sales up 39% in a year Turkey’s electric vehicle market is expanding rapidly, with sales increasing almost 39 percent year on year as new models become available and supporting infrastructure is put in place. The rise is in contrast to conventional car sales, which are showing modest growth compared to their greener rivals. Turkey is also bucking global trends, which has […] December 9, 2024
Manufacturing Turkish arms exports up 19% year on year Turkish defence companies have posted another record-breaking year for exports, with a 19 percent increase year on year and sales to 178 countries. Sales from January to November this year have already eclipsed 2023’s total of arms and equipment shipments to overseas clients, reflecting the arms industry’s technical developments and broader product range. Defence and […] December 5, 2024
