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Turkey

Individual travellers contributed $41.61bn to Turkey's total tourism income, while package tours added $13.25bn to the overall figure

Turkey’s foreign tourist arrivals rise 12% to 44m

Foreign visitors arriving in Turkey rose 11.58 percent year on year in the first 10 months of 2023, according to a local media report. Arrivals reached 44.2 million in the year to October compared to 39.6 million a year ago, Daily Sabah newspaper reported, citing tourism minister Mehmet Nuri Ersoy. The overseas visitor number more […]

Turkish Airlines low-cost carrier to launch flights in 2024

Turkish Airlines said on Friday its budget carrier AnadoluJet will begin operating next year under the name of AJet and compete in the global low-cost aviation industry. AnadoluJet will conduct its operations under the name “AJet Air Transportation Inc” as a wholly-owned subsidiary of Turkish Airlines, starting at the end of March 2024, it said […]

Inflation in Turkey stood at 61.36% in October and is expected to peak in May 2024 at around 70-75%

Turkey’s central bank hikes interest rate to 40% 

Turkey’s central bank has increased its policy rate by 500 basis points to 40 percent and said the pace of monetary tightening will slow down shortly. “The committee assessed that the current level of monetary tightness is significantly close to the level required to establish the disinflation course,” the bank said in a statement following […]

Turkey's central bank governor Hafize Gaye Erkan said the current policy rate will be maintained until the monthly inflation rate falls significantly

Turkish deposit rates to rise as liquidity tightens

Turkish banks’ deposit rates, already above 45 percent, are expected to continue rising for the remainder of 2023 as the central bank takes additional steps to tighten liquidity and lenders spruce up their year-end balance sheets. Central bank data shows the average return on three-month lira deposits rose to near 46 percent by November 10 […]

Turkey lira reserves

JPMorgan backs bounce in Turkey’s lira as key 2024 bet

Investment bank JPMorgan on Tuesday backed a bounce in Turkey’s lira as one of its key emerging market bets for 2024. The value of Turkey’s currency has plummeted in recent years, but a screeching 180-degree change of policy direction following President Tayyip Erdogan’s re-election win this year has seen interest rates hiked significantly, creating more […]

Qatar aims to expand its liquefaction capacity to 126 mtpa by 2027 from 77 mtpa

Turkey extends LNG deal with Algeria for three years  

Turkish state energy company Botas has signed a deal with Algerian state oil and gas company Sonatrach to extend their existing gas supply contract for three years, Turkey’s energy minister said on Tuesday. Under the deal signed during an official visit to Algiers by Turkish President Tayyip Erdogan, Turkey will continue to acquire 4.4 billion […]

Houses under construction in Turkey. The residential property price index has increased by 95.9 percent from a year ago

Turkish house sales drop 14% as prices double

House sales in Turkey during the first 10 months of 2023 were down by 14.3 percent year on year to just under 1 million, according to data from the Turkish Statistical Institute. Pressure on Turkey’s housing market has been exacerbated by the ongoing cost-of-living crisis, high inflation and an influx of displaced people from the […]

Turkey’s central bank increased the inflation forecast for 2023 to 65 percent from its previous estimate of 58 percent

Turkey bank reserves hit highest level since 2014 at $135bn

The Turkish central bank’s total reserves rose $6 billion last week to $134.5 billion, the highest since September 2014, Reuters reported, citing calculations from four bankers. President Tayyip Erdoğan appointed a former Wall Street banker, Hafize Gaye Erkan, as governor of the country’s central bank in June. Since then, the bank has embarked on a […]

Bahrain non-oil sector grew sharply, including transport

Turkish bank backs exporters with $34bn in funding

The state-owned Türk Eximbank, Turkey’s largest export credit and credit insurance institution, has provided financing worth $33.6 billion to exporters in the first 10 months of 2023, as the country’s trade with Gulf countries continues to grow. Turkey’s trade minister, Ömer Bolat said in a post on the social messaging platform X (formerly Twitter) that the […]

Istanbul's Grand Bazaar. The number of unemployed aged 15 and over declined by 161,000 to 3.2 million

Turkey’s unemployment rate falls for third straight quarter

The unemployment rate in Turkey has continued to fall in the third quarter of 2023 to 9.2 percent, down 0.5 percentage points quarter on quarter, the country’s statistical authority said. The unemployment rate stood at 10 percent in the same quarter last year, Daily Sabah newspaper reported, citing Turkish Statistical Institute (TurkStat) data. The number […]

Petrol Ofisi’s network will operate 2,700 service stations across Turkey once the deal is completed

Vitol Turkish unit buys BP’s gas station network

The Turkish subsidiary of Vitol, the world’s largest independent oil trader, has signed an agreement to buy BP Plc’s gas station operations in Turkey. The agreement includes the sale of BP Turkey Refining Limited and BP Petrolleri AS to Turkish oil distribution company Petrol Ofisi Group. The value of the deal was not disclosed. On […]

Gold, Coin, Money

Turkey to regulate crypto market to get off ‘grey list’

Turkey’s new rules to regulate the crypto market are likely to focus on licensing and taxation, sector officials say, as the world’s fourth-biggest crypto-trading country seeks to get off an international financial crime watchdog’s grey list. Ankara promised the regulations last month amid a years-long boom in crypto trading, as soaring inflation and a plunging […]

Deutsche sees Turkish among top emerging bond market

Turkey’s domestic sovereign bonds are set to be one of the top trades in emerging market fixed income next year, Deutsche Bank said in an outlook note. Despite a sharp recent repricing offering much better entry levels into Turkish government bonds, it was still a bit too early to re-enter the market in general, though […]

Turkey’s exports to the GCC have soared from $1.2 billion to $9.5 billion in the past 20 years

Turkey’s trade with GCC soars 11-fold in two decades

Turkey’s bilateral trade with the Gulf Cooperation Council (GCC) countries surged to $22.7 billion in 2022 from $2.1 billion in 2002. “There is an 11-fold increase in our trade,” Daily Sabah newspaper reported, citing Turkey’s trade minister Ömer Bolat’s speech at the GCC-Turkey Economic Forum in Istanbul. Bolat said that Turkey’s exports to the GCC […]

Turkish energy operator expands to South Africa

Turkey’s Karpowership, which has the world’s largest fleet of floating power stations, expects to start producing 450 megawatts (MW) of electricity in South Africa in 2024 to curb the power shortage there, chief commercial officer Zeynep Harezi said. The company expects to sign a financial deal by the end of this year, after it received […]

Turkish Airlines in talks with Airbus for 355 jets

Turkish Airlines (THY) has held talks with European airline manufacturer Airbus on a potential order of 355 new aircraft, state-run Anadolu news agency said. During the meeting in Istanbul, executives from Turkish Airlines discussed buying 75 wide-body A350-900, 15 wide-body A350-1000 aircraft, 250 narrow-body A321neo aircraft and five A350F cargo aircraft, in addition to 10 […]

A worker counts Turkish lira at a currency exchange in Ankara. S&P Global Ratings this month upgraded Turkey to 'stable' from 'negative'

Turkish banks seek inflation-adjusted accounting rules

Turkish banks plan to urge treasury authorities to allow them to use inflation-adjusted accounting, rather than exempting them and ramping up taxes for the sector as the government currently plans, three senior bankers told Reuters. Last week, finance minister Mehmet Simsek said Turkey would move to the inflation-adjusted accounting method for companies, but that financial […]

Nearly $80 million will be used for earthquake recovery and reconstruction efforts in southeast Turkey

European bank offers $100m for Turkey’s quake recovery

The European Bank for Reconstruction and Development (EBRD) will offer $100 million (€93.58) in financing to Türkiye İş Bankası (İşbank), the largest private bank in Turkey, to support earthquake reconstruction efforts and women-led small and medium enterprises (SMEs). The facility will invest in rated bonds issued under İşbank’s existing diversified payment rights programme. Nearly $80 […]

Wind energy installed power in Turkey is forecast to reach 18,000 MW in 2028

Turkey banks on renewables in power plan for 2028

Half of Turkey’s proposed new installed electricity capacity will come from renewables, the Energy and Natural Resources Ministry said in a post on the social messaging site X, formerly Twitter. The country’s capacity is planned to rise 27 percent to 136,000 megawatts (MW) by 2028. Electrical energy demand will hit 430 terawatt hours (TWh) in […]

Turkish inflation marks first decline in three months

Turkish annual consumer price inflation dipped for the first time in three months to 61.36 percent in October, official data showed on Friday, as fallout eased from both the lira’s sharp summer decline and post-election tax hikes. Month-on-month, inflation was 3.43 percent. Price rises in clothing and shoes, houses and hotels, and restaurants drove the […]

Turkey inflation

Turkey ups inflation forecasts on high food, energy prices

Turkey’s central bank has increased the inflation forecast for 2023 to 65 percent from its previous estimate of 58 percent and persisted in gradually tightening its monetary policies. Inflation has accelerated due to high food and energy import prices, said governor Hafize Gaye Erkan, adding that the forecast for 2024 was raised to 36 percent […]

Turkey's President Erdoğan on a recent visit to the UAE, during which the UAE government commited to investments totalling $51bn over three years

Stronger GCC relations a boon to Turkey’s Islamic banks

Improving relations between Turkey and the GCC could lead to more investment in the country’s Islamic banking system, which the government is keen to expand. The Turkish authorities have set a target for Islamic banks to reach 15 percent of total sector assets by 2025, up from 8.5 percent this year. Top-down support has been […]