Turkey keeps policy rate constant at 50%
4 hours ago
Over half of Turkish businesses claim to be unaffected by recently imposed Russian sanctions, a poll has found.
8,000 Turkish business were interviewed by the human resources website Eleman.net about their company strategies for 2016. 52.2% of respondents said that they remain unaffected by sanctions imposed by Russia following Turkey’s downing of a Russian military jet on November 24.
Russian sanctions on charter flights and tourist visits to Turkey are predicted to leave a shortfall of 4.5mn visitors in 2016, or roughly 12% of the total 36mn that visited in 2015.
This, combined with continuing civil unrest caused by violent confrontations between Turkish armed forces and the outlawed Kurdistan Workers’ Party (PKK) as well as a spate of suicide bombings, could have a marked effect on Turkey’s already negative current account, as tourism makes up 11% of Turkey’s $800bn economy.
The raft of sanctions from Russia also include a ban on a number of Turkish exports including certain fruit and vegetables, and poultry. TUSES, an Istanbul-based think-tank, calculates that the Russian sanctions could cost Turkey as much as $11bn.
Data from various Russia-based sources suggest that Russian-Turkish trade fell by nearly 25% in 2015 to $23bn.
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Turkey keeps policy rate constant at 50%
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