Turkey

"Crisis with Germany temporary," says Turkish economy minister but war of words worsens

bne IntelliNews July 21, 2017

Ankara government attempts to put brake on rapidly worsening tensions but Germany's Schaeuble aggravates Erdogan with comparison to the old communist East Germany.

Turkish consumer confidence index recovers 1.9% m/m in July

bne IntelliNews July 21, 2017

Turkey's consumer confidence index recovered by 1.9% m/m to 71.3 in July from 70 in June, achieving the lowest figure recorded since March’s 67.8.

Istanbul exchange attracts $155mn inflow, BIST-100 keeps testing nominal records

bne IntelliNews July 20, 2017

Turkish equities experienced an inflow of $155mn in the week ending July 14 while the benchmark BIST-100 tested a new record high of 107,750 on July 20.

"Cosmetic" Turkish cabinet reshuffle signals no major policy shifts

bne IntelliNews July 20, 2017

Deputy PM Mehmet Simsek, a favourite with investors, keeps his place as economic management team retained, but no major surprises in country entering second year of state of emergency.

Berlin hits Ankara with 'Tread carefully' warnings for German visitors, firms

bne IntelliNews July 20, 2017

Germany's foreign minister and business chambers respond to latest detentions with statements that will worry Turkey's already struggling tourism industry and unsettled investment enviroment.

Russia's Gazprom reportedly hurries the second stage of Turkish Stream unilaterally

bne IntelliNews July 19, 2017

Russian gas giant has reportedly started construction work on the second stage of the Turkish Stream pipeline before the final deal is approved by Ankara.

Turkey’s short-term external debt rises 2% m/m in May

bne IntelliNews July 18, 2017

Turkey is heavily dependent on external borrowing due to its chronic current account deficit causing its short-term external debt stock to rise

Turkey's EU affairs minister visits Brussels for talks as tensions between the two worsen

bne IntelliNews July 18, 2017

Turkey’s EU Affairs Minister Omer Celik is visiting Brussels for official meetings and to attend a consultative committee meeting

Turkey extends emergency rule for another three months

bne IntelliNews July 18, 2017

President President Recep Tayyip Erdogan has extended the state of emergency in Turkey for the fourth time claiming it necessary to help him crack down on the "Gulenist" network

Turkish unemployment rate falls further to 10.5% in April

bne IntelliNews July 17, 2017

Turkey's unemployment rate declined for the third consecutive month to 10.5% in April, the lowest level posted since June 2016

Turkey’s private sector foreign debt jumps 2% m/m in May

bne IntelliNews July 17, 2017

Turkey’s private sector long-term foreign debt now stands at $209bn as of end-May from $205bn at end-April

Turkey’s end-year inflation expectations decline to 9.49% in July

bne IntelliNews July 17, 2017

The deterioration in inflation expectations was driven by rising consumer prices and the depreciating Turkish lira

Turkey’s budget deficit expands 74% y/y in June

bne IntelliNews July 17, 2017

The budget deficit rose to TRY13.7bn (€3.38bn) in June from TRY7.92bn a year ago and it should exceed the official target of TRY46.9bn or 1.9% of Turkey's GDP in 2017

Turkey dismisses thousands of people from duty on eve of coup anniversary

bne IntelliNews July 17, 2017

The Turkish government issued a decree dismissing 7,348 people from their posts who were alleged to have links with the coup plotters, on the day before the anniversary of the coup.

Turkey sends frigates, submarine as row mounts over Greek Cypriot oil, gas drilling

bne IntelliNews July 14, 2017

Ankara calls exploration activities “irresponsible” and warns majors cooperating energy majors that they could “lose a friend”.

Turkey to buy Russian missile defence system the “SA-21 Growler" for $2.5bn

bne IntelliNews July 14, 2017

Two of Russia’s advanced S-400 surface-to-air missile system will be bought from Russia and another two will be produced in Turkey

Turkey's gross FX reserves down 0.09% w/w as of July 7

bne IntelliNews July 13, 2017

Gross FX reserves saw its yearly lowest level of $84.99bn as of April 28, the worst level recorded in Turkey since July 2012

Istanbul bourse attracts $48mn inflow, BIST-100 keeps testing record highs

bne IntelliNews July 13, 2017

Turkish equities experienced an inflow of $48mn in the week ending July 7 as the benchmark BIST-100 tested a new record high of 104,915 on July 13

COMMENT: Gazprom’s exit from Turkey is a sign of the times

GPW Political Risk July 13, 2017

Foreign investors in Turkey worry that politics is increasingly affecting the business climate.

Turkey’s adjusted industrial turnover growth slows slightly to 26% y/y in May

bne IntelliNews July 13, 2017

Rising export demand along with the depreciation of the Turkish lira and government stimulation measures have been the main drivers of Turkey's improved industrial production performance

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