The consumer confidence index, which had increased 4.8% m/m in October, rose 2.6% m/m in November, the statistics institute TUIK said on Thursday.
The rise in the index was supported by consumers’ positive assessments regarding general economic outlook in the next 12-month period, and financial situation. Consumers do not expect improvement in labour market conditions.
The index measuring the probability of savings in the next 12 months dropped 1.8% m/m after rising 20.9% m/m in October. The index for probability of buying a house was up 2.3% m/m in November but this was lower than the 5% m/m increase reported a month ago.
The index measuring the probability of buying a car in the next 12 months rose only 0.1% m/m in November after it jumped 20.3% m/m in October.
This week, the banking watchdog BDDK announced that it prepared draft legislations to introduce limits on credit card instalments and consumer loans. These measures may curb private spending which accounted for 65.5% of GDP in Q2. Households’ final consumption rose 5.3% y/y in Q2, after growing 3.1% y/y in Q1.
According to new regulations, credit card instalments for electronics, jewellery, telecommunications, and car rental will be limited to six months while it will not be possible to buy food and oil products by instalments. Card instalments for white goods and furniture will also be limited to 12 months. Maturities of consumer loans (excluding mortgages) and car loans will be limited to 36 months and 48 months, respectively.
The Turkish central bank reported on December 7 that its gross forex reserves last week experienced a record drop, declining to $89.85bn on December 1 from $96.35bn a week earlier. ... more
EU governments have agreed with the European Parliament to withdraw €105mn that would have gone to help finance political ... more
Reza Zarrab, the wealthy Turkish-Iranian entrepreneur who allegedly masterminded an extensive conspiracy to help Iran evade US sanctions will not stand trial in New York this week as scheduled, even ... more