Turkey / Data
Turkey's central bank remains cautious, delivers 100bp rate cut
Decision comes on eve of next hearing in trial that could dislodge leadership of opposition CHP party.
Chobani yoghurt king Hamdi Ulukaya becomes richest Turk
Knocks Murat Ulker into second place in Forbes ranking as his company's valuation leaps to $20bn.
Garanti sells Tier II eurobond as Turks persist in tapping international debt markets
Turkey’s CDS hover above 250-level. Yield on Turkish government’s 10-year eurobonds steady below 7%-level.
Turkey's official inflation creeps up to touch over 33% y/y in September
Central bank wants figure below 30% by year's end.
September PMI confirms Turkish manufacturers have struggled with rough times for year and half
Challenging demand environment meant month brought slowdowns in new orders and exports and a solid scaling back of production.
Turkey delivers another 250-bp rate cut largely in line with expectations
Move comes ahead of moment of truth in political showdown set to trigger a very shaky second half of September.
Turkey’s official inflation inches down another half-point to 33% in August
ENAG contends it edged higher to 65.5%. The Erdogan regime’s moves to shut down any serious opposition are, meanwhile, heating up.
PMI shows Turkish manufacturers continued to endure challenging market environment in August
Survey, however, also picked up signs of pressures easing.
Domestic FX loans extended by Turkish banks breaking records
Government's return to orthodox economic policies caused lira interest rates to surge. Companies turned to FX loans. Caps were introduced but lending still boomed.
Some positive movement on Borsa Istanbul, but tread with care
Stay wary of "moustaches" setting bull traps.
Turkey raises end-2025 official inflation forecast range to 25-29%
Seeking to show everything’s on track, economic team have tossed in a new term, “interim targets”
Turkey’s official inflation dips again, posted at 34% in July
Economists argue that in reality it is 65%. On political stage, critics unhappy at “good boy” opposition leader Ozel.
Turkey’s July foreign trade deficit narrows but business chamber chief says conditions for industry “unbearable”
Alarm bells ringing "very strongly", he adds.
Picture worsens for Turkish manufacturing in July, new orders fall for 25th month, PMI shows
Output, employment and purchasing all scaled back.
Turkish banks conclude syndicated loan renewals with high rollover rates, longer maturities and lower costs
Country rolls over around $200bn each year.
Moody’s upgrades Turkey to three notches below investment grade
Though substantially rebuilt, net FX reserves still 25% lower than in mid-March, when market turbulence followed the jailing of Istanbul mayor Ekrem Imamoglu.