Turkey has world’s fastest rising number of COVID-19 cases. Turkmenistan sticks to its “infection-free” story

bne IntelIiNews April 7, 2020

Erdogan won’t bow to call for Turkish lockdown. Berdimuhamedov ‘s cult of personality is founded on “health and happiness”. The pandemic is taboo.

ING: How a post-Covid world could look

Carsten Brzeski and Carlo Cocuzzo of ING April 7, 2020

Low interest rates for even longer or maybe even forever, and ballooning government balance sheets will shape the post Covid-19 era. But that's not all. The health crisis may have fundamentally altered the structure of our economy.

TURKEY INSIGHT: Central bank shows “unprecedented speed” in bond buying as foreigners’ share of domestic government paper falls below 7%

Akin Nazli in Belgrade April 6, 2020

National lender, meanwhile, warned it “cannot buck the market forever” as it blasts through billions of dollars propping up lira. IMF deal for Turkey would have to dwarf record Argentina bailout, notes analyst.

Prices for ginger and lemons soar as Russians turn to traditional home remedies to fight coronavirus

bne IntelliNews April 6, 2020

The price of ginger in Russia has reportedly soared five-fold and lemons are getting hard to come by as Russians reach out for the tried and tested home-made cures for the flu.

Coronavirus measures have swelled Turkey’s unemployment ranks by two million claims opposition

bne IntelIiNews April 5, 2020

Jobs lost despite government’s strategy to fight COVID-19 outbreak not being strong enough to substantially stem spread of virus, party leader says.

Oil price crash takes 0.5pp off Turkey’s inflation rate

bne IntelIiNews April 4, 2020

Central bank seen as set to opt for more easing but all eyes are on floundering lira. If it falls much further it could limit room for policy support.

Turkey’s top listed automakers Ford Otosan and Tofas show “first signs” of virus trouble

Akin Nazli in Belgrade April 3, 2020

Some auto sales growth seen at the start of March may be the last recorded for quite some time.

Turkey’s Akbank, Ulker secure syndicated loan renewal deals amid sudden economic stop concerns

Akin Nazli in Belgrade April 2, 2020

Analyst warns, meanwhile, that Turkish banks are more vulnerable in pandemic emergency than they were in 2018 lira crisis.

Europe’s biggest city Istanbul running out of time to stop virus surge warns mayor

bne IntelIiNews April 2, 2020

Ekrem Imamoglu steps up calls for Turkish president Erdogan to announce lockdown. Says he’s anxious “politics” between rival camps are hindering response to pandemic badly needed by metropolis of 16 million.

Top Turkey ETF sees first quarter outflows of $100mn

Akin Nazli in Belgrade April 1, 2020

Analyst says he anticipates further 10% decline by end of April.

Pandemic knocked growth momentum out of Turkish manufacturing March PMI shows

bne IntelIiNews April 1, 2020

Sector pushed back into contraction in “bitter blow” to recovering firms. Output and new orders slowed sharply. Lira weakness, supply shortages pushing up input prices.

EBRD reveals CEE/Eurasia economies’ vulnerability to external shocks amid coronavirus crisis

bne IntelIiNews April 1, 2020

Development bank looks at the resilience of states in the region to falling commodity prices, value chain disruption, declines in tourism and domestic disruption.

ISTANBUL BLOG: Nagging anxiety resurfaces in Turkey as food prices take off

Akin Nazli in Belgrade March 31, 2020

Opposition research shows worrying price movements in economy roiled by pandemic. Issues both old and new now combining, prompting warnings of possible supply scarcities ahead.

Calls grow in Turkey for COVID-19 “helicopter money” and countrywide lockdown

bne IntelIiNews March 31, 2020

Government coffers seen as empty after currency crisis fight. “Fearful of joining the army of unemployed, many workers have had no choice but to brave the virus danger,” says economist.

Analysts ask if Turkey’s set to ‘call Fed’ as lira sinks on pandemic-shaken markets

bne IntelIiNews March 30, 2020

Lots of focus on central bank’s dwindling FX reserves. Erdogan urges citizens to “keep the wheels turning”. Officials bring in more credit-fuelling.

TURKEY INSIGHT: Peering into the forex hole

Akin Nazli in Belgrade March 29, 2020

Hard currency reserves back in focus. Net portfolio outflows since December 20 stacked up to $6bn.

Turkish business presses Erdogan to beef up COVID-19 economic support and consider strict lockdown

bne IntelIiNews March 27, 2020

With academics warning Turkey may face pandemic “catastrophe”, local corporate titans suggest it might be better for country to bite bullet and go for short, sharp shock rather than long, drawn-out battle.

Small countries in Balkans and South Caucasus most exposed to tourism industry collapse

bne IntelliNews March 26, 2020

No one knows if there will be a summer tourism season at all in 2020, which is bad news for the countries that generate around a quarter of their GDP from the sector.

IIF forecasts a contraction of -1.4% in CEE, -1.3% in Russia, but Turkish growth remains in the black in 2020

Ben Aris in Berlin March 26, 2020

The Institute of International Finance (IIF) released updated forecasts for economic growth this year for the Central and Eastern Europe (CEE) countries that show a sharp slowdown in 2020 and all except Turkey will return negative results.

Is the pace of outflows from EMs starting to slow?

bne IntelliNews March 26, 2020

Equity and bond markets have been rocked by record volumes of outflows since the end of February in one of the biggest sell offs ever, but the pace of selling seems to be slowing in the last few days, said the Institute of International Finance (IIF)