WEEKEND WHAMMY: Moody’s cuts Turkey deeper into junk

Akin Nazli in Belgrade June 15, 2019

Ratings agency says risk of another balance of payments crisis is rising, meaning the risk of a government default down the line is also increasing.

Bloomberg reporters face jail for story on Turkish lira crisis

bne IntelliNews June 14, 2019

Duo accused of attempting to undermine the economic stability of Turkey, the world’s biggest jailer of journalists for three straight years.

ISTANBUL BLOG: Erdogan pours more lira into wretched economy

Akin Nazli in Belgrade June 13, 2019

Good news for credit card holders as officials devise more ‘sugar highs’ ahead of the revote Turkey’s strongman simply must win.

TURKEY INSIGHT: Rate-setters decide this is no time to cut

Akin Nazli in Belgrade June 12, 2019

Decision was expected. Both lira and political outlook—with Istanbul revote and more Russian missile rows with US ahead—are unstable. Officials remain engaged in manipulating currency and injecting fresh loans into zombie companies.

Naspers’ PayU buys hotly tipped Turkish fintech company iyzico

bne IntelliNews June 12, 2019

Sees huge growth opportunity for online payments. e-commerce in Turkey growing stably at over 10% each year, but still in infancy.

Top Turkish retailer BIM to pay TRY1.02 net cash dividend per share on June 12

Akin Nazli in Belgrade June 11, 2019

Total gross amount to be distributed as bonus shares and cash dividends from 2018 profit equals 83% of TRY1.25bn net profit.

May’s real effective exchange rate of Turkish lira lowest in nine months

Akin Nazli in Belgrade June 10, 2019

It fell to 69.79 in May, the weakest level recorded since last September's record low of 62.45.

Turkey’s consumer technologies market posts limited 7.5% y/y nominal growth in Q1

Akin Nazli in Belgrade June 10, 2019

It grew to TRY14.2bn (€2.17bn) according to a report by GfK Temax.

US hands Turkey Russian missiles ultimatum

bne IntelliNews June 8, 2019

Crucially, however, its deadline falls one week after the Istanbul revote seen as another referendum on Erdogan and test of what remains of Turkish democracy.

Turkey set for 1% contraction in 2019 GDP: World Bank

Will Conroy in Prague June 5, 2019

Knocking 2.6pp off its previous forecast, institution says higher inflation, pressure on real incomes, sharp banking and corporate sector deleveraging and low business and consumer confidence are taking a big toll.

Fees charged to Istanbul Airport operator 'hugely cut and postponed'

bne IntelliNews June 4, 2019

Financial pressures faced by consortium behind Turkey’s flagship infrastructure project eased. Critics, meanwhile, continue to ask why mega airport was built in the first place.

DATA CRUNCH: Turkish inflation inches down

Akin Nazli in Belgrade June 3, 2019

Surprise fall despite latest currency woes. Rate-setters may further shift from hawkish stance at pre-election MPC. But there’s little scope for easing, and capital controls could be ahead. Analysts doubt they’d be effective in shoring up lira.

ANALYSIS: Turkey technically exits recession but analysts fear double-dip's ahead

Akin Nazli in Belgrade May 31, 2019

Bounce may not reflect underlying recovery. Trigger appears to be big credit expansion that destabilised the BoP and weakened the lira.

Turkey raises €1bn from local lenders via 364-day euro lease certificates

Akin Nazli in Belgrade May 30, 2019

As country prepares for week-long holiday, geopolitical ‘messaging’ lifts lira and Erdogan camp prepares ground for Istanbul revote.

Brussels raises “deeper concerns over functioning” of Turkey’s market economy

bne IntelliNews May 30, 2019

Annual progress report on country's EU accession path says economic turmoil has exposed vulnerabilities built up over years.

US-based Sovos acquires Turkish e-invoicing start-up Foriba

Akin Nazli in Belgrade May 29, 2019

Private equity-owned buyer picking up company with more than 450 multinational clients. It solutions include e-Invoice, e-Ledger, e-Archive, e-Delivery note, e-Ticket and e-Signature.

Turkey’s top 500 saw 2018 profits wiped out by crisis-triggered financing costs says industry chamber

bne IntelliNews May 28, 2019

Debt ratio of big industrial companies climbed to 67%, the "most negative" on record.

Turkish government to tap additional TRY2.5bn from private pension funds

Akin Nazli in Belgrade May 28, 2019

Running out of gas in its bid to get a grip on Turkey’s tottering economy, Erdogan administration seizes on money market portfolios. And as clerics in Pakistan issue fatwa against dollar buying, Turks wonder “could it happen here?”

Turkish central bank yanks $4.2bn from market by hiking FX reserve requirement ratios

Akin Nazli in Belgrade May 27, 2019

Turkish central bank yanks $4.2bn from market by hiking FX reserve requirement ratios

Turkey Insight: Not weak at the knees yet? Credit default swaps just hit 520

Akin Nazli in Belgrade May 24, 2019

Global markets are pricing in a Turkish default. The Erdogan administration is fixated on its pre-election stimulus and flattering Trump. The IMF says it ain’t had a call. And the IIF quite frankly is saying WTF?