UkroTurk
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Bro Turkey is member of European custom union.
There is no custom taxes for European goods. Just need a custom clearance in order to pay VAT.
Turkish Economy - News & Updates
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There is no custom taxes for European goods. Just need a custom clearance in order to pay VAT.
WarDaddy97
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Lots of packaging machines. There is a big exhibition in Istanbul every year
Killuminati
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What is Turke's biggest brand of packaging machines? I'm just wondering because i work with a lot of packaging machines.
I have actually no idea. I just know my father went to Istanbul a couple of times for the exhibition and wanted to order a couple of machines but it was to difficult getting a couple of samples trough customs
Cypro
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Source: https://www.bloomberg.com/news/arti...-2-percent-in-second-quarter-meeting-estimate
Turkey's Fast-Paced GDP Growth Shows Signs of Slowdown Ahead
After one of the best growth performances among peers in the second quarter, Turkey’s economy is showing signs of a slowdown that some investors say will morph into a technical recession later in the year.
Gross domestic output rose 5.2 percent during the three months through June from a year earlier, in line with the median estimate of 5.3 percent in a Bloomberg survey. While that keeps Turkey’s place among the world’s fastest-growing nations, a deeper dive into the data shows consumers and investors starting to hit the brakes, while government spending and exporters prevented a more rapid slowdown.
The lira’s recent depreciation, though it benefits exporters, will force the government to reduce spending and the central bank to raise borrowing costs to stabilize financial markets, said Inan Demir, an economist at Nomura International in London who had the most accurate prediction in the Bloomberg survey.
“This is just a prelude to a deeper slowdown that will take hold in the second half,” Demir said. “I expect two consecutive quarters of contraction in the economy: a technical recession.”
The lira reaction to the news was muted; it was trading 0.4 percent lower at 6.4372 per dollar at 12:15 p.m. in Istanbul, bringing the year’s losses to around 41 percent.
The latest run on the lira began with the eruption of a row between Ankara and the U.S. over an American pastor held in Turkey for almost two years on espionage and terrorism-related charges. Turkish policy makers led by President Recep Tayyip Erdogan have accused the U.S. of waging an economic war and using the currency as its main tool of attack.
The currency rout came with a price on Turkey’s real economy, leading to a spike in the cost of borrowing for corporates and consumers alike, and a drop in confidence. Deterioration in the economic outlook has resulted in downward revisions to growth estimates by banks and credit rating agency Fitch.
The slowdown in consumer demand will be more pronounced in the third quarter but with exports and tourism revenues rising, “economic balancing” seems to have started, Treasury and Finance Minister Berat Albayrak said in a statement after the data. Recent market volatility underlined that high inflation and foreign trade imbalances have to be tackled, he said.
Monday’s report shows a slowdown in some sectors may have begun even before the market turmoil really kicked in.
Turkey's Fast-Paced GDP Growth Shows Signs of Slowdown Ahead
After one of the best growth performances among peers in the second quarter, Turkey’s economy is showing signs of a slowdown that some investors say will morph into a technical recession later in the year.
Gross domestic output rose 5.2 percent during the three months through June from a year earlier, in line with the median estimate of 5.3 percent in a Bloomberg survey. While that keeps Turkey’s place among the world’s fastest-growing nations, a deeper dive into the data shows consumers and investors starting to hit the brakes, while government spending and exporters prevented a more rapid slowdown.
The lira’s recent depreciation, though it benefits exporters, will force the government to reduce spending and the central bank to raise borrowing costs to stabilize financial markets, said Inan Demir, an economist at Nomura International in London who had the most accurate prediction in the Bloomberg survey.
“This is just a prelude to a deeper slowdown that will take hold in the second half,” Demir said. “I expect two consecutive quarters of contraction in the economy: a technical recession.”
The lira reaction to the news was muted; it was trading 0.4 percent lower at 6.4372 per dollar at 12:15 p.m. in Istanbul, bringing the year’s losses to around 41 percent.
The latest run on the lira began with the eruption of a row between Ankara and the U.S. over an American pastor held in Turkey for almost two years on espionage and terrorism-related charges. Turkish policy makers led by President Recep Tayyip Erdogan have accused the U.S. of waging an economic war and using the currency as its main tool of attack.
The currency rout came with a price on Turkey’s real economy, leading to a spike in the cost of borrowing for corporates and consumers alike, and a drop in confidence. Deterioration in the economic outlook has resulted in downward revisions to growth estimates by banks and credit rating agency Fitch.
The slowdown in consumer demand will be more pronounced in the third quarter but with exports and tourism revenues rising, “economic balancing” seems to have started, Treasury and Finance Minister Berat Albayrak said in a statement after the data. Recent market volatility underlined that high inflation and foreign trade imbalances have to be tackled, he said.
Monday’s report shows a slowdown in some sectors may have begun even before the market turmoil really kicked in.
Turkey topped the list among OECD member countries and came second among EU members who have so far announced their annual growth performances for the second quarter of this year
The economy is turkey's strongest weapon at the moment
The Turkish economy grew by 5.2 percent in the second quarter of this year compared with the same period last year, the country’s statistical authority announced Sept. 10.
The Turkish Lira firmed to 6.47 against the dollar after the data from around 6.4850 beforehand.
Second quarter gross domestic product (GDP) expanded a seasonally and calendar adjusted 0.9 percent from the previous quarter, data from the Turkish Statistical Institute (TÜİK) showed.
The highest contribution to the growth again came from domestic consumption - mainly private - in the second quarter, according to calculations.
The TÜİK report showed private consumption, which is estimated to make up nearly two-thirds of the economy, grew 6.3 percent on an annual basis during the second quarter of the year, slowing from a revised 9.3 percent in the first quarter. The contribution of this item to the GDP was 3.8 points, according to calculations.
On the other hand, government spending on consumption rose 7.2 percent from a revised 4.9 percent in the previous quarter. Its share rose to 1 point from 0.7 points in the first quarter.
Gross fixed capital formation rose 3.9 percent, while the share of this item regressed to 1.2 points in the second quarter from 2.3 points in the first quarter, according to calculations.
With a 4.5 percent increase in exports, the share of exports to growth rose to 0.96 percent.
Treasury and Finance Minister Berat Albayrak said growth in the second quarter was kept being driven by domestic consumption despite a moderate slowdown in consumption and investments.
“In addition to this, we have seen that strong export and tourism performances enabled net foreign demand to have made a positive contribution to the growth,” he said, adding that “this outcome has shown that Turkey’s economy has entered a rebalancing period in line with the government’s targets.”
He noted that initial indicators showed that the slowdown in domestic demand has been intensified.
“We expect a higher positive contribution by net foreign demand to the growth thanks to robust export and tourism revenue and a decrease in demand for imports,” Albayrak added.
http://www.hurriyetdailynews.com/am...-on-year-in-the-second-quarter-of-2018-136660
The economy is turkey's strongest weapon at the moment
The Turkish economy grew by 5.2 percent in the second quarter of this year compared with the same period last year, the country’s statistical authority announced Sept. 10.
The Turkish Lira firmed to 6.47 against the dollar after the data from around 6.4850 beforehand.
Second quarter gross domestic product (GDP) expanded a seasonally and calendar adjusted 0.9 percent from the previous quarter, data from the Turkish Statistical Institute (TÜİK) showed.
The highest contribution to the growth again came from domestic consumption - mainly private - in the second quarter, according to calculations.
The TÜİK report showed private consumption, which is estimated to make up nearly two-thirds of the economy, grew 6.3 percent on an annual basis during the second quarter of the year, slowing from a revised 9.3 percent in the first quarter. The contribution of this item to the GDP was 3.8 points, according to calculations.
On the other hand, government spending on consumption rose 7.2 percent from a revised 4.9 percent in the previous quarter. Its share rose to 1 point from 0.7 points in the first quarter.
Gross fixed capital formation rose 3.9 percent, while the share of this item regressed to 1.2 points in the second quarter from 2.3 points in the first quarter, according to calculations.
With a 4.5 percent increase in exports, the share of exports to growth rose to 0.96 percent.
Treasury and Finance Minister Berat Albayrak said growth in the second quarter was kept being driven by domestic consumption despite a moderate slowdown in consumption and investments.
“In addition to this, we have seen that strong export and tourism performances enabled net foreign demand to have made a positive contribution to the growth,” he said, adding that “this outcome has shown that Turkey’s economy has entered a rebalancing period in line with the government’s targets.”
He noted that initial indicators showed that the slowdown in domestic demand has been intensified.
“We expect a higher positive contribution by net foreign demand to the growth thanks to robust export and tourism revenue and a decrease in demand for imports,” Albayrak added.
http://www.hurriyetdailynews.com/am...-on-year-in-the-second-quarter-of-2018-136660
rajvoSa
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Turkey, Kazakhstan strike deals in various sectors totaling $1.7B
Turkey and Kazakhstan inked 22 agreements totaling $1.7 billion yesterday in various sectors including machinery, chemistry, food, transportation and mining.
The agreements were signed at the Turkey-Kazakhstan Investment Forum held at the JW Marriott Hotel in Ankara. The forum was attended by Energy and Natural Resources Minister Fatih Dönmez, First Deputy Prime Minister of Kazakhstan Askar Mamin, Kazakhstan's Energy Minister Kanat Bozumbayev, Kazakhstan's Investment and Development Minister Zhenis Kassymbek and several other officials.
The forum came ahead of an official visit by Kazakh President Nursultan Nazarbayev, who is to arrive in Turkey today, according to presidential sources.
Nazarbayev will meet President Recep Tayyip Erdoğan and hold talks with Turkish businessmen, according to a written statement by the Kazakh presidency yesterday. Nazarbayev will also participate in the 3rd High Level Strategic Cooperation Council meeting between Turkey and Kazakhstan, the statement added.
Speaking at the investment forum, Energy and Natural Resources Minister Dönmez said they intend to increase the trade volume between Turkey and Kazakhstan to $5 billion in a few years and then to $10 billion.
"We are obliged to move our existing cooperation further to reach these levels within a maximum of seven to eight years," he noted. President Erdoğan's visit to the most developed former Soviet state in Central Asia in September of last year marked a decisive shift toward building stronger economic and commercial ties as investment agreements worth $590 million were inked between companies from the two countries and emphasized the institutional character of bilateral ties.
Dönmez expressed that they are pleased to meet the businesspeople of Kazakhstan, a friendly and allied country with deep historical and cultural ties, at the Turkey-Kazakhstan Investment Forum.
Speaking prior to the forum, Kazakhstan's Investment and Development Minister Kassymbek said Turkey is one of the top 10 investors for Kazakhstan, adding that more than 22 documents are being signed.
Turkey's energy minister stated that even though the trade volume, which entered a downward trend in 2013 and afterward, showed an increase of 23 percent in 2017, it is well below its potential. He recalled that in 2017, the two countries reached a trade volume of $2.4 billion, while he also pointed to an increase in the first seven months of 2018 compared to the same period last year.
"However, although the two communities act so closely and friendly, we have not yet sufficiently reflected this close relationship in economic relations. We are obliged to move our existing cooperation further," Dönmez said. "Both in these types of business forums and in economic cooperation agencies that our countries are members [of] we must meet more frequently to better evaluate existing opportunities."
Dönmez said that the Turkish investments in Kazakhstan reached $3.2 billion and that after Russia and China, Turkey comes third in the number of foreign shareholding companies in Kazakhstan.
The minister highlighted that Kazakhstan is proceeding rapidly toward great targets under the leadership of President Nursultan Nazarbayev, adding that Turkish companies continue to invest in the country in many fields from telecommunication to banking and finance, from energy to airport operations.
Pointing out that with its experience in the public and private sectors, Turkey is ready to give any kind of support to the projects that Kazakhstan would like to realize, he said Turkish contractors have so far reached about $25 billion in investment in approximately 487 prestigious projects including airports, energy and copper facilities, roads, bridges, expo fair construction and an artificial island. He underlined that Kazakhstan is one of the countries with the most favorable investment environment in the region.
Dönmez said Kazakhstan has approximately $170 million worth of investment in Turkey which leads the way with the most attractive support and incentives for investors worldwide. "We are constantly improving our incentive system in line with our developing economy and the expectations of investors. We also want fellow Kazakhs to take advantage of these opportunities offered by the Turkish economy. We have to take bigger steps in this area, paving the way for our investors," he said.
For this reason, Turkey attaches great importance to updating the agreement on reciprocal encouragement and protection of investments signed in 1992, the minister stressed.
"Today, we will witness the signing of 22 agreements, including 18 commercial deals, between Turkey and Kazakhstan, worth $1.7 billion. With the visit of President Nazarbayev, we would like to move our partnership to the next stage by adding and updating the contracts with new projects and further enriching the areas covered by the agreements. Our action plan aims to shed light on our investors' plans for Kazakhstan," he added.
Dönmez said that the projects in the action plan will bring a new impetus to bilateral economic and investment relations.
"The relations originating from the common history and roots between Turkey and Kazakhstan have gone far beyond the relations between any two countries in every aspect," Dönmez said, suggesting that the bonds of friendship based on mutual respect and trust should be reflected more on economic and commercial relations.
-----
Turkey and Kazakhstan inked 22 agreements totaling $1.7 billion yesterday in various sectors including machinery, chemistry, food, transportation and mining.
The agreements were signed at the Turkey-Kazakhstan Investment Forum held at the JW Marriott Hotel in Ankara. The forum was attended by Energy and Natural Resources Minister Fatih Dönmez, First Deputy Prime Minister of Kazakhstan Askar Mamin, Kazakhstan's Energy Minister Kanat Bozumbayev, Kazakhstan's Investment and Development Minister Zhenis Kassymbek and several other officials.
The forum came ahead of an official visit by Kazakh President Nursultan Nazarbayev, who is to arrive in Turkey today, according to presidential sources.
Nazarbayev will meet President Recep Tayyip Erdoğan and hold talks with Turkish businessmen, according to a written statement by the Kazakh presidency yesterday. Nazarbayev will also participate in the 3rd High Level Strategic Cooperation Council meeting between Turkey and Kazakhstan, the statement added.
Speaking at the investment forum, Energy and Natural Resources Minister Dönmez said they intend to increase the trade volume between Turkey and Kazakhstan to $5 billion in a few years and then to $10 billion.
"We are obliged to move our existing cooperation further to reach these levels within a maximum of seven to eight years," he noted. President Erdoğan's visit to the most developed former Soviet state in Central Asia in September of last year marked a decisive shift toward building stronger economic and commercial ties as investment agreements worth $590 million were inked between companies from the two countries and emphasized the institutional character of bilateral ties.
Dönmez expressed that they are pleased to meet the businesspeople of Kazakhstan, a friendly and allied country with deep historical and cultural ties, at the Turkey-Kazakhstan Investment Forum.
Speaking prior to the forum, Kazakhstan's Investment and Development Minister Kassymbek said Turkey is one of the top 10 investors for Kazakhstan, adding that more than 22 documents are being signed.
Turkey's energy minister stated that even though the trade volume, which entered a downward trend in 2013 and afterward, showed an increase of 23 percent in 2017, it is well below its potential. He recalled that in 2017, the two countries reached a trade volume of $2.4 billion, while he also pointed to an increase in the first seven months of 2018 compared to the same period last year.
"However, although the two communities act so closely and friendly, we have not yet sufficiently reflected this close relationship in economic relations. We are obliged to move our existing cooperation further," Dönmez said. "Both in these types of business forums and in economic cooperation agencies that our countries are members [of] we must meet more frequently to better evaluate existing opportunities."
Dönmez said that the Turkish investments in Kazakhstan reached $3.2 billion and that after Russia and China, Turkey comes third in the number of foreign shareholding companies in Kazakhstan.
The minister highlighted that Kazakhstan is proceeding rapidly toward great targets under the leadership of President Nursultan Nazarbayev, adding that Turkish companies continue to invest in the country in many fields from telecommunication to banking and finance, from energy to airport operations.
Pointing out that with its experience in the public and private sectors, Turkey is ready to give any kind of support to the projects that Kazakhstan would like to realize, he said Turkish contractors have so far reached about $25 billion in investment in approximately 487 prestigious projects including airports, energy and copper facilities, roads, bridges, expo fair construction and an artificial island. He underlined that Kazakhstan is one of the countries with the most favorable investment environment in the region.
Dönmez said Kazakhstan has approximately $170 million worth of investment in Turkey which leads the way with the most attractive support and incentives for investors worldwide. "We are constantly improving our incentive system in line with our developing economy and the expectations of investors. We also want fellow Kazakhs to take advantage of these opportunities offered by the Turkish economy. We have to take bigger steps in this area, paving the way for our investors," he said.
For this reason, Turkey attaches great importance to updating the agreement on reciprocal encouragement and protection of investments signed in 1992, the minister stressed.
"Today, we will witness the signing of 22 agreements, including 18 commercial deals, between Turkey and Kazakhstan, worth $1.7 billion. With the visit of President Nazarbayev, we would like to move our partnership to the next stage by adding and updating the contracts with new projects and further enriching the areas covered by the agreements. Our action plan aims to shed light on our investors' plans for Kazakhstan," he added.
Dönmez said that the projects in the action plan will bring a new impetus to bilateral economic and investment relations.
"The relations originating from the common history and roots between Turkey and Kazakhstan have gone far beyond the relations between any two countries in every aspect," Dönmez said, suggesting that the bonds of friendship based on mutual respect and trust should be reflected more on economic and commercial relations.
-----
CAN_TR
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xenon54 out
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Against the will of Erdogan, tells you how much of an economic understanding he has.
rajvoSa
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Not so sure. Seems a bit to convient that right after Erdogan rebutal Central bank raises rates.
Almost as it was designed to dispel suspicions of Erdogans influence on Central Bank and showcase its independency. And also Erdogan distances itself from the policy, which may be not so popular with many voters. Smart play. If Im correct, of course.
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European Bank provides $94M for Izmir's new metro line
The European Bank for Reconstruction and Development (EBRD) has provided a loan of 80 million euros (nearly $94 million) for the construction of a new 7.2-kilometer (4.5-mile) metro line in Turkey's Aegean province of Izmir.
"The EBRD is providing new financing to the municipality of Izmir, Turkey's third-largest city, as it continues to expand its transport network and improve the quality of urban travel for local residents and tourists alike," the bank said in a statement on Thursday.
The bank previously extended more than 55 million euros (more than $64 million) financing for new vehicles for the Izmir metro system and new car ferries to support an environmentally friendly alternative to the city's busy roads.
Since 2009, the EBRD has invested nearly 11 billion euros (approximately $13 billion) in Turkey -- a top destination for the bank's finance.
In 2017 alone, the EBRD invested 1.6 billion euros (some $1.8 billion) in 51 projects in the country -- nearly a third of this financing was provided in Turkish lira.
Half of the bank's portfolio in Turkey constitutes investments that promote sustainable energy and resource use.
Almost as it was designed to dispel suspicions of Erdogans influence on Central Bank and showcase its independency. And also Erdogan distances itself from the policy, which may be not so popular with many voters. Smart play. If Im correct, of course.
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European Bank provides $94M for Izmir's new metro line
The European Bank for Reconstruction and Development (EBRD) has provided a loan of 80 million euros (nearly $94 million) for the construction of a new 7.2-kilometer (4.5-mile) metro line in Turkey's Aegean province of Izmir.
"The EBRD is providing new financing to the municipality of Izmir, Turkey's third-largest city, as it continues to expand its transport network and improve the quality of urban travel for local residents and tourists alike," the bank said in a statement on Thursday.
The bank previously extended more than 55 million euros (more than $64 million) financing for new vehicles for the Izmir metro system and new car ferries to support an environmentally friendly alternative to the city's busy roads.
Since 2009, the EBRD has invested nearly 11 billion euros (approximately $13 billion) in Turkey -- a top destination for the bank's finance.
In 2017 alone, the EBRD invested 1.6 billion euros (some $1.8 billion) in 51 projects in the country -- nearly a third of this financing was provided in Turkish lira.
Half of the bank's portfolio in Turkey constitutes investments that promote sustainable energy and resource use.
SouI
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We are in the bust cycle right now. Unemployment, like it should, will rise.
Consumption and as such the national economy (GNP) will shrink.
This is actually a great thing. Imports will go down too.
And of course borrowing will fall either, to only include necessary borrowing and low-risk productivity based borrowing, which is what our country needs.
Unlike what the communists that rule our country think, allocating all the resources is actually defficient and as such regressive. They think they are increasing the efficiency of the country by doing so, wrong! Not all resources deserve allocation, hence why they became unallocated in the first place!
Let the economy grow smaller, but does it through increase of efficiency, the only type of economic growth that is sustainable and thus have no boom-bust cycle that destroys whole generations.
Consumption and as such the national economy (GNP) will shrink.
This is actually a great thing. Imports will go down too.
And of course borrowing will fall either, to only include necessary borrowing and low-risk productivity based borrowing, which is what our country needs.
Unlike what the communists that rule our country think, allocating all the resources is actually defficient and as such regressive. They think they are increasing the efficiency of the country by doing so, wrong! Not all resources deserve allocation, hence why they became unallocated in the first place!
Let the economy grow smaller, but does it through increase of efficiency, the only type of economic growth that is sustainable and thus have no boom-bust cycle that destroys whole generations.
rajvoSa
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Turkey’s rate rise size surprised analysts: We round up their reactions
Turkey’s central bank has not always raised rates when analysts expected it to, so there were a wide range of estimates from investors ahead of Thursday’s decision. Here fastFT rounds up how they’re reacting to the decision to hike the benchmark lending rate from 17.75 to 24 per cent, which prompted a sharp rally in the lira.
This was a “great decision” says Timothy Ash of BlueBay Asset Management: The Turks just [gave] themselves a [chance] — to hold the lira, and rebuild the trust of the market. They can get out of this without the IMF and without resort to capital controls. The rebalancing will be brutal, but with the right policies herein, there is now a way out. It will be painful in credit space.
Aberdeen Standard Investments’ head of emerging market debt Brett Diment says the economy has already started to cool because of the currency’s rapid devaluation of recent months and changes made by the authorities. But he adds: . . . hiking today does get Turkey on the slow road to recovering some monetary policy credibility, and that is critical. If they hadn’t hiked today then the real risk was that the lira would sell-off sharply again and the country would swiftly head towards a balance of payments and even banking crisis Paul Greer, portfolio manager at Fidelity International puts the consensus range for the rate rise ahead of the meeting at 300-400 basis points — the central bank (CBRT) ultimately delivered a 625bp increase. He says: [The CBRT’s rate rise] is a bold move given the domestic political pressure from the government against a rate hike, although something the CBRT should have already delivered back in the early summer. Going forward the focus will now fall on Turkish growth which is slowing very quickly as the economy, and the current account deficit in particular, rebalances.
Today’s move, while helping to moderate inflationary pressures, will accelerate the slowdown and probably push Turkey into a recession. Today’s rate hike will help Turkey regain some credibility in the eyes of investors, but it remains to be seen if debt market access re-opens for the country. If it doesn’t, Turkey need to come up with a plan on how to fund their large external financing requirement.
Charles Robertson of Renaissance Capital takes his hat off to the CBRT for making “a big important first step”. But he asks: Will this rate hike be more effective than much bigger moves by Argentina? This is crucial. If this second big rate hike fails, Erdogan’s criticism of the CBRT could yet prompt a move towards more capital controls (beyond the measures already taken to make it much harder to short the currency). Mr Robertson’s colleague Metin Esendal puts it even more succinctly: A big move by CBT finally to protect the lira. Next step would be the release of US Pastor in early October.
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Of course Pastor again. Realease the SOB. Take their ace card from their hands. But, in due time, band all these evengalical US missions from operating. In too many cases around the globe they have proven to be fronts for US inteligence gathering. Turkey has its own diverse chiristian demoniations who are authentic to the country. This US radicals praching rupture and hell bend on bringing the Apocalypse are not less extreme then our own islamic extremist cults.
As for comme nt about the capital contrrol, Erdogan and fin ministar were wuite clear that Turkey will not implement capital controls in any circumstances. Also, Turkey isnt Argentina.
Turkey’s central bank has not always raised rates when analysts expected it to, so there were a wide range of estimates from investors ahead of Thursday’s decision. Here fastFT rounds up how they’re reacting to the decision to hike the benchmark lending rate from 17.75 to 24 per cent, which prompted a sharp rally in the lira.
This was a “great decision” says Timothy Ash of BlueBay Asset Management: The Turks just [gave] themselves a [chance] — to hold the lira, and rebuild the trust of the market. They can get out of this without the IMF and without resort to capital controls. The rebalancing will be brutal, but with the right policies herein, there is now a way out. It will be painful in credit space.
Aberdeen Standard Investments’ head of emerging market debt Brett Diment says the economy has already started to cool because of the currency’s rapid devaluation of recent months and changes made by the authorities. But he adds: . . . hiking today does get Turkey on the slow road to recovering some monetary policy credibility, and that is critical. If they hadn’t hiked today then the real risk was that the lira would sell-off sharply again and the country would swiftly head towards a balance of payments and even banking crisis Paul Greer, portfolio manager at Fidelity International puts the consensus range for the rate rise ahead of the meeting at 300-400 basis points — the central bank (CBRT) ultimately delivered a 625bp increase. He says: [The CBRT’s rate rise] is a bold move given the domestic political pressure from the government against a rate hike, although something the CBRT should have already delivered back in the early summer. Going forward the focus will now fall on Turkish growth which is slowing very quickly as the economy, and the current account deficit in particular, rebalances.
Today’s move, while helping to moderate inflationary pressures, will accelerate the slowdown and probably push Turkey into a recession. Today’s rate hike will help Turkey regain some credibility in the eyes of investors, but it remains to be seen if debt market access re-opens for the country. If it doesn’t, Turkey need to come up with a plan on how to fund their large external financing requirement.
Charles Robertson of Renaissance Capital takes his hat off to the CBRT for making “a big important first step”. But he asks: Will this rate hike be more effective than much bigger moves by Argentina? This is crucial. If this second big rate hike fails, Erdogan’s criticism of the CBRT could yet prompt a move towards more capital controls (beyond the measures already taken to make it much harder to short the currency). Mr Robertson’s colleague Metin Esendal puts it even more succinctly: A big move by CBT finally to protect the lira. Next step would be the release of US Pastor in early October.
-----
Of course Pastor again. Realease the SOB. Take their ace card from their hands. But, in due time, band all these evengalical US missions from operating. In too many cases around the globe they have proven to be fronts for US inteligence gathering. Turkey has its own diverse chiristian demoniations who are authentic to the country. This US radicals praching rupture and hell bend on bringing the Apocalypse are not less extreme then our own islamic extremist cults.
As for comme nt about the capital contrrol, Erdogan and fin ministar were wuite clear that Turkey will not implement capital controls in any circumstances. Also, Turkey isnt Argentina.
OguzSenturk
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https://www.haberturk.com/cari-islemler-acigi-aciklandi-2141998-ekonomi
Current account deficit is $1.75billion in July. In august, we would have $2-$3billion current account surplus.
Current account deficit is $1.75billion in July. In august, we would have $2-$3billion current account surplus.
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