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Turkish Economy - News & Updates

What is the driving force behind Turkish Economic problem?

  • The on going Trump attack on Turkish Economy

    Votes: 29 19.9%
  • Jewish Agenda to weaken adjacent countries to Israel

    Votes: 36 24.7%
  • Internal Turkish economic problems

    Votes: 50 34.2%
  • Falling Exports for Turkey

    Votes: 5 3.4%
  • Loss of Tourism income for Turkey

    Votes: 1 0.7%
  • External Loans or Debt impacting Economy

    Votes: 25 17.1%

  • Total voters
    146
₺ gained %7 value against $, since 20 July. After one more week, and ₺ would be at 15th July level. Fethollah's coup attemp cost us 1-1.5 month of economic damage.
 
₺ gained %7 value against $, since 20 July. After one more week, and ₺ would be at 15th July level. Fethollah's coup attemp cost us 1-1.5 month of economic damage.

Not really Turkey is an export and tourism driven economy, a weaker lira would just make Turkish experts more competitive on the global market and make foreign good more expensive (which leads to less imports and more locally produced goods).
 
Not really Turkey is an export and tourism driven economy, a weaker lira would just make Turkish experts more competitive on the global market and make foreign good more expensive (which leads to less imports and more locally produced goods).

You cant just keep devalu currency forever. There must be one limit. Foreign investors wouldnt come to country if country's currency keeps losing value every year. Imagine that you are a foreign investor, you invested one billion $ and it was equal 1,5billion ₺. But then $ would become equal 3 ₺. But that company in Turkey is making money in ₺, not in $. At the beginning, if that company's target was 90million ₺ a year (60million$ a year at the beginning), it fallen down to 30 million$ a year.

He would just sell assets and get out of Turkey => weaker currency => less foreign investment and more foreigns to leave => weaker currency.....It is not always good for currency to weaken. It is also so BAD for banking system and our Turkish industury, because most of the industury and banks got loans from Europe and USA in $ and euro. Their debt just doubled in two year because of currency change.
 
"Istanbul's Yavuz Sultan Selim bridge links Europe, Asia for the third time

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A third bridge spanning over the Bosphorus straight linking the European and Asian sides of Istanbul was opened on Friday with a ceremony.

The bridge was opened with participation of President Recep Tayyip Erdoğan and Prime Minister Binali Yıldırım today. Besides Bahrain's King Hamad bin Isa al-Khalifa, President of Bosnia and Herzegovina Presidency Council İzetbegoviç and President of Pakistan Punjabi Province Muhammed Şerif, Macedonian President Gjorge Ivanov, President of the Turkish Republic of Northern Cyprus Mustafa Akıncı, Bulgarian Prime Minister Boyko Borisov, many world leaders also attended this magnificent opening ceremony as well as senior officials from Pakistan, Georgia and Serbia, other countries' ministers of communication and economy.

The Yavuz Sultan Selim Bridge, built above the northern Bosphorus straight,not too far from the Black Sea, was named after 16th century Ottoman Sultan Selim I, whose rule marked the expansion of the burgeoning world power in the Middle East.

The bridge, built above the northern part of the Bosporus Strait, was named after 16th century Ottoman Sultan Selim I, whose rule marked the expansion of the empire's burgeoning world power in the Middle East.

We are connecting continents," Erdoğan said in his speech. "We are celebrating together and we are very proud of it. The nation deserves this. This is a great and joyful day."

Erdoğan, who along with Yıldırım was among the first to cross the bridge, said it would "pioneer" further projects, such as a canal linking the Black Sea and the Sea of Marmara and another Europe-Asia bridge at the Dardanelles.

The president used the occasion to attack Daesh, which killed 54 people in a suicide bombing at a wedding in the southern city of Gaziantep on Aug. 20.

"Do not regard what is written on their so-called flag," he said, referring to the terror group's white-on-black standard that carries the names of Allah and the Prophet Muhammed.

"Those terrorists cannot be Muslim. They are manipulating children by using them as suicide bombers. When asked, they claim that they are acting in the name of Islam. However, they have nothing to do with Islam. There is absolutely no room for such cruelty in our religion, because our religion is a religion of peace." The president said he would visit Gaziantep on Sunday.

Referring to the Battle of Malazgirt on Aug. 26, 1071, which saw the Seljuk Turks defeat a Byzantine army and open the way for Turkish domination in Anatolia, Erdoğan added: "We have been here for a thousand years. The most significant qualification of our ancient history is that we would overcome every challenge by acting in unity as a nation."

"It will not only serve to Istanbul but also serve to every journey in the historic Silk Road, starting from the Far East, ending in Europe and bringing civilizations together by connecting people," PM Yıldırım also told a crowd of dignitaries.

Named after Selim I, the bridge accompanies the July 15 Marytrs' Bridge -- previously the Bosphorus Bridge -- and the Fatih Sultan Mehmet Bridge in crossing the Bosphorus.

All trucks and heavy-duty vehicles will be directed to the bridge to ease traffic on the other bridges, as well as cut congestion and pollution in Istanbul.

Turkey's government has guaranteed operators that 135,000 automobiles will use the bridge each day. The fee for automobiles going from the European to the Asian side will be TL 9.90 ($3.40).

There will be no charge for passage from the Asian to the European side.

The Yavuz Sultan Selim Bridge cost nearly $3 billion and is a critical section of the Northern Marmara Highway.

While last preparations for the opening of the bridge were being made, noting that the bridge was a magnificent work of art, Yıldırım said in his visit to the bridge in early August: "It is not just a bridge. It has eight lanes of motorway and two lanes of railway in the middle. Consisting of 10 lanes in total, it is the broadest spanning suspension bridge in the world. It is also the highest suspension bridge in the world, with the world's highest tower at a height of 322 meters." Pointing out that its design was different than that of the 15 July Martyrs' Bridge and the Fatih Sultan Mehmet Bridge, Yıldırım said the project is a hybrid with both vertical and horizontal wiring and the towers are not vertical but make the shape of an "A" consisting of two piers connecting in the middle. "Therefore, the bridge has many firsts and features. It is not just a transportation tool, but it also has an identity, a spirit. It is a project with engineering value," Yıldırım said.

Recalling that the bridge has a 217-kilometer-long highway along with the main and access roads following the bridge, Yıldırım said: "It is sometimes called the Yavuz Sultan Selim Bridge and access road. It is better to call it the Northern Highway. Istanbul's Fatih Sultan Mehmet Bridge is connected to the TEM highway, while the July 15 Martyrs' Bridge is connected to E-5. The Yavuz Sultan Selim Bridge, on the other hand, constitutes Istanbul's outmost highway by going across the northernmost part of the Bosporus." He added that a vehicle entering from Kınalı on the European Side could arrive after passing Sultanbeyli Kurtköy on the Anatolian Side and later continue on to Bursa and İzmir or İzmit via the Osman Gazi Bridge.

Yavuz Sultan Selim Bridge was completed within a record-breaking 27 month time frame, nine months ahead of schedule, according to Transportation, Maritime and Communications Minister Ahmet Arslan, speaking to journalists last weekend. The project is first of its kind completed in such a time frame and could break a world record, according to Arslan.

Continuing by saying that the bridge was constructed in accordance with the build-operate-transfer model without the use of any public resources, Arslan said it would reduce fossil fuel emissions by easing Istanbul's heavy traffic burden as well as environmental problems.

Pointing out that the process has been closely monitored by the Ministry of Forestry and Water Affairs and the General Directorate of Forestry, Arslan said nearly 300,000 trees were transferred to other places and 2.5 million trees have already been planted in their place. He also added that 10,000 trees have been planted daily, along with 5.1 million trees which will be planted along the route.

Arslan declared that the projects were not only conducted with the help of bureaucrats and company owners but also with the contributions, tremendous leg work and the brilliant mind work of Turkish engineers, technicians and many others.

More than 6,500 workers and engineers worked diligently on the construction of the Yavuz Sultan Selim Bridge. The total length of the bridge is 2,164 meters. The bridge, which stretches 1,408 meters over the Bosporus, has eight lanes of highway and two lanes of railway. It will be the longest suspension bridge in the world that includes a rail system. The height of the tower in the village of Garipçe on the European side is 322 meters and the tower in the Poyrazköy district on the Asian side is 318 meters high. The bridge will have the highest abutments in the world.

The rail system crossing the bridge will run from Edirne to İzmit, will be integrated into the Marmaray and Istanbul Metro and will also connect Istanbul Atatürk International Airport, Sabiha Gökçen International Airport and the third airport, also currently under construction.

Turkey's other mega projects

In 2015, Turkey raised the bar with the financial closure of seven projects totaling a record $44.7 billion according to data released by the World Bank Group's Private Participation in Infrastructure Database.

Eurasia Tunnel

The Eurasia tunnel, which is the second underwater project in Istanbul after Marmaray (a railway tunnel underneath the Bosporus Strait that transported about 21 million passengers in the first six months after its inauguration in October 2013), is scheduled to open on Dec.20.

The tunnel will connect the Kazlıçeşme neighborhood on the European side with Göztepe on the mega city's Asian side and cut travel time between the two congested areas to 15 minutes. Expanding current motorways and constructing connecting roads should also be completed this year.

Istanbul's third airport

Istanbul's third airport is under construction in the Arnavutkoy district of Istanbul, on the city's European side.

Kanal Istanbul

Kanal Istanbul is an artificial sea route that will be built parallel to the Bosporus and will connect the Black Sea to the Sea of Marmara.

The canal will provide relief to shipping traffic, particularly oil tanker traffic, passing through the Bosporus. The canal has a designed capacity of 160 vessels a day and is scheduled to be completed by 2023 at a cost of $15 billion.

Istanbul Finance Center

The center is aimed at developing the conditions required for Istanbul to rank among the leading financial centers of the world. The $2.6 billion project is integral to Turkey's plan to make its economy one of the world's 10 largest."

Istanbul's Yavuz Sultan Selim bridge links Europe, Asia for the third time

Turkey unveils 3rd Bosphorus bridge

New Istanbul Bridge connecting two continents opens

 
Here is an interesting article that is almost 2 years old... So is there any developments in exploring the oil and natural gas potential of Turkey, guys? Do you have any information about it?

Turkey’s True Potential Set to Be Unleashed

It’s located just miles away from some of the richest oil and gas fields in the world.

Just off this country’s southern border, a 27-billion-barrel oil field is in production. And further south, a 30-trillion-cubic-foot reserve is pumping out natural gas.

The country is the same size as Texas – with similar geologic formations as those found in the Texas and Oklahoma energy basins. Yet, despite its prime location, this “Ground Zero of the Next Energy Boom” has only drilled 4,400 wells since 1940, compared to over 1.5 million in Texas.

In other words, its massive energy reserves are almost entirely untapped.

Fair warning, though… this country’s true potential will be unlocked very soon. And two companies promise to be at the forefront.

Confirming Turkey’s Vast Potential
Last year, I visited Cyprus during the financial meltdown that was taking place.

The primary reason for my trip was to research the potential for gas development off the coast of Cyprus, in the Mediterranean.

Well, I confirmed that Turkey boasts massive oil and gas potential – both onshore and offshore.

Turkey controls half of Cyprus and has been clear about its intention to claim the potentially huge discoveries that may be found off the coast.

Noble Energy (NBL) is developing the Leviathan and Tamar gas fields off the coast of Israel. As I alluded to above, the fields are estimated to contain more than 30 trillion cubic feet of natural gas, putting Israel on the map as the 25th largest in terms of reserves in the world. And those formations are thought to extend north into Turkish territorial waters, as well as onshore into the southern part of the country.

No wonder Royal Dutch Shell (RDS.A) and Exxon Mobil (XOM) – along with a host of minor companies – are champing at the bit to drill for oil and gas, and apply new fracking technology on Turkey’s land…

The Next Big Energy Juggernaut
The Turkish Petroleum Company is working with Shell on four joint ventures on the Dadas formation in southwestern Turkey.

Geologists compare this formation to the prolific Oklahoma Woodford shale gas play.

Located on the Arabian plate, the formation is also thought to include as much as 100 billion barrels of oil and oil equivalents – hence the deep interest by U.S. and foreign energy majors.

The region has barely been explored, and results from test wells are due to come in over the next few months.

Previous test results showed hydrocarbon formations and have struck oil and gas – but not in commercial quantities. The newer tests will incorporate more recent advances, such as fracking, which should result in much better returns.

Bottom line: While Turkey is currently a net importer of both oil and gas, it has the potential to become the next global energy juggernaut. It’s located between Europe, Asia, and the Middle East – with easy delivery routes by land and sea.

Indeed, Turkey could be a future source of energy for a starving Europe that’s reliant on places like Russia for more than a third of its energy needs.

To top it off, Turkey has some of the most favorable tax treatments for exploration and production – with a 12.5% royalty to the government and a flat 20% corporate tax rate.

Ultimately, if the reserve estimates are proven correct, the big winners here will be the major oil companies – led by Royal Dutch Shell, which could possibly be sitting on the biggest find on its books.

And “the chase” continues,

Karim Rahemtulla



http://www.wallstreetdaily.com/2014/09/24/turkey-oil-fields/
 
Here is an interesting article that is almost 2 years old... So is there any developments in exploring the oil and natural gas potential of Turkey, guys? Do you have any information about it?

Turkey’s True Potential Set to Be Unleashed

It’s located just miles away from some of the richest oil and gas fields in the world.

Just off this country’s southern border, a 27-billion-barrel oil field is in production. And further south, a 30-trillion-cubic-foot reserve is pumping out natural gas.

The country is the same size as Texas – with similar geologic formations as those found in the Texas and Oklahoma energy basins. Yet, despite its prime location, this “Ground Zero of the Next Energy Boom” has only drilled 4,400 wells since 1940, compared to over 1.5 million in Texas.

In other words, its massive energy reserves are almost entirely untapped.

Fair warning, though… this country’s true potential will be unlocked very soon. And two companies promise to be at the forefront.

Confirming Turkey’s Vast Potential
Last year, I visited Cyprus during the financial meltdown that was taking place.

The primary reason for my trip was to research the potential for gas development off the coast of Cyprus, in the Mediterranean.

Well, I confirmed that Turkey boasts massive oil and gas potential – both onshore and offshore.

Turkey controls half of Cyprus and has been clear about its intention to claim the potentially huge discoveries that may be found off the coast.

Noble Energy (NBL) is developing the Leviathan and Tamar gas fields off the coast of Israel. As I alluded to above, the fields are estimated to contain more than 30 trillion cubic feet of natural gas, putting Israel on the map as the 25th largest in terms of reserves in the world. And those formations are thought to extend north into Turkish territorial waters, as well as onshore into the southern part of the country.

No wonder Royal Dutch Shell (RDS.A) and Exxon Mobil (XOM) – along with a host of minor companies – are champing at the bit to drill for oil and gas, and apply new fracking technology on Turkey’s land…

The Next Big Energy Juggernaut
The Turkish Petroleum Company is working with Shell on four joint ventures on the Dadas formation in southwestern Turkey.

Geologists compare this formation to the prolific Oklahoma Woodford shale gas play.

Located on the Arabian plate, the formation is also thought to include as much as 100 billion barrels of oil and oil equivalents – hence the deep interest by U.S. and foreign energy majors.

The region has barely been explored, and results from test wells are due to come in over the next few months.

Previous test results showed hydrocarbon formations and have struck oil and gas – but not in commercial quantities. The newer tests will incorporate more recent advances, such as fracking, which should result in much better returns.

Bottom line: While Turkey is currently a net importer of both oil and gas, it has the potential to become the next global energy juggernaut. It’s located between Europe, Asia, and the Middle East – with easy delivery routes by land and sea.

Indeed, Turkey could be a future source of energy for a starving Europe that’s reliant on places like Russia for more than a third of its energy needs.

To top it off, Turkey has some of the most favorable tax treatments for exploration and production – with a 12.5% royalty to the government and a flat 20% corporate tax rate.

Ultimately, if the reserve estimates are proven correct, the big winners here will be the major oil companies – led by Royal Dutch Shell, which could possibly be sitting on the biggest find on its books.

And “the chase” continues,

Karim Rahemtulla



http://www.wallstreetdaily.com/2014/09/24/turkey-oil-fields/
As long as they pay their fair share to Turkey I don't have a problem with them setting up shop. But if they're going to try and fleece us as they do our brothers in Kazakhastan....they can forget it
 
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https://twitter.com/hashtag/%D8%A7%D9%84%D8%AC%D9%8A%D8%B4_%D8%A7%D9%84%D8%B3%D9%88%D8%B1%D9%8A_%D8%A7%D9%84%D8%AD%D8%B1?src=hash
%AC%D9%8A%D8%B4_%D8%A7%D9%84%D8%B3%D9%88%D8%B1%D9%8A_%D8%A7%D9%84%D8%AD%D8%B1?src=hash

Free Syrian Army announced 3 phase of Euphrates shield which will consist the following zone borders from Arima in the east to Tal Hajar on the west all the way down south to Al-Bab .

This operation seems to include a zone of around 400 KM square 18 km down south to Al-BAb and around 25 km wide from east to west .
 
Our trade (in USD) with Iran:

Jan. - July | 2015

Ihracat/Exports --- Ithalat/Imports
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Jan. - July | 2016
Ihracat/Exports --- Ithalat/Imports

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Exports: +33%
Imports: - 35,9%
Could you provide source? Where did you get this info from?
 
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