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Banking / Investment in Turkey

  • Crimea: Circumventing Trade Sanctions Via Novorossiysk

    ARMENIA, 2017/07/08 Despite trade sanctions, Crimea is maintaining connections to international markets. Crimean traders are performing some logistical gymnastics to skirt sanctions, in particular transiting goods through the Russian port of Novorossiysk. On paper, of course, Crimea is experiencing a severe trade crisis. Official statistics indicate that Crimea’s import volume in 2016 shrank by a full third compared to the 2015 level, a drop of $33.6 million. Exports fell by $31.8 million, a 40-% decline from 2015. The city of Sevastopol, which is not formally part of the Republic of Crimea, reported a 12.6 % fall in its imports and 66.8 % fall in its exports in the same period, with volumes shrinking to $33.4 million and $5.9 million, respectively.

  • Turkey In Africa Turkish investment in Africa

    TURKEY, 2015/12/07 Business tycoon Oktay Ercan urges Turkish firms to find partners from other G20 nations to take best chance of opportunities on the African continent Turkish foreign investments across the world have grown considerably over the completed decade, particularly in Africa, where their price has reached $6 billion. Observers say investments in North Africa have additional than doubled in the completed five years, while in the sub-Saharan region Turkish investors have mainly targeted nations such as Ethiopia, Cameroon, Cote d’Ivoire and Nigeria. “Turkish investment has reached this level because of the success of foreign policy initiatives of the Turkish government in Africa and Middle East since 2005,” says Oktay Ercan, Chairman of OE Group.

  • The Turkish Central Bank has surprised markets by trimming benchmark interest rates 0.5 points

    TURKEY, 2014/05/25 The Turkish Central Bank has surprised markets by trimming benchmark interest rates 0.5 points, hinting it may opt for a gradual and moderate reduction, but said it remains committed to a tight policy. The bank, as daily Hurriyet online reports, announced that the Monetary Policy Board (PPK) has decided to cut benchmark one-week repo rates to 9.5% from 10%. "With the recent decline in uncertainties and development in the risk premium indicators, market interest rates have fallen across all maturities. In this regard, the committee decided on a measured decrease in the one week funding rate," the bank said in a statement released next the PPK conference.

  • FDI in Turkey surges by 50% to USD 4.2 billion

    TURKEY, 2014/05/25 Foreign direct investment (FDI) in Turkey reached USD 4.2 billion in the first quarter, rising almost 50%, Anadolu Agency reports quoting data from the Turkish Economy Ministry. The figures showed a 49.6% increase from the USD 2.7 billion invested in the same period of last year. The manufacturing sector benefited the most from foreign capital with USD 1.04 billion, and the energy sector followed with USD 808 million with 61.9% of foreign investment, of which almost USD 2.6 billion came from the European Union.

  • Turkish central bank says won't defend lira with interest rates

    TURKEY, 2013/08/28 Turkish Central Bank Governor Erdem Basci said on Tuesday he did not intend to hike interest rates to defend a sliding lira, which hit record lows on concern about the outlook for U.S. stimulus and the conflict in neighboring Syria. In an interview with the national-run Anadolu news agency (AA), Basci said the central bank had $40 billion in reserves which it could use to shore up the lira and would intervene defensively as needed to reduce exchange rate volatility. The lira weakened to a record low of 2.03 to the dollar as markets wondered whether the bank had the firepower necessary to defend the currency.

  • FDI inflow to Turkey

    TURKEY, 2013/08/01 Foreign direct investment (FDI) to Turkey dropped to USD 2.4 billion in the initial quarter of the year from USD 4.6 billion in the same months of 2012, Anatolia news agency reports. The FDI inflow to Turkey in the final quarter of 2012 was as well USD 2.4 billion. According to a world FDI survey released by the Organisation for Economic Co-operation and Improvment(OECD) on Monday, the decline translates into a 47.8% drop in FDI to the country.

  • Turkish central bank defending the lira

    TURKEY, 2013/07/20 The Turkish central bank, which spent about $6.0 billion on defending the lira last week, signalled on Monday that it may raise interest rates to support the currency. In early trading on Monday the lira, which had fallen by about 10.0 % since May, rallied sharply to 1.9430 to the dollar from 1.9540 late on Friday. The strong hint from the central bank came next the government assured foreign investors and the Turkish people that the bank would do its utmost to counter recent turbulence.

  • Erdogan on anti-credit card crusad

    TURKEY, 2013/07/19  Next blaming recent mass anti-government protests on plots hatched by hostile foreign lobbies, Turkish Premier Recep Tayyip Erdogan presently has credit cards in his cross hairs. ''Banks are insatiable. Do not use those credit cards. If everyone spent as much money as banks want them to, they'd at no time be able to save'', the premier explained in Istanbul during an Iftar, the dinner breaking the daily fast during the Islamic holy month of Ramadan. The Islamic nationalist premier and his Justice and Development Party (AKP) lost popular consensus since the brutal government repression of youthful protests that left four demonstrators dead, 11 blinded and 7,000 wounded, of which 50 in critical condition.

  • Deputy Prime Minister Ali Babacan

    TURKEY, 2013/06/25  The participation banks' share in the Turkish banking system, at 5%, is below expectations, Deputy Prime Minister Ali Babacan said yesterday, as a participation bank Albaraka looks to found an Islamic insurance company if the legal basis is formed in the country. ''The number of participation bank branches has reached 869, with 16,190 staff members. Their size of assets has increased to 81.5 billion Turkish Liras (32 billion euros), as their funds provided real sector worth 60 billion liras (23.6 billion euros). The participation banks' share in assets is 5% and in funds it's 6%. These figures are below our desires,'' said Babacan during the conference on 'Islamic Finance Instruments: Expectations and Opportunities for Turkey' as daily Hurriyet reports.

  • The annual conference of the European Bank for Reconstruction and Improvment(EBRD)

    TURKEY, 2013/05/13 The annual conference of the European Bank for Reconstruction and Improvment(EBRD) started in Istanbul on Friday and will focus on innovation and investments. Serbia's Minister of Economy Mladjan Dinkic is as well at the conference. He presented Serbia's investment potential in Istanbul ahead of the event, which caused huge interest in the media and business world.
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