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Topic

Turkey's GDP

Turkey expected to sell $2.5bn in 5-year sukuk

Turkey expected to sell $2.5bn in 5-year sukuk

Published 15 Jun, 2021 07:45pm
  • It set the yield for the Turkish sukuk at 5.125%, tightened from an initial price guidance of around 5.5%, the document from one of the banks on the deal showed.
Turkey's C/A deficit seen at $2.2bn in April

Turkey's C/A deficit seen at $2.2bn in April

Published 09 Jun, 2021 07:02pm
  • Turkey's import-reliant economy, worth $717 billion in 2020, has been prone to big trade deficits and a boom-bust growth cycle that was exacerbated by last year's pandemic.
  • The median estimate for the full-year deficit was $25 billion, in a range of $23 billion to $29.09 billion.
Turkish inflation seen at 17.25pc despite central bank's forecast

Turkish inflation seen at 17.25pc despite central bank's forecast

Published 31 May, 2021 06:55pm
  • A recent lira depreciation, sparked by President Tayyip Erdogan's sacking of a hawkish central bank governor, has raised both inflation and expectations for more. The consumer price index (CPI) rose 17.14% in April.
  • The currency's decline of about 15% since mid-March has raised overall prices for import-dependent Turkey and pushed producer price inflation above 35% in April.
Turkish economy to return to form with 6.7pc growth in Q1, 5.5pc in 2021

Turkish economy to return to form with 6.7pc growth in Q1, 5.5pc in 2021

Published 26 May, 2021 08:13pm
  • Forecasts from 13 economists ranged from 4.5% to 7% for the full-year, while the median estimate was up from 4.5% in a February poll. For the first quarter, forecasts from 14 economists ranged from 5% to 7.5%.
  • Turkey's economy grew just 1.8% last year and 0.9% in 2019, well down from an average of about 5% over the last two decades.
Turkey's net FX reserves edge above $12bn as of May 7

Turkey's net FX reserves edge above $12bn as of May 7

Updated 17 May, 2021 09:39pm
  • The reserves have emerged in recent months as a focus of what the political opposition calls government mismanagement. They plunged in 2019-2020 as state banks sold off $128 billion to stabilise the lira, which still fell 20% in 2020.
  • Net forex reserves were around $41 billion at the end of 2019.
Turkey's C/A deficit seen $3.8bn in March

Turkey's C/A deficit seen $3.8bn in March

Published 06 May, 2021 06:38pm
  • Turkey's import-reliant economy, worth $717 billion in 2020, has been prone to big trade deficits and a boom-bust growth cycle that was exacerbated by last year's pandemic.
  • The median estimate in a Reuters poll of 10 economists showed a deficit of $3.8 billion in March, with estimates ranging between deficits of $3.5 billion and $4.3 billion.
Turkey's net FX reserves rise to $11.22bn as of April 23

Turkey's net FX reserves rise to $11.22bn as of April 23

Published 29 Apr, 2021 06:45pm
  • A week earlier the reserves - which have become the focus of the political opposition's criticism in recent weeks - had recovered from 18-year low and stood at $10.585 billion.
  • The exchange rate used by Reuters on Thursday was 8.2694 compared to 8.0567 the previous week.
Turkey's net FX reserves rise to $10.6bn from 18-year low

Turkey's net FX reserves rise to $10.6bn from 18-year low

Published 22 Apr, 2021 05:36pm
  • A week earlier the reserves - which have become the focus of the political opposition's criticism in recent weeks - had fallen to $9.93 billion, their lowest level since April 2003.
  • The reserves plunged last year as state banks sold off $128 billion to stabilise the lira, which still lost 20% of its value in 2020. Net forex reserves were around $41 billion at the end of 2019.
Turkey inflation above 16pc in test for new central bank chief

Turkey inflation above 16pc in test for new central bank chief

Published 05 Apr, 2021 06:13pm
  • The data was in line with forecasts and shows inflation has risen for six straight months to well above a 5% official target. It has been in double digits for most of the past four years.
  • There are signs the weaker lira is raising prices: the producer price index jumped 4.13% month-on-month in March for an annual rise of 31.2%, the Turkish Statistical Institute data showed.
Turkey records 44,756 new coronavirus cases, highest level yet

Turkey records 44,756 new coronavirus cases, highest level yet

Updated 03 Apr, 2021 09:25pm
  • Cases have surged since the government eased measures to curb the pandemic in early March, hitting new record highs over the past consecutive five days.
  • The total number of cases stands at 3.445 million as of Saturday, the data showed. The latest daily death toll was 186, bringing the cumulative toll to 32,078.
Turkey's new central bank head promises investors tight policy

Turkey's new central bank head promises investors tight policy

Published 01 Apr, 2021 05:36pm
  • Two sources said that a senior bank official added on the call there would be no premature interest rate cuts, and that inflation was close to the upper bound of its forecasts.
  • President Tayyip Erdogan fired former governor Naci Agbal on March 20 in a shock move that sent the lira down 13% as investors predicted a quick pivot to loose policy, given Kavcioglu's past criticism of Agbal's tight stance.
Last minutes note: Turkey rate hike meant as volatility buffer

Last minutes note: Turkey rate hike meant as volatility buffer

Published 25 Mar, 2021 07:01pm
  • The bank hiked its policy rate by a more than expected 200 basis points on Thursday last week.
  • Two days later, President Tayyip Erdogan replaced the hawkish Agbal with a like-minded critic of high rates, Sahap Kavcioglu, in a shock move that sparked abrupt selloffs in the lira and Turkish assets.
Turkish cenbank hikes rates more than expected to 19pc

Turkish cenbank hikes rates more than expected to 19pc

Published 18 Mar, 2021 06:12pm
  • The key one-week repo rate is the highest of any big economy and it is back to levels last touched in mid-2019. It had stood at 17% since December after aggressive monetary tightening last year.
  • The central bank has now tightened policy by 875 basis points since Erdogan appointed Agbal in November, when the lira touched a record low. It had rallied 20% after the appointment.
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