Finance

Finance

Turkey's current account deficit dropsThe deficit shrunk by $12.9 billion to $24.1 billion, in the first half of 2014 due the fall in foreign trade deficit and increased revenues from the service industry.

Turkey's current account deficit decreased 35 percent to $24.1 billion from the period January to June, the country's central bank said Thursday.

The bank said the decrease was due mainly to a $11.26 billion decrease in the... Add a comment

Finance

politik-risklere-karsin-turkiye-ekonomisi-gucluDirector of Fitch's Sovereign team says Turkey’s economic data 'broadly positive'

Turkey's economic data for the first six months of the year remains strong, said international ratings agency Fitch, a day after Turkish Prime Minister won the country's first directly elected presidential poll.

Gergely Kiss, Director of Fitch's Sovereign team, said on Monday that macroeconomic outcomes in... Add a comment

Finance

China’s ICBC applies to Turkish banking watchdog for Tekstilbank acquisition The Industrial and Commercial Bank of China (ICBC), has filed an application to Turkey’s Banking Regulation and Supervision Agency (BDDK) to complete the acquisition of Tekstilbank, as per the agreement reached last April.

One of the largest lenders in China, ICBC agreed to acquire 75.5 percent shares in the Turkish bank from its owner GSD Holding for USD TRY 669 million (approx. USD 306... Add a comment

Finance

Turkish industrial output rises 0.1 percent in JuneTurkish industrial output and manufacturing grew less than expected in June, failing to bounce back completely from a fall in May, official data revealed on Friday.

According to the country's statistics agency, TurkStat, output for industry as a whole rose 0.1 percent in June, lagging a forecast of 1.83 percent in an Anadou Agency poll of economists, and compared with a fall of 1 percent in... Add a comment

Finance

Turkey: Gold is most profitable investment in JulyGold was the most profitable investment in Turkey in July, according to the country's statistical authority.

Investors in gold earned the most profit in July, Turkey's official statistics agency announced Thursday.

Profits from gold, based on the Domestic Producer Price Index, or D-PPI, were 1.97 percent while the rates based on the Consumer Price Index, CPI, stood at 2.25 percent... Add a comment

Finance

Turkey plans state-run Islamic banksTurkey plans for three state owned Islamic banks by the end of 2015.

The Turkish government plans to establish three state-owned Islamic banks as a subsidiary of the current state-run conventional banks by the end of 2015,  Ali Babacan, deputy prime minister responsible for the economy, said Wednesday. 

Babacan said that they want three state-owned banks -- Ziraat Bank, Halkbank and... Add a comment

Finance

Hazine düzenlediği 2 ihaleyle piyasaya 3 milyar 752,4 milyon lira borçlandıA total of 3.8 billion Turkish liras (US$1.8 billion) has been released through auctions to cut domestic debt.

Turkey's Treasury held two bond auctions worth 3.8 billion Turkish liras (US$1.8 billion) and it has seen a decrease of government's borrowing cost to its lowest level in recent months.

The auction on Tuesday came as the Treasury continued with plans to pay back 40.4 billion... Add a comment

Finance

Turkish exporters hopeful for 2014's second halfOver 40 percent of Turkish exporters think exports will continue to rise despite regional conflicts diminishing the country's trade.

Turkish exporters are hopeful for the second half of 2014, despite the downturn in Turkish trade due to regional conflicts in Iraq, according to a survey by Turkish Exporters Assembly. 

More than 40 percent of exporters in Turkey expect exports to increase... Add a comment

Finance

Russia's currency move would boost trade with TurkeyRussia's moves introduce idea of trading with regional partners in their local currencies could be favourable to Turkey.

Russia's attempts to bypass U.S. imposed sanctions by not trading in dollars - only in local currencies - could boost trade between Turkey and Russia, say academics.

Russia signed a deal with China in May for each country to trade with each other in their domestic... Add a comment

Finance

Turkish finance market may grow as russia'a shrinksAs Western countries decided to broaden the scope of sanctions against Russia, which includes financial restrictions, economy experts point to Turkey as the prospective destination of the capital outflows from Russia

International finance markets awaiting the announcement of the final version of the sanctions that the West will apply to Russia, expect a slight increase in the capital flow... Add a comment

Finance

Russia, Turkey raise gold holdings for 3rd straight month -IMF dataRussia and Turkey lifted their gold holdings in June as both countries increased their bullion reserves for a third consecutive month, data from the International Monetary Fund showed.

A drop in the price of gold to a four-month low under $1,250 an ounce in early June prompted some central banks to boost their positions in the precious metal which is used to hedge against currency and credit... Add a comment
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