Finance

Finance

Turkey's current account deficit lowers againTurkey's current account deficit shrunk for the fifth consecutive month, beating expectations.

Turkey's current account deficit in May declined to US$3.4 billion - a much lower figure than experts forecast, according to data released by Turkey's Central Bank on Friday.

Central Bank of Turkey announced the current account deficit in May 2014 at $3.4 billion, $0.6 billion lower than Anadolu... Add a comment

Finance

Turkey to establish stronger trade, investment ties with S. Korea and Japan In a drive to further deepen its economic and commercial ties with Asian economies, Turkey has made considerable progress in boosting trade with South Korea and Japan. 

The first step towards an economic cooperation agreement with Japan has been taken while the existing free trade agreement (FTA) between South Korea and Turkey will soon cover investment and services sectors.

“Turkey and... Add a comment

Finance

Turkey's deficit may hit its lowest level in four yearsTurkey's current account deficit, which has continuously dropped since the beginning of 2014, is expected to fall to its lowest level of the past four years, economists say.

Turkey's current account deficit is expected to fall to $45-50 billion at the end of 2014, the lowest level for the last four years, analysts have claimed.

However, Turkey faces risks ahead if regional instability... Add a comment

Finance

Japan agency says Turkey's credit rating outlook stableJapan Credit Rating Agency confirmed Thursday Turkey's current credit status and said the country's outlook is stable. 

Turkey's rating is BBB-/BBB- which the agency said is supported by the country's relatively developed economy, which is bigger than Middle Eastern neighbors with a Gross Domestic Product -- a measure for economic output -- per capita exceeding $10,000. 

It added that... Add a comment

Finance

OECD upgrades yearly Turkish growth estimate to 3.3%The Paris based monitoring group revised in its bi yearly Economic Survey of Turkey after increasing exports which produced 4.3 percent growth in the first quarter of 2014.

The Organization for Economic Cooperation and Development lifted Thursday Turkey's growth forecast to 3.3 percent for this year from its previous estimate of 2.2 percent in its May economic outlook report.

The OECD... Add a comment

Finance

“Amerika ile ticaretimiz potansiyelinin altında”Trade relations between Turkey and the U.S. increased by $14 billion in the past decade but is still not meeting its potential, says Turkey's EU minister.

Trade relations between Turkey and the U.S. increased by $14 billion in last decade but the potential remains for further growth, Turkey's EU Minister Mevlut Cavusoglu said on Thursday. 

Having met Turkish-American Business Association... Add a comment

Finance

Turkish exports unit value index remains stable in MayThe overall unit value index for Turkey's exports remained stable in May, after decreasing 0.4 percent in April, falling 1.5 percent in March and 2.4 percent in February.

The overall export unit value index, which measures Turkey's change in the sale price of goods or services sold to foreign buyers over time, remained stable in May, the statistical authority of Turkey reported on... Add a comment

Finance

Foreign interest in Turkish banking market to continue - UniCredit chief More foreign lenders are expected to enter Turkey’s lucrative banking market, according to Italian banking giant UniCredit’s CEO, Federico Ghizzoni.

In an interview given to CNBC-e, Ghizzoni said that Turkey was among the 3-4 markets in which UniCredit would grow. “More foreign banks will come knocking on Turkey’s door. Intesa Sanpaolo’s entry to the Turkish market is a welcome... Add a comment

Finance

Turkey's average per capita income 'exceeds $19k'Deputy PM Ali Babacan says average per capita income in Turkey has reached 60 percent of the EU and Japanese average level of prosperity.

Turkey's chief economist said on Tuesday that the country's average per capita income now exceeded $19,000 based on purchasing power parity, meaning the country had reached 60 percent of EU and Japanese average level of prosperity.

Turkey's Deputy Prime... Add a comment

Finance

Turkey’s Finance Minister: compliant taxpayers to be rewarded Compliant taxpayers in Turkey will be rewarded for regularly informing the state about their income and assets, while non-compliant citizens will face new sanctions as the Finance Ministry has completed a long-anticipated taxpayer evaluation scheme.

According to the draft scheme announced by Finance Minister Mehmet Şimşek, taxpayers who pay their taxes on a regular basis and on time –... Add a comment

Finance

Turkey, Japan set to open trade negotiations in earnestTwo countries complete technical phase of talks as they pursue drive to boost bilateral trade.

The technical stage of negotiations towards an economic partnership agreement between Turkey and Japan has been completed, Turkey's economy minister has said.

Nihat Zeybekci's comments Tuesday came after he participated in the Turkish-Japanese Business Forum in Istanbul with Japanese Trade... Add a comment
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