Finance

Finance

Turkey only EU ally to raise exports to blocTurkey is the only country that increased exports to the European Union last year among the bloc’s largest trading partners, according to the EU’s statistical authority.

Turkish exports to the EU rose 4 percent, reaching 50.2 billion euros, while imports from the union to Turkey soared to 77.7 billion euros, a 3 percent increase, according to a report released on Eurostat’s... Add a comment

Finance

Socar Turkey secures financing for refineryAzeri state oil company Socar has secured financing for its Turkish oil refinery project after two lenders dropped out.

Socar, which owns Turkish petrochemical company Petkim, is building the $5.5 billion Star refinery in partnership with Turcas Petrol to supply feedstock to Petkim and cut Turkey’s dependence on imported refined products.

The World Bank’s International Finance... Add a comment

Finance

Secretary General: Turkey needs to be more active in D8Secretary General Seyed Ali Mousavi met with the Turkey Exporters Assembly to increase the D8's visibility in Turkey.

"As its founder and the largest economy in the organization, Turkey needs to be more active in the Developing Eight Countries (D-8)," said Secretary General Seyed Ali Mousavi on Tuesday after a visit to the Turkish Exporters Assembly in Istanbul. 

Mousavi met with the... Add a comment

Finance

Private sector debt decreasesThe Central Bank of Turkey (CB) has released data of the private sector's outstanding loans provided from abroad. 

According to the data, the private sector's outstanding long-term loans received from abroad amounted to $155.9 billion (TL 346.17 billion) as of January, decreasing by $500 million in comparison with the end of 2013.

Private sector debt load was seen by foreign experts as the... Add a comment

Finance

Turkey aims to boost trade with Denmark to $5 blnTurkey's president will be in Denmark on March 17 and 18

Turkey seeks to boost its trade volume with Denmark to $5 billion, said Turkish President Abdullah Gul.  

"Our trade volume with Denmark is currently around $1.8 billion, and Turkey aims to increase this figure up to $5 billion as soon as possible,” he noted in a press conference. 

This is Gul's first state visit between the two... Add a comment

Finance

Turkey's budget surplus in Feb is 1.7 billion TLTurkey ran a budget surplus of 1.7 billion Turkish liras ($630 million) in February 2014

Turkey ran a budget surplus of 1.7 billion Turkish liras ($630 million) in February of 2014 while the budget deficit in the same period a year earlier was 1.4 billion TL, Turkey's Finance Ministry said.

Turkey's budgetary expenses decreased by 3.5 percent to 32.8 billion TL ($14.7 billion) in February... Add a comment

Finance

Installment payment limits come into playThe installment payment restrictions introduced on the credit cards by the Turkey’s banking watchdog have taken their toll, according to data that shows installment volume dropped around 7 percent in five weeks

The credit card installment volume shrunk 5.4 billion Turkish liras within five weeks after restrictions to curb spending came into force, Turkey’s banking authority has... Add a comment

Finance

Over 1 million barrels of Kurdish oil stored in TurkeyDisputes between Baghdad and Irbil sees 1.35 million barrels of crude oil marooned in Turkey's Ceyhan facility.

Over a million barrels of crude oil from the Kurdish zone of northern Iraq is stranded in Turkey because of a dispute between Baghdad and its northern region.

About 1.35 million barrels of crude oil have flown to Turkey's Mediterranean export hub in Ceyhan, the country’s energy... Add a comment

Finance

Fitch: Turkish banks resilient to moderate shocksTurkish banks are able to withstand moderate shocks to the quality of their assets and performance, largely due to their capacity to absorb losses, Fitch Ratings said on Thursday.

“The rating for Turkish banks continues to be stable despite the recent sharp decline of the value of the Turkish lira against the dollar and interest rate hikes that will make 2014 a relatively tough year,”... Add a comment

Finance

Export index decreased by 1,3% in JanuaryIn January, the overall export unit value index decreased by 1.3 percent while the overall import unit value index decreased by 2.8 percent.

Turkish Statistical Institute (TurkStat) has released ‘Foreign Trade Indices, January 2014’.

According to TurkStat, as compared with the corresponding month of the preceding year, the overall export unit value index decreased by 1.3 percent.

In... Add a comment

Finance

Turkish government denies claims of financial bodies’ mergerAiming to put an end to ongoing claims that the government is mulling to merge capital markets and banking watchdogs, Deputy Prime Minister Babacan said the government has no such plans

The Turkish government has no plans to merge the banking and capital markets watchdogs under a single roof that would consolidate state control over the financial sector, Turkey’s Deputy Prime Minister for... Add a comment
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