Turkey Financial News

Posted by meb at May 27th, 2009

Moody’s Investors Service said on Wednesday that Turkey would need IMF financing later this year due to pressure on its external deficits but has room to do without a deal in the summer months.

Negotiations between Turkey and the IMF have so far failed to produce a loan accord, expected to reach $45 billion, due to differences over public sector spending and fiscal reforms.

A $10 billion IMF stand-by agreement expired in May 2008 and the current talks are aimed at a new three-year stand-by deal, but the government is increasingly reluctant to agree to demands from the fund for spending cuts. (more…)

Posted by meb at May 27th, 2009

Although the global economic crisis is causing great troubles for financial institutions virtually everywhere else in the world, including the age-old giant banks, Turkish banks are maintaining high profit rates, despite a small ebb, when compared to their performance in the previous years.

The crisis caused banks, in especially the US and Europe, to post losses in 2008 and the first quarter of this year. Many banks were confiscated, applied for bankruptcy or received huge bailouts from their governments in order to stay afloat. None of these nightmares have been witnessed by Turkish banks, which have all managed to make a profit. For example, all of the 17 banks whose shares are being traded in the İstanbul Stock Exchange (İMKB) were able to announce profits in the first quarter this year at a time when the global financial meltdown was most heavily felt across the global markets. (more…)

Posted by meb at April 29th, 2009

Seeking to sign a standby accord with Turkey, the International Monetary Fund turns to its former Turkey desk chiefs Lorenzo Giorgianni, Carlo Cottarelli and Juha Kahkonen for assistance. Current desk chief Rachel Van Elkan is consulting with them to draft a comprehensive letter of intent

The International Monetary Fund has recalled former Turkey experts as it seeks pledges that the country will act to reverse deterioration in its budget. (more…)

Posted by meb at April 29th, 2009

Turkey’s trade deficit probably narrowed in March from a year earlier, the seventh consecutive contraction, as weaker demand reduced the import bill.

The shortfall shrank to $1.4 billion from $5.4 billion in March 2008, according to the median estimate of 10 economists surveyed by Bloomberg. The Turkish Statistical Institute is due to report the data at 5 p.m. tomorrow. (more…)

Posted by meb at April 29th, 2009

TORONTO - Eldorado Gold said on Monday it could boost production at its Kışladağ mine in western Turkey at least 30 percent and reduce operating costs dramatically. (more…)

Posted by meb at April 29th, 2009

Buying and selling prices of USD, Euro and British Pound in Istanbul and Ankara at 9:30 a.m. on Wednesday are as follows (in TL):

ISTANBUL BUYING SELLING
U.S. Dollar 1.6050 1.6100
Euro 2.1150 2.1220
British Pound 2.3600 2.3800
ANKARA
U.S. Dollar 1.6000 1.6180
Euro 2.1100 2.1330
British Pound 2.3420 2.4000

Posted by meb at April 29th, 2009

Turkey’s Borusan Holding and Energie Baden-Württemberg AG (EnBW), the third largest energy company in Germany, have entered a 50 percent partnership with an eye to taking a share of the Turkish energy sector.

Within this partnership, Borusan and EnBW will first direct their investments toward generating 1,000 megawatts of energy in Turkey. The two companies aim to generate 2,000 megawatts in total, particularly through renewable resources. (more…)

Posted by meb at April 28th, 2009

The share of foreign investors in the stocks trading at the Istanbul Stock Exchange, or IMKB, has increased compared to last week, and stood at to 63.05 percent as of April 24.

The share of foreigners in the number of stocks owned stood at 51.74 percent, while, the ratio in total market value stood at 63.05 percent. The latter figure was 63.01 percent as of April 17. As of April 24, foreign investors are holding 12.765 billion shares, worth 45.415 billion liras.
source: Hurriyet daily news