Turkey Financial News

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

Posted by meb at April 28th, 2009

ISTANBUL – ING Groep NV will stick to its plans to double the size of its operation in Turkey by 2012, daily Milliyet reported, citing John McCarthy, chairman of ING Bank Turkey.

The bank plans to open 125 new branches by 2012 to double the number it had in 2007, the newspaper quoted McCarthy as saying. ING bought Turkish lender Oyak Bank from the Turkish military pension fund Oyak for $2.7 billion in 2007.
source: Hurriyet daily news

Posted by meb at April 28th, 2009

The International Defence Industry Fair (IDEF’09) opened yesterday at the TÜYAP Fair, Convention and Congress Center in İstanbul’s Büyükçekmece district.
Prime Minister Recep Tayyip Erdoğan, Chief of General Staff Gen. İlker Başbuğ, State Minister Egemen Bağış, Defense Minister Vecdi Gönül, military commanders and foreign guests participated in the opening ceremony. Turkey is expected to sign agreements with Germany, Australia and Syria for cooperation in the defense industry. (more…)