Private sector foreign debts rise by $11.2 bln year-on-year

Posted by meb at February 19th, 2013

Foreign financing debts of the Turkish private sector rose by $11.2 billion between December of 2011 and 2012, according to data released by the Central Bank of Turkey on Tuesday.
The increase adds to existing debt and brings the total amount of foreign debt owed by Turkish businesses to $137.6 billion at the end of 2012. When evaluating the numbers against the data of the previous year, the loans of non-banking financial intuitions increased by almost $1 billion while the loans of non-financing institutions rose by $3.2 billion.

Also, the data showed that out of $137.6 billion, 59.7 percent of the loans were taken out in dollars and 34.9 percent in euros, with the remaining in other currencies. The loans taken out by non-financial institutions take up a share of 61.4 percent in total debt with a value of $84.4 billion. Of this debt, 59.4 percent is held by the service sector, 39.9 percent by industry and 0.7 percent by agriculture.

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Consumer confidence index falls by 0.2 points in December

Posted by meb at January 17th, 2013

According to data released by the Turkish Statistics Institute (TurkStat) on Wednesday, the consumer confidence index fell by 0.2 percent in December, down to 89 points.
The data, which is prepared by TurkStat in cooperation with the Central Bank of Turkey, review the current purchasing power of consumers as well as consumers’ estimated purchases in the future. The favorability of the existing period for purchases of durable consumer goods is also included. The fall in the index is a result of worsening consumer evaluations. The largest fall was seen in the current purchasing power category.

The index was 89.2 points in November. In December, the purchasing power index also fell to 84.9 from 86.3 compared to the previous half. The responses of participants in the survey were sufficiently positive to push the general economic forecast index for the coming three months up from 86.3 in November to 86.6 in December.

The expectations of survey takers regarding the possibility of finding jobs in the next six months also rose from 90.4 percent in November to 91.3 percent in December.

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Turkey’s trade deficit widens to record highs

Posted by meb at November 3rd, 2011

Turkey’s trade deficit widened to a record level in September compared with last year, official figures published yesterday show.

Skyrocketing current trade deficit and a low domestic savings ratio in the growing economy raise concerns about the country’s dependency on import products and booming demand, according to professionals.

The trade deficit was $10.4 billion in September, the biggest gap recorded, compared with $6.7 billion on September last year and $8.2 billion the previous month, according to figures published by Turkey’s Statistical Institute (TÜİK). Measures taken by Turkey’s Central Bank have thus failed to reduce the trade gap in September, an economist told the Hürriyet Daily News.

Turkey might have already experienced the “peak” in its trade deficit by last month, and it might take a few months for the Central Bank’s steps to show their effect on the economy, Erol KatıcıoÄŸlu, a professor at Istanbul Bilgi University, told the Daily News yesterday. (more…)

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Turkey’s e-commerce grows at rapid pace

Posted by meb at November 3rd, 2011

The total revenue earned through online payments increased by 52 percent to 16.9 billion Turkish Liras in the year’s first nine months compared to the same period last year, according to data released yesterday.

“Almost one in every five people in Turkey now shops online,” said Soner Canko, general manager of the Interbank Card Center (BKM), speaking at Cardist 2011 International Card and Smart Technologies Exhibition & Summit held in Istanbul. He said Turkey ranked among the biggest markets in Europe regarding online commerce. The number of Internet transactions jumped 37 percent in the first three quarters compared to the same period in 2010, reaching 91.4 million transactions. (more…)

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Unemployment in Turkey falls to 9.1 percent

Posted by meb at October 20th, 2011

Turkey’s unemployment rate fell 1.5 percentage points to 9.1 percent for the period between June and August, according to data published today by Turkey’s official statistical agency (TÜİK).

The number of unemployed fell by 273,000 to 2.50 million people in the period compared to the same period last year.

Urban unemployment fell by 1.7 points to 11.5 percent, whereas rural unemployment fell by 0.8 points to 4.7 percent. (more…)

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Central Bank bleeding heavily in fight for lira

Posted by meb at October 20th, 2011

The Turkish Central Bank’s already moderate foreign exchange reserves, which fell to $85.9 billion Turkish Liras as of Oct. 14 down from $93 billion at the end of July, signal a risky shrink as the bank continues to sell U.S. dollars in a bid to defend the value of the lira.

The figure announced by the bank yesterday comes after a big campaign of dollar sales that started this week. The Central Bank sold more than $1 billion in total on Oct. 18 in a direct intervention and a daily auction. It sold an additional $750 million of dollars in yesterday’s auction.

The bank has sold $6.45 billion since it started its daily forex auctions on Aug. 5. (more…)

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Turkish exports expected to surge 20 pct in Q2 over Q1

Posted by meb at April 19th, 2011

A survey conducted among the 500 leading export and import firms in Turkey has shown that the export sector’s expectations for the future have improved by a large margin as a strong indicator of optimism.

According to the Foreign Trade Expectations Survey conducted by the Foreign Trade Undersecretariat (DTM) the Expectation Index both for exports and imports are up for the second quarter of this year. The Export Expectation index has gone up by 20.2 points, while the import expectation index climbed by 15.4 points quarter-on-quarter. Foreign Trade Minister Zafer Çağlayan shared the findings of the survey with the media on Monday in Ankara.

According to ÇaÄŸlayan, the study showed that the first quarter’s export expectation index of 122.7 increased to 142.9 for the second quarter this year. Any value above, below or equal to 100 represents an upward expectation, lower expectation and neutral expectation, respectively. (more…)

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Interest rates to remain low, TEB executive predicts

Posted by meb at April 19th, 2011

The Turkish Central Bank will probably keep its benchmark interest rates at a record low until year-end and may extend higher reserve requirements for banks into 2013, according to Istanbul-based Türk Ekonomi Bankası, or TEB.

The Central Bank has cut interest rates by 75 basis points since December to help slow capital inflows, while increasing reserve requirements to cap growth in loans and contain the current-account deficit. The bank last increased the reserve requirement for one-month deposits to 15 percent from 10 percent on March 23. (more…)

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