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Turkish economy

Turkish inflation higher than expected at 48.58% in October

ISTANBUL: Turkish inflation remained loftier than expected in October, dipping only to 48.58% annually and to 2.88%...

Published 04 Nov, 2024 12:43pm

Business & Finance

Turkish central bank introduces reserve requirement based on loan growth

ANKARA: The Turkish central bank has introduced reserve requirement based on loan growth, a regulation published on...

Published 07 Mar, 2024 09:49am

World

Turkish inflation ends year at 64.8%, seen rising further

ISTANBUL: Turkiye’s annual inflation rate climbed to 64.77% in December, official data showed on Wednesday,...

Published 03 Jan, 2024 12:48pm

Markets

Turkish manufacturing activity contracts in November: PMI

ISTANBUL: Turkish factory activity contracted for a fifth consecutive month in November as purchasing activity...

Published 01 Dec, 2023 12:20pm

Business & Finance

Turkey’s net FX reserves hit 21-year low of $2.3bn before vote

ANKARA: The Turkish central bank’s net international reserves dropped some $4.45 billion to a 21-year low of $2.33...

Published 18 May, 2023 07:39pm

World

Erdogan says will keep cutting rates ‘as long as I am in power’

ANKARA: Turkish President Tayyip Erdogan vowed on Saturday that the central bank would continue to cut its policy...

Published 08 Oct, 2022 07:34pm

Markets

Turkish central bank’s net FX reserve fall to $8.15bn

ISTANBUL: The Turkish central bank’s net international reserves fell some $2.37 billion to $8.15 billion in the week...

Published 16 Jun, 2022 05:10pm

Markets

Turkish central bank’s net FX reserve fall to $10.52bn

ISTANBUL: The Turkish central bank’s net international reserves fell some $1.67 billion to $10.52 billion in the...

Published 09 Jun, 2022 05:07pm

Turkey acquits Bloomberg journalists over article on lira fall

ISTANBUL: A Turkish court on Friday acquitted two Bloomberg reporters of trying to sabotage the economy with an...

Updated 30 Apr, 2022 10:17am

Markets

Turkish central bank's net FX reserves down to $15.82bn

ISTANBUL: The Turkish central bank's net international reserves slipped to $15.82 billion as of Feb. 11, from $16.33...

Published 17 Feb, 2022 05:13pm

World

Optimistic Ankara says inflation will fall to 24% this year

ANKARA: Turkish inflation will fall to around 24% by year-end and hit single digits by May of 2023, the finance...

Published 11 Feb, 2022 07:51pm

Markets

Turkish lira dips, minister sees more forex converted to lira

ISTANBUL: The lira was slightly weaker on Monday after Turkey's finance minister was cited as saying he expected ...

Published 24 Jan, 2022 11:44am

Markets

Turkish central bank to hold EGM, advance profit payment on agenda

ISTANBUL: The Turkish Central Bank will hold an extraordinary general meeting (EGM) on Feb. 3, where issues on the...

Published 18 Jan, 2022 12:30pm

Business & Finance

Turkish cenbank to halt easing after stirring a crisis

ISTANBUL: Turkey’s central bank is expected to hold its policy rate steady at 14%, a Reuters poll showed, halting...

Published 17 Jan, 2022 07:06am

Markets

Turkish lira slips as inflation seen soaring higher

ISTANBUL: The lira slid as much as 4% against the dollar on Tuesday as Turkey girded for inflation to rise further...

Published 04 Jan, 2022 06:55pm

Erdogan calls on Turks to keep all savings in lira

ISTANBUL: President Tayyip Erdogan said on Friday that Turks should keep all their savings in lira and that recent...

Updated 01 Jan, 2022 09:30am

Markets

Turkish lira caps historic week with big lift from Erdogan government

ANKARA: Turkey's lira was on track for its strongest week on record on Friday, having spiked 44% with the support of...

Published 24 Dec, 2021 03:15pm

World

Turkey's Erdogan says could meet Taliban leader

ANKARA: Turkish President Recep Tayyip Erdogan on Wednesday said he could meet with the leader of the insurgent...

Published 13 Aug, 2021 04:44am

Business & Finance

Turkish central bank's net FX reserves rise to $20.91bn

They plunged in 2019-2020 as state banks sold off $128 billion to stabilise the lira, which still fell 20% in 2020.
Bank's outstanding swap transactions stood at $44.689 billion as of Wednesday.

Published 01 Jul, 2021 04:50pm

World

Prospects fading, Turkey hopes lockdown rescues tourism season

Early-season COVID-19 rise hit early bookings.
Lockdown through mid-May in part to rescue season.
Russia, top source of visitors, may extend flights ban.
Tourism minister: still possible to double 2020 arrivals.

Published 03 May, 2021 05:11pm

Business & Finance

Erdogan adviser says central bank unlikely to cut rates early in Turkey

Erdogan has long called for lower rates and abruptly fired the last three bank chiefs in less than two years, including Naci Agbal on March 20. Analysts say the bank's credibility is tarnished given Erdogan's outsized influence on monetary policy.
"I do not think the central bank or the governor knows when they will cut the policy rate, since they will act according to the data. I think it is early to make a comment on rate cuts before seeing the inflation data," said Ertem.

Published 16 Apr, 2021 08:06pm

Markets

Turks' hard currency holdings slump after cenbank chief removal

The holdings have eased from a record high of $236.11 billion in January. When adjusted with the parity effect, the data showed the hard currency holdings dropped by $8.13 billion in the week to March 26.
The lira briefly fell 15% to near its all-time low in a dramatic selloff after President Tayyip Erdogan sacked the hawkish former Central Bank Governor Naci Agbal.

Published 01 Apr, 2021 05:49pm

Markets

Turkish bond funds experience biggest weekly selloff this year

A total of $26.2 million was also pulled from equity funds invested in Turkey, the sixth consecutive week of net selling, the data from Lipper showed.
Agbal became an investor darling after his appointment in November by resisting Erdogan's perceived meddling in monetary policy and his repeated calls to cut interest rates.

Published 26 Mar, 2021 05:12pm

Markets

Turkish lira firms for second consecutive day

The lira stood at 7.5320 against the US dollar at 1408 GMT, firming from Tuesday's close of 7.6300.
The currency had declined sharply since mid-February, hitting its lowest level since mid-December on Monday, as the yields on US bonds rose.

Published 10 Mar, 2021 07:52pm

Markets

Turkish lira on two-week slide that tests central bank's will

Wall Street banks Citigroup and JPMorgan were the latest to predict Turkey would raise interest rates next week to stabilize the currency and address inflation, which rose above 15% last month.
Citi and JPMorgan said they expect a tightening of 50-100 basis points and 100 basis points respectively.

Updated 08 Mar, 2021 10:17pm

Markets

Turkish lira erases year's gains after bond rout

The lira fell as far as 7.4780 to the dollar and traded at 7.4450 . *Ten-year US Treasury yields have jumped by the most this month since 2016.

Published 26 Feb, 2021 07:23pm

World

Turkish economy slowing after strong Q4

In the bank's quarterly inflation update, broadcast online, Agbal said the overall recovery in the second half of last year improved employment in the wake of the first coronavirus wave earlier in 2020.
Since November, the bank under new chief Agbal has hiked its key interest rate to 17% from 10.25%.

Published 28 Jan, 2021 06:11pm

World

Turkish economy still cool since 2018 halted Erdogan's strong growth streak

The sharp trade imbalance, including a jump of $5 billion in November alone, approached the $55 billion deficit logged in 2018.
Economists expect the $760-billion economy to narrowly avoid a contraction in 2020.

Published 31 Dec, 2020 06:31pm

Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / Jan 17	278.75
USD PKR Interbank Buying / Jan 17	278.65
USD to Japanese Yen / Jan 17	156.30
USD to Swiss Franc / Jan 17	0.92
Pound Sterling to USD / Jan 17	1.22
Euro to USD / Jan 17	1.03

Stock	Volume
S&P 500 / Jan 17	5,996.66
India Sensex / Jan 17	76,619.33
Tokyo Nikkei / Jan 17	38,451.46
Nasdaq / Jan 17	19,630.20
Hang Seng / Jan 17	19,584.06
FTSE 100 / Jan 17	8,505.22
Dow Jones / Jan 17	43,487.83
Germany DAX 30 / Jan 17	20,903.39

Item	Value
Crude Oil USD/Barrel / Jan 17	78.88
Karachi Cotton PKR/37.32 KG / Jan 17	18,785
Gold 10 Grams PKR / Jan 17	242,283
Gold Spot USD/Ounce / Jan 17	2,703.25
Cotton US¢/pound / Jan 17	67.60
Petrol/Litre / Jan 19	256.13

Gainers
Losers
Leaders

Stock	Price
Burj Clean Energy Modaraba / Jan 17 Burj Clean Energy Modaraba(GEM)(GEMBCEM)	7.60 ▲ 1.00 (15.15%)
S.G.Power / Jan 17 S.G. Power Limited(SGPL)	9.51 ▲ 1.00 (11.75%)
Jahangir Sidd(Pref) / Jan 17 Jahangir Sidd(Pref)(JSCLPSA)	10.50 ▲ 1.00 (10.53%)
AN Textile Mill / Jan 17 AN Textile Mills Limited(ANTM)	12.82 ▲ 1.17 (10.04%)
Jah.Sidd. Co. / Jan 17 Jahangir Siddiqui & Co. Ltd.(JSCL)	23.62 ▲ 2.15 (10.01%)
Agritech Non-voting / Jan 17 Agritech Non-Voting Preference(AGLNCPS)	24.20 ▲ 2.20 (10.00%)
Arif Habib Ltd. / Jan 17 Arif Habib Limited(AHL)	66.21 ▲ 6.02 (10.00%)
Bilal Fibres / Jan 17 Bilal Fibres Limited(BILF)	15.95 ▲ 1.45 (10.00%)
Citi Pharma Ltd / Jan 17 Citi Pharma Ltd.(CPHL)	77.09 ▲ 7.01 (10.00%)

Stock	Price
JS Global Banking / Jan 17 JS Global Banking Sector (ETF)(JSGBETF)	19.77 ▼ -2.75 (-12.21%)
First Capital Equities / Jan 17 First Capital Equities Limited(FCEL)	5.35 ▼ -0.72 (-11.86%)
Tariq Corp.Pref. / Jan 17 Tariq Corporation Limited-Preference Shares(TCORPCPS)	7 ▼ -0.88 (-11.17%)
Service Textile / Jan 17 Service Industries Textiles Limited(SERT)	14.98 ▼ -1.66 (-9.98%)
Gulshan Sp. / Jan 17 Gulshan Spinning Mills Limited(GSPM)	4.01 ▼ -0.43 (-9.68%)
Zahid Jee Textile / Jan 17 Zahidjee Textile Mills Limited(ZAHID)	27.51 ▼ -2.70 (-8.94%)
Mandviwala / Jan 17 Mandviwala Mauser Plastic Industries(MWMP)	21.50 ▼ -2.00 (-8.51%)
Universal Ins. / Jan 17 The Universal Insurance Company Limited(UVIC)	9.23 ▼ -0.65 (-6.58%)
Tata Textile / Jan 17 Tata Textile Mills Limited(TATM)	47.10 ▼ -2.80 (-5.61%)

Stock	Volume
WorldCall Telecom / Jan 17 Worldcall Telecom Limited(WTL)	103,704,415 ▲ 0.01
Cnergyico PK / Jan 17 Cnergyico PK Limited(CNERGY)	37,108,232 ▲ 0.04
Hub Power Co. / Jan 17 The Hub Power Company Limited(HUBC)	36,743,585 ▲ 5.79
Hascol Petrol / Jan 17 Hascol Petroleum Limited(HASCOL)	32,265,861 ▲ 0.83
Dewan Motors / Jan 17 Dewan Farooque Motors Limited(DFML)	28,402,498 ▲ 2.84
Citi Pharma Ltd / Jan 17 Citi Pharma Ltd.(CPHL)	24,195,904 ▲ 7.01
Pak Refinery / Jan 17 Pakistan Refinery Limited(PRL)	17,625,081 ▲ 0.94
Fauji Foods Ltd / Jan 17 Fauji Foods Limited(FFL)	16,675,539 ▲ 0.30
K-Electric Ltd. / Jan 17 K-Electric Limited(KEL)	16,024,776 ▲ 0.09

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