Turkey

TURKEY INSIGHT: Imamoglu earthquake — Has Erdogan thrown in the towel?

Akin Nazli in Belgrade June 24, 2019

Don’t waste too much time on this question. Recep Tayyip Erdogan has not thrown in the towel. This conjuror, this polariser, who has made life in Turkey miserable for so many Turks since 2002, will be back for another round.

Erdogan candidate suffers thumping defeat in Istanbul revote

Akin Nazli in Belgrade June 23, 2019

Sensational victory for opposition's Imamoglu. How strongman president reacts to second humiliation now the question in earthquake for Turkish politics.

Istanbul revote: Erdogan’s ‘Ocalan’ strategy to win over Kurds looks like a dud

Akin Nazli in Belgrade June 21, 2019

Turkey tense ahead of controversial June 23 poll with strongman’s strategies for reclaiming the city seemingly failing at every turn.

Why it’s tempting to think the Istanbul revote will bring about the end of Erdogan

Akin Nazli in Belgrade June 20, 2019

If this Machiavellian survivor loses, things might soon entirely unravel in a snap election. If he wins, it might be at the cost of hugely tarnishing his democratic legitimacy.

Credibility of Turkey’s inflation data questioned by opposition motion put to parliament

bne IntelliNews June 19, 2019

MP asks finance minister Albayrak if he has asked the statistics institute to adjust consumer price rise figures in a “fictional” way. Adds that incorrect numbers would wrong millions of workers by restricting pay hikes.

RATINGS ACTION: Moody’s cuts 18 Turkish banks in wake of surprise sovereign downgrade

bne IntelliNews June 19, 2019

Rating agency sees Erdogan administration as unwisely focused on near-term priority of “propping up economic activity at expense of eroding underlying resilience of economy and banking system to external shocks”.

Erdogan comes roaring back into Istanbul revote picture

bne IntelliNews June 18, 2019

Hits out at ousted mayor describing him as a “Gulenist”. Makes intervention after key figure urges Kurds to vote against ruling party candidate and following televised debate which some observers say did not go well for the president’s man.

Turkish industrial production contracts for 8th straight month

Akin Nazli in Belgrade June 18, 2019

Fall is worse than predicted. Analysts weigh up whether Turkey can avoid double-dip recession.

Istanbul gripped by live TV debate between revote candidates

bne IntelliNews June 17, 2019

Observers see upcoming poll as test of whether Turkey can still claim to be a democracy. Erdogan keeping low profile unlike in run-up to original vote that produced shock opposition win.

Turkish central bank to fund primary dealers of gov’t domestic debt at 23%

Akin Nazli in Belgrade June 17, 2019

Liquidity move will mean national lender will indirectly buy government bonds or print money to finance Treasury.

CEE monthly bond wrap: bond issues in CEE sharply down, Russia sharply up

Ben Aris in Berlin June 17, 2019

Bond issues in Central and Eastern Europe in May were down steeply on previous years to a total of $3.1bn from six issues, but they were up in Russia and the CIS to $1.1bn from four issues, albeit from a low base.

Turkey’s current account deficit grows by less than expected in April to $1.33bn

bne IntelliNews June 16, 2019

Higher exports and tourism season set to shrink gap in months ahead. Deleveraging amid country’s economic turmoil continues.

WEEKEND WHAMMY: Moody’s cuts Turkey deeper into junk

Akin Nazli in Belgrade June 15, 2019

Ratings agency says risk of another balance of payments crisis is rising, meaning the risk of a government default down the line is also increasing.

Bloomberg reporters face jail for story on Turkish lira crisis

bne IntelliNews June 14, 2019

Duo accused of attempting to undermine the economic stability of Turkey, the world’s biggest jailer of journalists for three straight years.

ISTANBUL BLOG: Erdogan pours more lira into wretched economy

Akin Nazli in Belgrade June 13, 2019

Good news for credit card holders as officials devise more ‘sugar highs’ ahead of the revote Turkey’s strongman simply must win.

TURKEY INSIGHT: Rate-setters decide this is no time to cut

Akin Nazli in Belgrade June 12, 2019

Decision was expected. Both lira and political outlook—with Istanbul revote and more Russian missile rows with US ahead—are unstable. Officials remain engaged in manipulating currency and injecting fresh loans into zombie companies.

Naspers’ PayU buys hotly tipped Turkish fintech company iyzico

bne IntelliNews June 12, 2019

Sees huge growth opportunity for online payments. e-commerce in Turkey growing stably at over 10% each year, but still in infancy.

Top Turkish retailer BIM to pay TRY1.02 net cash dividend per share on June 12

Akin Nazli in Belgrade June 11, 2019

Total gross amount to be distributed as bonus shares and cash dividends from 2018 profit equals 83% of TRY1.25bn net profit.

May’s real effective exchange rate of Turkish lira lowest in nine months

Akin Nazli in Belgrade June 10, 2019

It fell to 69.79 in May, the weakest level recorded since last September's record low of 62.45.

Turkey’s consumer technologies market posts limited 7.5% y/y nominal growth in Q1

Akin Nazli in Belgrade June 10, 2019

It grew to TRY14.2bn (€2.17bn) according to a report by GfK Temax.

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