TURKEY INSIGHT: Erdogan keeps central bank’s pedal to the metal in drive for credit-fuelled political survival

bne IntelliNews December 12, 2019

With another 200 bp cut in key rate, regulator has slashed from 24% to 12% since July. Analyst warns it could all “end in tears”. One poll shows 75% of Turks unhappy at management of country’s economy.

Turkey loses one claim to infamy as it falls to second spot for jailing journalists

bne IntelliNews December 11, 2019

Country led oppression ranking for four years but CPJ watchdog says “the reduced number of prisoners does not signal an improved situation for the Turkish media”.

Erdogan ‘discussed with Boris Johnson plan to accelerate Turkish TF-X fighter jet project’

bne IntelliNews December 11, 2019

Rolls-Royce scaled back efforts to join programme after disagreements. Talks now described as revived. Development comes as US set to confirm ban on F-35 deliveries to Ankara in S-400 row.

Erdogan accuses allies-turned-rivals of defrauding state lender Halkbank

bne IntelliNews December 8, 2019

His allegations related to a loan made to a university come as Babacan and Davutoglu look set to launch new political parties.

Perspectives | Uzbekistan internationalises legal landscape to entice foreign investors

Matthew Fisher & Robert Garden for Eurasianet December 6, 2019

Two lawyers examine Uzbekistan’s plans to lure investors by using English law.

New York judge tells Turkey’s Halkbank to turn up and enter plea in Iran sanctions busting case

bne IntelliNews December 5, 2019

Move must be made before state lender can challenge US court’s ability to hold trial, he adds.

Vanquisher of Erdogan’s grip on Istanbul chosen by Bloomberg as one of top 50 people of 2019

bne IntelliNews December 5, 2019

Ekrem Imamoglu seen as possibly biggest threat to Turkish strongman in next presidential election.

Real effective rate of Turkish lira up 11% since May

Akin Nazli in Belgrade December 4, 2019

Level of 77.35 compares to record low of 62.45 seen in September 2018 following the currency crash.

Erdogan backs off threat to veto Nato defence plan for Poland, Baltics

bne IntelliNews December 4, 2019

Military bloc’s leaders don’t discuss Turkish leader’s demand for classification of Kurdish militia as “terrorist”. Communique describing “a forward-looking reflection process” appears to give strongman way out of dispute.

Turkish equity indices back in ‘Buy into weakness’ territory says VTB

bne IntelliNews December 4, 2019

More bank share price gains ‘likely only in early 2020’. Signs emerge, meanwhile, foreign investors are locking in stock market gains as sanctions risk mounts.

Turkey’s CPI up less than expected to 10.56% in November leaving real interest rate at 3.44%

bne IntelliNews December 3, 2019

Inflation level won’t stop rate-setters easing further next week says one analyst. Another says they face a “difficult decision”

Setback for Turkish recovery as November auto sales come in flat

bne IntelliNews December 3, 2019

Data imply consumers could be losing their appetite for taking on fresh debt despite new availability of cheaper loans.

TURKEY INSIGHT: Credit-juiced economy back on road of growth

Will Conroy in Prague December 2, 2019

Erdogan administration in hurry to get back in fast lane but analysts warn reckless driving could spark fresh build-up of macro imbalances.

Turkey’s manufacturing PMI remains in contraction territory in November but only marginally as output sees uptick

bne IntelliNews December 2, 2019

“A number of panellists continued to report upwards price pressures as a result of currency weakness, but this was much less of an issue than this time last year," says IHS Markit.

ISTANBUL BLOG: Funny my arse

Akin Nazli in Belgrade November 30, 2019

Trump comes up with a lame Turkey pun. Erdogan comes up with F-16 warplanes in the skies of Ankara as target practice for his newly acquired Kremlin missiles.

Absurd maritime deal between Turkey and Libyans ignores presence of Crete says Greece

bne IntelliNews November 29, 2019

Agreement set to further complicate disputes between Ankara and regional neighbours over rights to East Mediterranean energy resources.

ISTANBUL BLOG: Officials scrub out NPLs as Baron Jim ticks off Turkey bashers

Akin Nazli in Belgrade November 28, 2019

Red ink turns to invisible ink but it would be unpatriotic of any Turk to shift uncomfortably in their seat as the president has let it be known that policy rates and inflation will soon fall into single digits and will stay there.

Pompeo “concerned” by reports of F-16s flying over Ankara to test Russian S-400s

bne IntelliNews November 26, 2019

Meanwhile, head of Russian state arms exporter Rosoboronexport refers to “big plans” for military technical cooperation between Moscow and Ankara and report emerges of Turkey blocking Nato defence plan for Poland and Baltics.

Climate offender: Unep Emissions Gap Report 2019 says Turkey has “weak” greenhouse gas reduction target

bne IntelliNews November 26, 2019

Annual assessment also notes Ankara has set ambitious plan for new coal-fired power plants but lack of financing is holding things up.

TURKEY INSIGHT: Erdogan extends swap deal with Qatar to $5bn

Akin Nazli in Belgrade November 26, 2019

Turkish president, under pressure to secure capital inflows, also returns to old appeals to “patriotic” Turks to dump foreign currencies. Potential nemesis Imamoglu, meanwhile, has been getting friendly with global financiers.