Economics
Treasury to cut borrowing as costs increase
Turkey’s Treasury said it plans to borrow YTL 5.6 billion ($3.7 billion) on international markets in 2009, less than this year as the global crisis makes it harder and more costly for developing economies to obtain credit.
The target, laid out in a borrowing plan announced by the Treasury in Ankara in an e-mailed statement Monday, […]
Turkish parliament cuts spending
Turkey’s parliament on Saturday reduced the budget allocations of most ministries by up to 16 percent to cut overall spending as the country seeks a loan deal with the International Monetary Fund. Parliament voted 324-117 to save around 5.5 billion liras ($3.6 billion) in the 2009 budget. That is expected to please an IMF delegation […]
Turkey’s Sabanci sees end-2009 real economy pick-up
Activity in Turkey’s real economy is expected to pick up towards the end of 2009 with the first quarter of next year being of critical importance, Sabanci Holding Chairwoman Guler Sabanci said on Tuesday.
In a statement assessing 2008 and looking forward to next year, the Turkish conglomerate’s chairwoman said she expected very low economic growth […]
Projects undertaken by Turkish contractors abroad exceed 130 bln USD
Turkish State Minister Kür?ad Tüzmen said on Thursday that the total value of projects carried out by Turkish contractors in foreign countries exceeded 130 billion USD. A ceremony was held at Ankara’s Sheraton Hotel to award the 23 Turkish contractors that were listed among the “Top 225 International Contractors” in an annual report prepared by […]
Turkey surpasses its target of 125 billion USD in exports
Turkish State Minister Kür?ad Tüzmen has said that Turkey surpassed its year-end target of 125 billion USD in exports as of December 22, 2008.
Speaking at a meeting of the Turkish Economic Journalists’ Association, Tüzmen said, “the global crisis caused an inestimable shrinkage in world markets. Accordingly, exports have dropped in the recent months. […]
S&P: IMF deal failure will not cause recession
Despite claims to the contrary by other rating agencies, the failure to reach an agreement between the International Monetary Fund (IMF) and Turkey would not cause the country to fall into recession, said Farouk Soussa, an economy analyst on Turkey at Standard & Poor’s (S&P).
In early December, Moody’s, a global credit rating agency, predicted […]
Turkish tourism will turn crisis into opportunity, says tourism agency head
Recep Yavuz, the general manager of Öger Tours, has said the ongoing global financial crisis will introduce new tourism opportunities for Turkey.
Speaking on Sunday in Antalya, Yavuz said a recent poll conducted in Germany on people’s vacation choices showed that the majority of Germans listed Turkey as their number one choice. “The majority […]
Turkey surpasses its $125 bln export target for 2008
Turkish State Minister Kursad Tuzmen has said that Turkey surpassed its year-end target of 125 billion USD in exports as of Dec. 22, 2008.
Speaking at a meeting of the Turkish Economic Journalists’ Association, Tuzmen said, “The global crisis caused an inestimable shrinkage in world markets. Accordingly, exports have dropped in recent months; however, we have […]
Minimal increase for Turkish wage earners
The minimum wage commission in Ankara announced the minimum wage for a single worker over the age of 16 as net YTL 527 ($348) and gross YTL 666 ($441) for the year 2009, corresponding to a 4.3 percent rise.
Source: Hurriyet
Banks’ assets rise but profits decline
Total assets of Turkey’s banking sector post a monthly increase of 5.2 percent, showing the healthy state of Turkish banks. But at the same time, total profits in banking decline to YTL 11.9 billion, an annual decline of 10.5 percent.
The total assets of Turkey’s banking sector rose 5.2 percent in October from the previous month, […]
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