Turkey's private sector was in more than 210 billion dollars of foreign debt at the end of November 2019, revealed the Central Bank. While $10.2 billion of the total is floating debt, almost $200 billion of the total debt is in long-term loans. While 60.9 percent of the foreign loans were in dollars, the second largest slice was euro, making up 33.7 percent.
The Turkish Competition Authority has launched a probe into more than 20 local and foreign banks over possible violations in foreign exchange and other services, Turkish media outlets said late on Jan. 17.
India will be curbing its steel and oil imports from Turkey due to criticisms by the latter targeting India's policies in the Muslim-majority Kashmir. India seized Kashmir's autonomy in an attempt to gain increased control over the province: Internet has been indefinitely suspended in the region and arrests of activists and politicians are widespread. President Recep Tayyip Erdoğan said that the people of Kashmir were “virtually under blockade."
Turkey’s central bank cut its benchmark rate for the fifth time in six months, as its new governor continued to ease policy. The bank cut its key rate to 11.25 percent from 12 percent.
According to data obtained from General Directorate of Land Registry and Cadastre, a total of 6,694 foreigners obtained certificates of conformity in order to become Turkish citizens via purchasing real estate. The lower limit for granting citizenship via real estate purchases was decreased to $250,000 in September 2018 from one million dollars in 2017, prompting an increase in foreign investments.
Muzaffer Aksoy, chairman of the Turkish-Libyan Business Council, said that Turkey plans to sign by February a preliminary $2.7 billion compensation deal for work carried out in Libya before the 2011 civil war. "Work on the MoU regarding the old contracts is reaching an end. The problem of unpaid debts, damages and a letter of guarantee will be solved," Aksoy told Reuters in an interview.
Istanbul's stock exchange Borsa Istanbul will remain open until 11 p.m. soon, said President Mehmet Hakan Atilla, adding that the late hours of operation will allow for investors in different time zones to trade.
Water prices have increased by up to 330 percent in Diyarbakır. This raise was introduced by the municipal council formed by the trustee who replaced elected Mayor Selçuk Mızraklı. The price hikes were decided during a municipal council that was held Dec. 27. The public wasn't informed of the changes.
Turkey's Competition Authority fined five medical companies that produce medicine used in chemotherapy. Six companies were investigated for collusion during a bid, while one was cleared.
Turkish President Recep Tayyip Erdoğan and his Russian counterpart Vladimir Putin have launched the TurkStream pipeline, which will deliver Russian gas to Turkey and further to southern European states. The pipeline project, stretching 930 km across the Black Sea, reinforces strong energy ties between Moscow and Ankara, which have also increased defense cooperation after Turkey bought advanced Russian missile defenses.
Shafali Sachdev, the head of BNP Paribas' Asia-Pacific Forex Advisory and Execution, said investors should buy gold and sell currencies from oil-importing countries to protect their portfolio from Iran-US tensions.
The central government's interest costs have increased 144 percent in three years, said former Deputy Prime Minister Ali Babacan. His statement comes in response to President Recep Tayyip Erdoğan's reference to him on a CNN Türk broadcast, saying he was in favor of increasing interest rates during the 2008 financial crisis.
Prices have seen an annual surge of 11.84 percent, the Turkish Statistical Institute said on Friday. An inflation rate of 0.74 percent was also observed between November and December 2019. As a result, the government is to raise retiree pensions. That of public officials will be raised by 5.49 percent, while that of labor retirees will be 6.49 percent.
The average annual telecommunication costs for a family of four in Turkey, which includes having a landline phone, broadband internet and a cellphone for each member, has reached the 3225 TL mark.
Some of the Turkish defense contractors involved in the F-35 program are preparing to establish alternative sources of supply in Bulgaria in the face of potential sanctions from Washington, Dünya newspaper reported on Jan. 2. Such a move of the companies will also be supported by the Turkish government, the newspaper said, citing an anonymous source from the defense industry.