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As the sunsets, a ferry boat glides across the waters of the Golden Horn with the Suleymaniye Mosque and the city of Istanbul, Turkey in the background. Vw Pics | Universal Images Group | Getty ImagesTurkish President Recep Tayyip Erdogan once said that whoever wins Istanbul wins Turkey. This is odd but also shows how important it is to win Istanbul," Tunca said. Major Turkish cities like Istanbul and the capital Ankara will be key races to watch. Istanbul Municipality Mayor Ekrem İmamoğlu speaks at the 19 May Commemoration of Atatürk, Youth and Sports Day celebrations held at the Maltepe Event Area on May 19, 2023 on Istanbul, Turkey.
Persons: Recep Tayyip Erdogan, Imamoglu, Erdogan, People's Party's, Murat Kurum, Arda Tunca, Volodymyr Zelenskiy, Tayyip Erdogan, Umit Bektas, Tunca, Kristin Ronzi, RANE, Erdogan's, Ekrem İmamoğlu, Hakan Akgun, Turkey's, Ronzi Organizations: Getty, Istanbul, sympathizing, Development Party, AK Party, Imamoglu, AK, CNBC, European Union, NATO, Reuters, Party, Imamoglu's CHP, Turkey's, CHP Locations: Istanbul, Turkey, Ukraine, Russia, Arab, Turkish, Ankara, East, North Africa
A picture taken on August 14, 2018 shows the logo of Turkey's Central Bank at the entrance of its headquarters in Ankara, Turkey. Turkey's central bank is opting for a different monetary tightening method as it grapples with climbing inflation, after previously signaling that its rate-hiking cycle was over. The institution sent a directive to lenders, effective Friday, instructing them to put parts of their required lira reserves into blocked accounts. Economic data platform Emerging Market Watch posted on X, describing the central bank as taking "another tightening step via reserve requirements." "Last week the CBRT tightened restrictions on lira loan growth, a move that would likely have a similar impact to an interest rate hike."
Persons: That's, Arda Tunca, Dan Murphy Organizations: Turkey's Central Bank, Reuters, CNBC, Capital Economics, FX, Economics Locations: Ankara, Turkey, Turkey's, Istanbul, Turkish, London
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTurkey central bank leadership change came from former governor's 'personal shortcomings': ColumnistArda Tunca, columnist at PolitikYol, says "it was not because the monetary policy was not managed correctly."
Persons: Arda Tunca Locations: Turkey
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTurkey's rate hikes are 'absolutely a positive surprise,' economist saysArda Tunca, economist at PolitikYol, discusses the Turkish central bank's decision to hike interest rates by 500 basis points to 40%.
Persons: Arda Tunca Locations: Turkish
There's still a 'big fog' in the Turkish market, economist says
  + stars: | 2023-09-22 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's still a 'big fog' in the Turkish market, economist saysArda Tunca, economist at PolitikYol, discusses the Turkish central bank's decision to hike its key interest rate to 30%.
Persons: Arda Tunca Locations: Turkish
Since neither candidate won more than 50% of the vote, however, the election will go to a runoff on May 28. They also reveal that despite Turkey's current economic turmoil, tens of millions of Turks still see Erdogan as their only viable leader. Supporters of Turkish President Recep Tayyip Erdogan celebrate at the AK Party headquarters garden on May 15, 2023 in Ankara, Turkey. Still, Kilicdaroglu's 44.9% of the vote is notable as the highest any opposition candidate ever received, said Orcun Selcuk, an assistant professor of political science at Luther College in Iowa, on Twitter. "The opposition clearly did not meet the expectations but it would be a misjudgment to say that opposition coordination failed.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTurkey's opposition is unlikely to gain ground on May 28, economist saysArda Tunca, economist and columnist at Turkish news site PolitikYol, discusses Turkey's runoff election on May 28 and says it's "obvious" that President Recep Tayyip Erdogan will be the winner.
Sources said some factoring companies were giving loans with a 70% interest rate, up from 30% in February. For the first time, the rates offered by banks and factoring firms are aligned," he said. Corporates which are not able to get loans from banks are now borrowing from factoring firms with high level of interest, said another banking source. The source said factoring companies and banks can use a funding facility at the Istanbul Settlement and Custody Bank (Takasbank) and these loans' interest rates are around 45%. "Some brokerage houses either trimmed down the leverage ratio for their clients or closed their positions due to the increasing interest rates at Takasbank.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRepercussions of earthquake in Turkey will last years, economist saysArda Tunca, economist at PolitikYol, discusses the earthquake in Turkey and says it will have "deep repercussions" on the country's economy.
Bankers forecast a very tough 2023 and beyond for earnings and lending, several of them told Reuters. Their share of outstanding loans has fallen to 29%, compared to 46% for state lenders that have increased their dominance in recent years. Other bankers said the regulations and rising costs have interfered with basic credit extension and could lead banks to cut operational costs. Authorities "tied the fate of the banking sector to state lenders with the recent regulations. Still, other sources close to the state lenders said these concerns are exaggerated given exporters, the focus of Erdogan's programme, are easily getting credit.
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