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No decision on a ground offensive has been announced, although Israel has been massing troops along the Gaza border 3. Israeli military spokesman Read Adm. Daniel Hagari said Saturday Israel had so far identified 126 captives. GERMANY TO START EVACUATING CITIZENS FROM ISRAELBERLIN — The German army will start evacuating its citizens from Israel with military airplanes. Hezbollah said its fighters struck several Israeli military positions in the disputed Chebaa Farms and Kfar Chouba hills in the afternoon. ISRAELI MILITARY ANNOUNCES IT IS PREPARED FOR ‘COORDINATED’ OFFENSIVEJERUSALEM — The Israeli military says it has prepared a “coordinated” offensive in the Gaza Strip involving air, ground and naval forces.

Persons: Israel, Lloyd Austin, “, Israel —, ”, Yifat Zailer, Zailer, Read, Daniel Hagari, Hezbollah’s, Ali Youssef Alaaeddine, Alaaeddine, ERDOGAN'S, Recep Tayyip Erdogan, Bilal Erdogan, Suleyman Soylu, Mustafa Sentop, ” Erdogan, Sentop, Khalil Hachem, Rabad Akoum, ” Israel, Ismail Haniyeh, ” Haniyeh, Haniyeh, Mohammad Abu Selim, Medhat Abbas, Hakan Fidan, Sameh Shoukry, IT'S, ROME —, “ We’ve, Antonio Tajani, Tajani, —, ” Tajani, TT, Tobias Billström, Elina Valtonen, Hossein Amirabdollahian, Saleh Arouri, Ziad Nakhaleh, Amirabdollahian Organizations: United Nations, Gaza, United States Defense, TEL, ISRAEL BERLIN —, Hamas, Lufthansa, BEIRUT —, Associated Press, AP, Ministry, Sunday, South, MEDIA, BEIRUT, National News Agency, OFFICIAL, EGYPT BEIRUT —, OF, Gaza —, Shifa, Health Ministry, FROM, Romania — Romania’s Ministry of Foreign Affairs, Israel, NORDIC, FROM ISRAEL HELSINKI, Nordic, Helsinki Airport, Iran’s, Manar, Islamic, Hezbollah Locations: Gaza City, Israel, Gaza, Egypt, Israeli, Lebanon, ISRAEL, SYRIA, TEL AVIV, Syria, Golan, GERMANY, Germany, Jordan, BEIRUT, Palestinian, ISTANBUL ISTANBUL, Istanbul, United States, Tel Aviv, Dubai, South, Lebanese, Chebaa, Kfar Chouba, JERUSALEM, EGYPT BEIRUT, GAZA, Shifa, FROM ISRAEL, TURKEY, ISTANBUL, Turkish, Embassy, Turkey, BUCHAREST, Romania, Romanian Embassy, ITALY, ROME, Italian, Rome, FINNS, Finland, Sweden, Helsinki, Stockholm, Swedish, Stockholm’s Arlanda, Beirut, Hezbollah’s, Amirabdollahian, Iran, Iraq, Jihad

[1/5] A new building for earthquake survivors is under construction in Diyarbakir, Turkey August 26, 2023. With work underway on a fraction of the planned new buildings in the devastated city of Adiyaman, Kaplan fears a long wait together with his disabled wife and other survivors. One senior government official with direct knowledge of the reconstruction plan said the target could be missed, citing insufficient fresh funding to hold new tenders amid rising costs. They both said the effort had taken a blow when fewer companies bid for the reconstruction tenders after a post-election economic policy U-turn in June sent the currency plunging. "Our budget resources have been prepared for this huge, comprehensive project and can be updated when necessary," Erdogan's office said.

Persons: Stringer, Ismet Kaplan, Tayyip Erdogan, Erdogan, Kaplan, Bayir, Adiyaman, Turkey's, Mehmet Ozhaseki, Arvid Tuerkner, Mert Arslanalp, Erdogan's, Arslanalp, Mehmet Simsek, Simsek, Tahir Tellioglu, Tellioglu, Umit, Ezgi Erkoyun, Nevzat Devranoglu, Jonathan Spicer, Frank Jack Daniel Our Organizations: REUTERS, Rights, Reuters, Union of Chambers of Turkish Engineers and Architects, Coordination Council, European Bank for Reconstruction, Erdogan's AK, Istanbul's Bogazici University, TAG, Construction, Thomson Locations: Diyarbakir, Turkey, Rights ISTANBUL, Adiyaman, Netherlands, Belgium, Syria, Hatay, Malatya, Gaziantep, Istanbul, Ankara

☆ Turkey in talks seeking release of civilians held by Hamas -senior Turkish official
▼ + stars: | 2023-10-11 | by ( Ece Toksabay | ) www.reuters.com time to read: +2 min

REUTERS/Violeta Santos Moura Acquire Licensing RightsANKARA, Oct 11 (Reuters) - Turkey, which has historically had contacts with Hamas, is carrying out negotiations aimed at securing the release of civilians held by the militant Palestinian group, a senior Turkish official said on Wednesday. After the Hamas attack on Israel at the weekend, Ankara has launched diplomacy seeking to mediate the conflict. The official, speaking on condition of anonymity, said President Tayyip Erdogan ordered the talks. Erdogan has held phone calls with regional powers this week to convey Ankara's offer to mediate and discuss the Israeli-Palestinian conflict. Upon President Tayyip Erdogan's orders, the relevant institutions are carrying out a process regarding the civilians held by Hamas," the person said, without providing further details.

Persons: Violeta Santos Moura, Tayyip Erdogan, Erdogan, Tayyip Erdogan's, Leslie Adler, Cynthia Osterman Organizations: REUTERS, Rights, Palestinian, Hamas, Wednesday, Ece Toksabay, Thomson Locations: Gaza, Israel, Ashkelon, Rights ANKARA, Turkey, Turkish, Ankara

☆ Turkey says it's ready to help de-escalate Israeli-Palestinian conflict
▼ + stars: | 2023-10-07 | by ( Tuvan Gumrukcu | ) www.reuters.com time to read: +2 min

ANKARA, Oct 7 (Reuters) - Turkish Foreign Minister Hakan Fidan held calls on Saturday with his regional counterparts to discuss the fighting between Israel and Palestinians, a foreign ministry source said, as Ankara said it stood ready to help de-escalate the situation. The source said Fidan discussed the conflict with his Saudi, Qatari, Iranian, Palestinian and Egyptian counterparts, but did not provide any further details. Earlier, Turkey's foreign ministry repeated President Tayyip Erdogan's call for restraint and strongly condemned the loss of civilian lives. The conflict comes as Turkey, which has backed Palestinians in the past and supported a two-state solution to the conflict, works to normalise ties with Israel after years of animosity. Prior to Saturday's violence, Erdogan had said Israeli Prime Minister Benjamin Netanyahu may visit Turkey in October-November to discuss cooperation on energy, while Turkey's energy minister said he planned to visit Israel in November.

Persons: Hakan Fidan, Fidan, Antony Blinken, Tayyip Erdogan's, Israel, Erdogan, Benjamin Netanyahu, Nick Macfie, David Holmes Organizations: Turkish, Saudi, Qatari, Israel, Thomson Locations: ANKARA, Israel, Ankara, Turkey

☆ After Ankara bombing, Turkey hits back in Iraq and at home
▼ + stars: | 2023-10-02 | by ( Daren Butler | ) www.reuters.com time to read: +4 min

[1/5] Turkey's President Tayyip Erdogan addresses members of parliament as he attends the reopening of the Turkish parliament after the summer recess in Ankara, Turkey, October 1, 2023. On Sunday morning, two attackers detonated a bomb near government buildings in Ankara, killing them both and wounding two police officers. It launched an insurgency in southeast Turkey in 1984 and more than 40,000 people have been killed in the conflict. It said the attackers had hijacked the vehicle and killed its driver in Kayseri, a city 260 km (161 miles) southeast of Ankara. Turkey's armed forces have in recent years conducted several large-scale military operations in northern Iraq and northern Syria against Kurdish militants.

Persons: Tayyip Erdogan, Murat Cetinmuhurdar, Abdul, Latif Rashid, Ali Yerlikaya, Yerlikaya, Yasar Guler, Huseyin Hayatsever, Robert Birsel, Jonathan Spicer, Mark Heinrich, Alex Richardson Organizations: REUTERS Acquire, Kurdistan Workers Party, United Nations, Iraq, European Union, Reuters, PKK, Counterterrorism, Immortals Battalion, Kurdish, Islamic, Defence, Thomson Locations: Turkish, Ankara, Turkey, Handout, Iraq, Iraq ISTANBUL, Istanbul, Iraq's, Gara, Kurdistan, United States, Kayseri, Kurdish, Ataturk, Islamic State, Syria

WASHINGTON, Sept 28 (Reuters) - The Senate Foreign Relations Committee's new chairman on Thursday said he would look at Turkey's $20 billion Lockheed Martin (LMT.N) F-16 fighter jet deal and that more issues than Sweden's ascension to NATO would affect the decision on lifting his predecessor's longstanding hold. Cardin said he had discussed Sweden's NATO accession with Turkish officials at a NATO ambassador's meeting on Wednesday. Leaders of the U.S. Senate and House foreign affairs panels review every major foreign arms sale. "Menendez being out of the picture is an advantage," Erdogan was quoted as telling reporters by Turkish media. The top Republican on the Senate panel, Senator Jim Risch, has put a hold on arms sales to Hungary over the issue.

Persons: Lockheed Martin, Ben Cardin, Cardin, Bob Menendez, Tayyip Erdogan's, Menendez, Nadine Menendez, Erdogan, Sweden's, Jim Risch, Patricia Zengerle, Jonathan Oatis Organizations: Relations, Lockheed, Turkish, NATO, U.S . Senate, Kurdistan Workers Party, Republican, Thomson Locations: NATO, Sweden, Greece, Ankara, Stockholm, Turkey, Finland, Russia, Ukraine, Hungary, Budapest

☆ Erdogan sees advantage in U.S. senator Menendez's troubles -media
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +2 min

Turkey's President Tayyip Erdogan addresses the 78th Session of the U.N. General Assembly in New York City, U.S., September 19, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsANKARA, Sept 26 (Reuters) - President Tayyip Erdogan said Turkey needs to turn the legal troubles of U.S. Senator Bob Menendez, a long-time critic of his government, into opportunity for its requested purchase of F-16 U.S. fighter jets, Turkish media said on Tuesday. Erdogan raised Turkey's pending ratification of Sweden's NATO membership bid and said the White House must also fulfil its promise on the F-16s. The Biden administration is linking F-16 fighter jet sales to Turkey with Ankara's ratification of Sweden's NATO membership bid, Erdogan also said.

Persons: Tayyip Erdogan, Brendan McDermid, Bob Menendez, Menendez, Erdogan, Turkey's, Joe Biden's, Biden, Huseyin Hayatsever, Jonathan Spicer Organizations: General Assembly, REUTERS, Rights, Democrat, Senate Foreign Relations, NATO, Turkey, Lockheed Martin Corp, Thomson Locations: New York City, U.S, Rights ANKARA, Turkey, Jersey

☆ Erdogan Sees Advantage in U.S. Senator Menendez's Troubles -Media
▼ + stars: | 2023-09-26 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +1 min

ANKARA (Reuters) - President Tayyip Erdogan said Turkey needs to turn the legal troubles of U.S. Senator Bob Menendez, a long-time critic of his government, into opportunity for its requested purchase of F-16 U.S. fighter jets, Turkish media said on Tuesday. NATO member Turkey requested in October 2021 to buy 40 Lockheed Martin Corp F-16 fighters and 79 modernisation kits for its existing warplanes. The Biden administration is linking F-16 fighter jet sales to Turkey with Ankara's ratification of Sweden's NATO membership bid, Erdogan also said. Turkey will ratify Stockholm's bid if the administration keeps its promise on the F-16 sale, he added.

Persons: Tayyip Erdogan, Bob Menendez, Menendez, Erdogan, Turkey's, Joe Biden's, Biden, Huseyin Hayatsever, Jonathan Spicer Organizations: Democrat, Senate Foreign Relations, NATO, Turkey, Lockheed Martin Corp Locations: ANKARA, Turkey, Jersey, U.S

☆ Syrians feel growing pressure from Turkey's anti-migrant political wave
▼ + stars: | 2023-09-22 | by ( Burcu Karakas | ) www.reuters.com time to read: +4 min

[1/4] Adem Maarastawi, a 29-year-old Syrian activist, poses after an interview with Reuters in Istanbul, Turkey September 12, 2023. Hardship caused by Turkey's rampant inflation and anti-migrant rhetoric motivated his decision. DEADLINE TO MOVEAdem Maarastawi, a 29 year-old Syrian activist working in Istanbul, is registered in central Turkey's Kirsehir province. "Anti-migrant rhetoric is likely to rise before the March elections," said Deniz Sert, associate professor of international relations at Ozyegin University. Local government expert Ali Mert Tascier said opposition parties are likely to use anti-migrant rhetoric, with municipalities being the main players in managing migrants.

Persons: Adem Maarastawi, Dilara, scapegoated, Deniz Sert, Ali Mert Tascier, Tayyip Erdogan, Erdogan, Osman Nuri Kabaktepe, Maarastawi, Burcu Karakas, Daren Butler, William Maclean Organizations: Reuters, REUTERS, Authorities, Ozyegin University . Local, Erdogan's AK Party, Thomson Locations: Istanbul, Turkey, Istanbul ISTANBUL, Syria, Europe, Turkish, Belgium, Sanliurfa, Turkey's Kirsehir

☆ Colors promoting UN goals or LGBTQ rights? Turkey's Erdogan complains
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike Segar/File Photo Acquire Licensing RightsUNITED NATIONS, Sept 21 (Reuters) - Turkey's President Tayyip Erdogan complained on Thursday that he was uncomfortable with the use of what he described as "LGBT colors" at the United Nations, which is decorated this week with bright colors promoting the Sustainable Development Goals. Erdogan said he would have liked to discuss it with U.N. Secretary-General Antonio Guterres, Turkish media reported on Thursday. Turkey's government - led by Erdogan and his Islamist-rooted AK Party - has toughened its stance on LGBTQ freedoms. While Guterres has been a vocal supporter of LGBTQ rights and spoken out about discrimination, there are no rainbow Pride colors at U.N. headquarters promoting LGBTQ rights. The 17 Sustainable Development Goals, adopted by world leaders in 2015 with a deadline of 2030, are a global "to do" list that includes wiping out hunger, extreme poverty, battling climate change and inequality, and promoting gender equality.

Persons: Antonio Guterres, Mike Segar, Tayyip Erdogan, Erdogan, Turkey's, Haberturk, Guterres, Michelle Nichols, Jonathan Oatis, Grant McCool Organizations: United Nations, Sustainable, REUTERS, UNITED NATIONS, AK, United Nations General Assembly, Thomson Locations: U.N, New York City , New York, U.S, Turkey

☆ Turkey's Erdogan, Egypt's Sisi discuss energy cooperation at G20 Summit- Turkish presidency
▼ + stars: | 2023-09-10 | by ( ) www.reuters.com time to read: +1 min

ANKARA, Sept 10 (Reuters) - Turkey's President Tayyip Erdogan met with Egypt's President Abdel Fattah al-Sisi on the sidelines of a G20 summit in the Indian capital New Delhi on Sunday, Erdogan's office said in a statement. Erdogan and Sisi discussed bilateral ties and energy cooperation between Turkey and Egypt, as well as regional and global issues, it said. Egypt and Turkey upgraded their diplomatic relations by appointing ambassadors to each other's capitals in July after a decade of tension. Appointment of ambassadors marked a "new era" between Ankara and Cairo, Erdogan told Sisi during their meeting, according to the Turkish presidency's statement. Erdogan also told Sisi that Turkey attaches importance to reviving cooperation with Egypt in the fields of liquefied natural gas (LNG) and nuclear energy.

Persons: Tayyip Erdogan, Abdel Fattah al, Erdogan, Sisi, Egypt's, Brotherhood's Mohamed Mursi, Huseyin Hayatsever, Hugh Lawson, Elaine Hardcastle Organizations: Thomson Locations: ANKARA, New Delhi, Turkey, Egypt, Ankara, Cairo

☆ Russia sticks to demands on Black Sea grain deal, rejects UN bank proposal
▼ + stars: | 2023-09-09 | by ( ) www.reuters.com time to read: +3 min

FILE PHOTO-Kremlin spokesman Dmitry Peskov speaks during the annual end-of-year news conference of Russian President Vladimir Putin in Moscow, Russia December 19, 2019. Sputnik/Alexei Nikolsky/Kremlin via REUTERS/File Photo Acquire Licensing RightsSept 9 (Reuters) - Russia said on Saturday it was sticking to its conditions for a return to the Black Sea grain deal which it quit in July. In particular, Kremlin spokesman Dmitry Peskov said Russia needed its state agricultural bank - and not a subsidiary of the bank, as proposed by the United Nations - to be reconnected to the international SWIFT bank payments system. The Black Sea deal was brokered by Turkey and the United Nations in July 2022 to enable Ukraine to export grain by sea despite the war and help ease a global food crisis. Since quitting the grain deal, Russia has repeatedly bombed Ukrainian ports and grain stores, prompting Kyiv and the West to accuse it of using food as a weapon.

Persons: Dmitry Peskov, Vladimir Putin, Alexei Nikolsky, Peskov, Tayyip Erdogan, SWIFT, Mark Trevelyan, Ros Russell Organizations: Sputnik, REUTERS, Kremlin, United Nations, SWIFT, Reuters, Thomson Locations: Moscow, Russia, Kremlin, Turkey, Ukraine, Africa, Europe, SWIFT, Luxembourg

NEW DELHI, Sept 9 (Reuters) - The European Union castigated Russia on Saturday for its "cynicism" in pulling out of the Black Sea grain deal, saying the offer of a million tons of grain to African countries was a "parody of generosity". "And what cynicism ... you did not accept this," Michel said in comments on the grain deal he directed at the Russian summit representative, Moscow's Foreign Minister Sergei Lavrov. "Not only have you decided to pull out of this agreement on the Black Sea, but at the same time you are attacking the port infrastructure," he said. "You are blocking the ports that give access to the Black Sea, and even to the Danube." "What cynicism and contempt for African countries," he said, adding that the Black Sea deal had delivered exports of more than 30 million tons so far, chiefly to the most vulnerable nations.

Persons: Charles Michel, Michel, Sergei Lavrov, Tayyip Erdogan, Fumio Kishida, Erdogan's, Shivangi Acharya, Sarita Chaganti Singh, Mayank Bhardwaj, Manoj Kumar, Ekaterina Golubkova, Clarence Fernandez, Jacqueline Wong Organizations: European Union, Russia, European Council, Moscow's, United, Japanese, Reuters, Thomson Locations: DELHI, New Delhi, Africa, Russia, Russian, United Nations, Turkey, Moscow, Ukraine, Europe, Japan, Kyiv

☆ Turkey's post-election pivot 'clearly' positive for credit rating, Moody's says
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

Ankara's credit score, which affects how much the government pays to borrow on capital markets, has been in decline for years due to repeated episodes of unorthodox policy-driven crises. "The change of course is clearly credit positive," Moody's analyst Dietmar Hornung told Reuters. Moody's rates Turkey a 'junk' grade B3 with a "stable outlook". "We need a track record of more orthodox policy and a reduction of the accumulated imbalances." Reporting by Marc Jones Editing by Alexandra HudsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Moody's, Tayyip Erdogan's, Erdogan, Dietmar Hornung, Fitch, Hornung, Marc Jones, Alexandra Hudson Organizations: Moody's Corporation, Reuters, P Global, Alexandra Hudson Our, Thomson Locations: Manhattan , New York, U.S, Turkey

☆ Turkey hikes inflation view on path to policy orthodoxy
▼ + stars: | 2023-09-06 | by ( Huseyin Hayatsever | ) www.reuters.com time to read: +3 min

Presenting the new forecasts, Erdogan said that tight monetary policy would lower inflation to single digits, adding Turkey will not compromise on economic expansion as policies are adjusted. It trimmed GDP growth forecasts to 4.4% this year and 4% next year, which is still higher than most economists expect, from 5% and 5.5% previously. The economy is expected to slow through year-end - and ahead of nationwide municipal elections set for March next year - as stimulus tied to the May elections fades and as the policy rate hikes, to 25% from 8.5%, start to weigh. A Reuters poll last month showed expectations of 2.9% full-year growth, lower than trend in the emerging market economy that seeks to reverse a years-long exodus of foreign investors. Inflation will "be very high for an extended period of time, which will trigger second-round effects such as wage settlements."

Persons: Tayyip Erdogan, Vladimir Putin, Mikhail Klimentyev, Erdogan, Tatha Ghose, Huseyin Hayatsever, Jonathan Spicer, Peter Graff, Alexandra Hudson Organizations: Sputnik, REUTERS Acquire, Reuters, AK, Ece Toksabay, Alexandra Hudson Our, Thomson Locations: Sochi, Russia, Kremlin, ANKARA, Turkey, Istanbul, Ankara

☆ With grain deal in focus, Putin to meet Erdogan in Russia
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +4 min

"The current status (of the grain deal) will be discussed at the summit on Monday. Putin has said Russia could return to the grain deal if the West fulfils a separate memorandum agreed with the United Nations at the same time to facilitate Russian food and fertiliser exports. Ahead of the Erdogan talks, Ukrainian officials said Russia launched an overnight air attack on one of Ukraine's major grain exporting ports. In its report on the Erdogan meeting, Russian state television said promises made to Russia must be implemented. For Russia, Erdogan is a key broker - and one respected personally by Putin.

Persons: Mehmet Bey, Mehmet Emin Calsikan, Erdogan, Putin, Tayyip Erdogan, Vladimir Putin, Russia, Dmitry Peskov, Akif Cagatay Kilic, Kilic, Russia's, António Guterres, Sergei Lavrov, Maria Zakharova, Guy Faulconbridge, Lidia Kelly, Michelle Nichols, Robert Birsel, Philippa Fletcher Organizations: REUTERS, UN, Kremlin, United, Haber, United Nations, Russian, Russian Agricultural Bank, SWIFT, Toksabay, Thomson Locations: Yenikapi, Istanbul, Turkey, Sochi Turkey, Russia, Ukraine, Ukraine MOSCOW, Russia's Black, Sochi, United Nations, Moscow, Izmail, Ukraine's Odesa, EU, Russian, Melbourne, Ankara

☆ Erdogan's Russia visit vital for grain deal, Turkish leader's chief aide says
▼ + stars: | 2023-09-03 | by ( ) www.reuters.com time to read: +1 min

ANKARA, Sept 3 (Reuters) - Turkish President Tayyip Erdogan and his Russian counterpart Vladimir Putin will focus on the Black Sea grain deal during their meeting on Monday as Turkey seeks to bring Moscow back to the deal, Erdogan's chief foreign policy advisor said. "The current status (of the grain deal) will be discussed at the summit on Monday. We are cautious, but we hope to achieve success because this is a situation that affects the entire world," Kilic said. Ankara acknowledged the technical complexities surrounding the agreement, particularly concerning Russian grain and payment mechanisms, Kilic said. I believe that the bilateral meeting between President Erdogan and Putin will play the most important role in this issue."

Persons: Tayyip Erdogan, Vladimir Putin, Akif Cagatay Kilic, Kilic, SWIFT, Erdogan, Putin, David Evans Organizations: Haber, Ece Toksabay, Thomson Locations: ANKARA, Turkey, Moscow, Russian, Russia, Ankara

Below are five charts showing what's been moved and/or shaken:1/SHOCK FOR THE STOCKSMSCI's 24-country emerging markets (EM) stocks index (.MSCIEF) is down 6% this month. It is still up for the year, though well below the 13.5% gain this year for MSCI's main global index, which has benefited from a boom in U.S. "mega-cap" stocks. "The markets that have underperformed are the lower-yielding markets like Asia," Mike Arno, a portfolio manager at Brandywine Global, said. "The market doesn't seem to think that China is a major threat," said Aegon Asset Management's head of EM debt, Jeff Grills. Reuters Graphics5/OUT OF AFRICAThe other big trouble spot has been Africa, where debt markets have seen a sharp pullback.

Persons: Jason Lee, what's, Tayyip Erdogan's, Katherine Marney, Mike Arno, Jeff, Erdogan, Van Eck's, Eric Fine, Viktor Szabo, Szabo, Marc Jones, Rodrigo Campos, Alex Richardson Organizations: REUTERS, Reuters, JPMorgan, Brandywine, FX, HK, EMBI, abrdn, Thomson Locations: Beijing, China, Africa, MIWD00000PUS, Hungary, America, Brazil, Argentina, Asia, TURKEY, Gabon, Niger, JPMorgan's Africa, London, New York

Turkey's Central Bank headquarters is seen in Ankara, Turkey in this January 24, 2014 file photo. Yet five foreign investors told Reuters that this week's rate hike signalled a new independence among policymakers who are serious about addressing unrelenting pressure on the currency and reining in inflation expectations. "It feels like they are correcting the mistakes they made with their first rate hike decisions," said Viktor Szabo, portfolio manager at abrdn in London. Erdogan, who has fired four central bank chiefs in four years, has said little about the rate hikes. Reuters GraphicsTurkish stock, Eurobond and CDS markets are more attractive targets this year and next, especially after the rate hike, investors and officials say.

Persons: Umit, Erdogan's unorthodoxy, Mehmet Simsek, Goldman Sachs, Tayyip Erdogan's, Viktor Szabo, Ola El, Van Eck, ERDOGAN, Erdogan, Simsek, Hafize Gaye Erkan, Cevdet Yilmaz, Blaise Antin, TCW, Kaan, Neuberger Berman, Jonathan Spicer, Marc Jones, Jorgelina, Hugh Lawson Organizations: Turkey's Central Bank, Finance, Goldman, Reuters, abrdn, Emerging Markets, Wall Street, JPMorgan, Reuters Graphics, CDS, Yeni, United Nations, International Monetary Fund, Thomson Locations: Ankara, Turkey, ANKARA, LONDON, New York, London, Van, Los Angeles, Reuters Graphics Turkish, Yeni Safak, Morocco, Japan, Singapore, Hong Kong, Istanbul, Rosario

The surprise move leaves the policy rate at its highest level since 2019, and sent the Turkish currency to its strongest level since mid-July. The bank has raised its one-week repo rate (TRINT=ECI) by 1,650 basis points since June. The lira had touched new all-time lows almost daily in recent weeks, including in the minutes before the policy decision. The central bank said that rising oil prices and a deterioration in inflation expectations suggests that inflation will end the year at the upper bound of its forecasts. The central bank has also selectively tightened credit.

Persons: Tayyip Erdogan, Piotr Matys, Dado Ruvic, Erdogan, Hafize Gaye Erkan, Osman Cevdet Akcay, Fatih Karahan, Hatice, Ezgi Erkoyun, Christina Fincher, Angus MacSwan Organizations: Analysts, Istanbul bourse, Touch, Turkey Lira, REUTERS, Wall Street, Thomson Locations: ISTANBUL, Istanbul, Ankara

☆ Turkey begins rolling back costly FX-protected deposits
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +3 min

In a reversal, the central bank now wants lenders to set a new goal of transitioning KKM accounts into regular lira accounts, in part by dissuading companies and individuals from renewing the KKM accounts. According to a separate decree in the Official Gazette, the central bank also raised lenders' reserve requirement ratios for FX deposits, further nudging customers into regular lira accounts. KKM accounts have since ballooned to some $117 billion, or 3.1 trillion lira, around a quarter of total bank deposits. To cover KKM depreciation costs, the central bank paid an estimated 300 billion lira ($11 billion) in June and July, when the lira plunged again. The central bank said the KKM move would "enforce macro financial stability by supporting lira deposits" and pledged more such steps.

Persons: Dado Ruvic, Tayyip Erdogan's, Erdogan, Hakan Kara, Jonathan Spicer, Azra, Deepa Babington, Frances Kerry Organizations: Turkish Lira, REUTERS, Rights, Official Gazette, Bilkent University, Ece Toksabay, Thomson Locations: Turkish, Rights ANKARA

Analysts said it tests President Tayyip Erdogan's resolve to maintain good relations with Russian President Vladimir Putin, whom he has invited to Turkey this month to discuss resuming the UN-brokered deal that had protected grain exports from Ukraine. "Ankara's silence is strange but shows it is still counting on Putin to visit and return to the grain deal." It wants the West to accept some Russian demands, and for Russia to drop others, to restart Ukraine grain exports under UN and Turkish oversight. A Turkish defence ministry official, requesting anonymity, said Ankara was looking into the Black Sea raid but gave no more details. "Therefore Erdogan should negotiate and try to convince Western countries, not Putin, for the reinstatement of the grain deal," he said.

Persons: Mehmet Bey, Umit, Erdogan, Putin, NATO's, Tayyip Erdogan's, Vladimir Putin, Yoruk Isik, Grynspan, Sezer, Huseyin Hayatsever, Gabrielle Tétrault, Farber, Kirsten Donovan Organizations: Coordination Centre, REUTERS, Ankara, Analysts, UN, Bosphorus Observer, United Nations Conference, Trade, Development, Thomson Locations: Yenikapi, Istanbul, Turkey, ISTANBUL, Ukraine, NATO, Moscow, Russia, Ankara, Odesa, Turkish, Palau, Russian

☆ German MP says she was detained in Turkey for social media posts
▼ + stars: | 2023-08-13 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Aug 13 (Reuters) - A German lawmaker said on Sunday she was detained for several hours when entering Turkey earlier this month based on social media posts she made in 2019, adding that she would still travel to Turkey and speak her mind about its government. Akbulut, a Turkey-born German citizen of Kurdish heritage, was released after making contact with the German foreign ministry, she said. It was not clear exactly what she was referring to, nor which social media posts she believed triggered the Turkish arrest warrant. The German embassy in Ankara and the consulate in Antalya were in contact with lawmaker, a source at the German foreign ministry told Reuters. Reporting by Riham Alkousaa in Berlin Additional reporting by Ece Toksabay in Ankara Editing by Ros RussellOur Standards: The Thomson Reuters Trust Principles.

Persons: Goekay, Tayyip Erdogan's, Akbulut, Riham Alkousaa, Ros Russell Organizations: Linke, Kurdish, Turkish Parliamentary Group, Reuters, Kurdistan Workers Party, European Union, Toksabay, Thomson Locations: Turkey, Antalya, Turkish, Germany, Berlin, Ankara, Syria, Akbulut, United States

The sustained inflationary pressure, driven by a lira drop and tax hikes, comes as President Tayyip Erdogan's new finance minister and central bank chief orchestrate a policy U-turn including interest rate hikes that are expected to slow domestic demand. But in the meantime the U-turn has hammered the currency and left authorities asking already-stretched households for patience. In July, consumer prices soared nearly 10% sequentially due to tax hikes and a lira crash. This month, forecasts by five economists show them rising between 5.5% and 8.5%, with fallout from mid-July tax hikes lagging into August. After years of divergence with market expectations, the central bank matched those last month when it raised its end-2023 annual inflation forecast to 58.0% from a previous 22.3%.

Persons: Erdogan, Tayyip Erdogan's, Hafize Gaye Erkan, Erdogan's, Erkan, Mehmet Simsek, Moody's, Daren Butler, Jonathan Spicer, Toby Chopra Organizations: Turkish Statistical Institute, Thomson Locations: Erdogan ANKARA, Istanbul, Turkey's

☆ How Saudi Arabia and UAE learned to stop worrying and love Turkey's Bayraktar drones
▼ + stars: | 2023-08-06 | by ( Paul Iddon | ) www.businessinsider.com time to read: +8 min

Saudi Arabia and the UAE have signed multibillion-dollar deals for Turkish drones in recent months. Azeri Ministry of DefenseSaudi Arabia previously showed interest in procuring Turkish drones and securing rights for local production. Bakir told Insider that Turkish drones have gained "global recognition" due to their "affordability, efficiency, and lethal capabilities" and documented successes over modern battlefields. "Moreover, Saudi Arabia could use such capabilities to balance Iran's drone technology in the long run," Ozeren said. Ozeren said the Saudi deal could help Baykar "monopolize" drone technology in Turkey but noted that crucial details about the agreement remain unknown.

Persons: Recep Tayyip Erdogan, Baykar, Abu Dhabi's, Loong, Loongs, Abu Dhabi, Abu, Ali Bakir, Erdogan, Mohammed bin Salman, Murat Kula, Bakir, Suleyman Ozeren, It's, Ozeren, Ali Atmaca, Sheikh Mohammed bin Zayed, Murat Centinmuhurdar, Bashar Assad, Paul Iddon Organizations: UAE, Service, United, United Arab Emirates, Turkey's Baykar Defense, Ministry of Defense, Anadolu Agency, Getty, Dassault Rafales, Ibn Khaldon, NATO, European Union, American University, Orion Policy Institute, Ataturk Airport, Security Initiative, Atlantic Council Locations: Saudi Arabia, Wall, Silicon, United Arab, Turkish, Riyadh, East, North Africa, South Caucasus, Ukraine, Armenian, Ministry of Defense Saudi Arabia, Republic of Turkey, Kuwait, UAE, Saudi, Istanbul, Yemen, Libya, Abu, Turkey, China, France, Qatar, Jeddah, Anadolu, Nahyan, Abu Dhabi

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