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Speaking at party headquarters in Ankara, the leader of Turkey's right-wing IYI Party, Meral Aksener, said the other five parties in the alliance had put forward Kemal Kilicdaroglu, leader of the Republican People's Party (CHP), as their presidential candidate. But Aksener said her party, the second biggest in the alliance, would not "bow down" to pressure to accept him. "It is no longer a platform through which potential candidates can be discussed but a table that works to rubber-stamp a single candidate," she said. "Just like over the past 20 years, the opposition turned out to be President Tayyip Erdogan’s greatest asset," Piccoli wrote. "With the main opposition bloc in disarray, Erdogan is now much better positioned to prevail on 14 May."

☆ Erdogan indicates Turkey elections to be held on May 14
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

ANKARA, March 1 (Reuters) - President Tayyip Erdogan indicated on Wednesday that elections will be held on May 14, sticking to his previous plan for the vote with a date just over three months after a devastating earthquake killed more than 45,000 people in Turkey. "This nation will do what is necessary on May 14, God willing," Erdogan said in a speech to lawmakers from his ruling AK Party in parliament. Erdogan, aiming to extend his rule into a third decade, previously said he was bringing the votes forward to May to avoid holidays in June. Doubts had been expressed about the ability of election authorities to prepare and make logistical arrangements for the voting of those affected in the quake zone, home to some 14 million people. Reporting by Nevzat Devranoglu, Ali Kucukgocmen; Writing by Daren Butler; Editing by Humeyra Pamuk, Alexandra HudsonOur Standards: The Thomson Reuters Trust Principles.

There had been conflicting signals over the likely timing of the presidential and parliamentary elections since last month's earthquake, with some suggesting they could be postponed until later in the year or could be held as scheduled on June 18. Erdogan has faced a wave of criticism over his government's handling of the deadliest quake in the nation's modern history. Now he also must contend with criticism over the response to the quake in a region that traditionally backed him. The quake also injured 108,000 people in Turkey. Some two million people were registered as having fled the region, which has been hit by more than 11,000 aftershocks, AFAD said.

ISTANBUL, Feb 28 (Reuters) - Turkey's economy expanded 5.6% in 2022, official data showed on Tuesday but growth was expected to slow significantly to 2.8% in 2023 after earthquakes this month caused widespread destruction in the south of the country. Growth stood at 3.5% in the fourth quarter of 2022, down from a revised 4% in the third quarter and 7.8% in the second quarter. In 2022, finance and insurance activities grew 21.8%, followed by the services sector which rose 11.7%, data from the Turkish Statistical Institute showed. GDP growth in 2023 is expected to be 2.8%, based on the median estimate in a Reuters poll. In a poll conducted in January, before the earthquakes, the median estimate for 2023 economic growth stood at 3%.

☆ Turkey's quakes revive concern for northwestern industrial hub
▼ + stars: | 2023-02-28 | by ( Birsen Altayli | ) www.reuters.com time to read: +5 min

[1/3] The full moon, also known as the Supermoon or Flower Moon, rises above the Camlica Mosque during the spread of the coronavirus disease (COVID-19), in Istanbul, Turkey, May 7, 2020. Istanbul, Turkey's biggest city with a population of 16 million and the country's commercial engine, lies near fault lines that criss-cross the country. The southeast region has a sizeable manufacturing sector, albeit smaller than Turkey's northwest. "This is (Turkey's) industrial centre. The Marmara region is home to 25 million people and accounts for just over 40 percent of the country's gross domestic product (GDP) as of 2021, according to figures from Turkey's Statistics Institute.

"With the effect of the earthquake, inflation may now reach somewhere in the range of 40-50%," the government official added, speaking anonymously as he was not authorised to speak publicly on the issue. More than two million people are estimated to have left the quake zone, pushing up rents in other provinces, economists said. ADDITIONAL BUDGETThe quake also gives the government an additional challenge on the budget, long one of the strongest areas of the economy. Net borrowing of up to 661 billion lira ($35 billion) would be possible under the 2023 budget for this year but the official said that now won't be enough. An additional budget will be needed," the official said.

☆ Istanbul bourse rises nearly 10% after quake closure, govt measures
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +4 min

RAPID NEW REGULATIONSTurkish authorities pushed through new regulations including measures incentivizing company share buyback programs, and increasing obligatory pension fund allocation for stocks. The general assembly decision mandate for share buybacks was also waived, allowing listed companies to start share buyback programmes with just a management board decision. Additional measures could still be needed to stabilize the stock exchange, according to Tunc Satiroglu, strategist and founder of financial consulting firm Kanal Finans. The cancellations followed multiple market-wide circuit brakers in the two trading days following the earthquake, which failed to halt the slide to no avail. "I expect the stock market to be more stable...

☆ Earthquake could cost Turkey up to $84 billion - business group
▼ + stars: | 2023-02-13 | by ( Nevzat Devranoglu | ) www.reuters.com time to read: +2 min

ANKARA, Feb 13 (Reuters) - Turkey's worst earthquake in almost a century has left a trail of destruction that could cost Ankara up to $84.1 billion, a business group said, while a government official put the figure at more than $50 billion. A report published at the weekend by the Turkish Enterprise and Business Confederation put the cost of the damage at $84.1 billion - $70.8 billion from the repair of thousands of homes, $10.4 billion from loss of national income and $2.9 billion from loss of working days. Nonetheless, economists and officials estimated the quake would cut economic growth by up two percentage points this year. The government forecast growth at 5% in 2022 and had estimated growth at 5.5% in 2023 before the quake. Turkey is due to hold presidential and parliamentary elections this summer - the biggest challenge to Erdogan during his two decades in power.

☆ Earthquake death toll in Turkey and Syria surpasses 5,000
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: 1 min

ISTANBUL, Feb 7 (Reuters) - Turkish Vice President Fuat Oktay said on Tuesday that the death toll from the earthquakes centred in southeastern Turkey rose to 3,419, bringing the total including those killed in Syria to more than 5,000. Speaking to reporters, Oktay said severe weather conditions made it difficult to bring aid to the affected regions and conduct rescues. He said only rescue and aid vehicles were being allowed to enter or leave Hatay, Kahramanmaras and Adiyaman, three of the most impacted provinces. Rescue operations are focusing on those three provinces and Malatya, Oktay added. Reporting by Ezgi Erkoyun and Nevzat Devranoglu; Writing by Ali Kucukgocmen; Editing by Jonathan SpicerOur Standards: The Thomson Reuters Trust Principles.

☆ Turkey looks positively on Finland's NATO bid but not on Sweden's -Erdogan
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

[1/4] Turkish President Tayyip Erdogan addresses lawmakers of his ruling AK Party during a meeting at the parliament in Ankara, Turkey February 1, 2023. Presidential Press Office/Handout via REUTERSANKARA, Feb 1 (Reuters) - Turkey looks positively on Finland's application for NATO membership, but does not support Sweden's bid, Turkish President Tayyip Erdogan said on Wednesday. We will not say 'yes' to their NATO application as long as they allow burning of the Koran," Erdogan said in a speech to his AK Party deputies in parliament. Erdogan signalled on Sunday that Ankara could agree to Finland joining NATO ahead of Sweden and Turkish Foreign Minister Mevlut Cavusoglu on Monday made similar statements. Reporting by Nevzat Devranoglu and Ezgi Erkoyun; Writing by Huseyin Hayatsever; Editing by Daren ButlerOur Standards: The Thomson Reuters Trust Principles.

☆ Turkey's Erdogan signals May 14 date for his biggest election test
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +2 min

Polls show the parliamentary and presidential elections will be tight, and they mark Erdogan's biggest test in his two decades at the reins of the regional military power, important NATO member and major emerging market economy. Addressing lawmakers of his Islamist-rooted AK Party (AKP) in parliament, Erdogan said Turks will dismiss the opposition at the ballot box on the same date that elections were held in 1950. Last year Erdogan had repeated the vote would be held in June, but earlier this month he said the date may be brought forward from the scheduled June 18. Erdogan has championed religious piety, military-backed diplomacy, and low interest rates despite inflation soaring above 85% in October. The ruling AKP is still the strongest party in Turkey and will likely remain a powerful force in parliament, but opinion polls show Erdogan trailing against some potential challengers.

[1/4] Turkish President Tayyip Erdogan and Central Bank Governor Sahap Kavcioglu are pictured during a signing ceremony in Ankara, Turkey, June 8, 2022. But his drastic transformation of the economy and financial markets means such a change would bring its own uncertainties. The election will also determine what role regional military power and NATO member Turkey plays in conflicts in Ukraine, where Erdogan has helped broker talks, and in neighbour Syria. In the short-term it seems to have worked however, halting a years-long rise in Turks converting lira into dollars. Last week, Turkey had no problem borrowing $2.75 billion from international capital markets.

☆ Turkish central bank includes other financial firms in securities regulation
▼ + stars: | 2022-12-31 | by ( ) www.reuters.com time to read: 1 min

ANKARA, Dec 31 (Reuters) - The Turkish central bank has included non-bank financial companies in securities maintenance regulations as part of its "liraization strategy" which will be introduced in the New Year. In addition to banks, other financial institutions - such as factoring companies which help firms manage their cash flow - were included in the regulations, according to the Official Gazette published on Saturday. "The securities maintenance practice ... will ensure a balanced course in FX loans in line with the decline in foreign currency funding items," the central bank said in a statement. Reporting by Nevzat Devranoglu; Writing by Huseyin Hayatsever; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

The 2023 budget includes 4.47 trillion lira ($239 billion) in spending and sees a deficit of about 3.5% of GDP for this year and next. "The annual salary burden is likely to reach approximately 150-180 billion lira, whereas the severance pay burden that will be shouldered by both the public and private sectors may exceed 300 billion lira," he said. A total of 142.9 billion lira has been earmarked for 2023 spending in the farm sector on support programmes and investment payments. SOCIAL AID, OTHER SPENDING:Spending on social aid in the 2023 budget was raised to 258.4 billion lira. Spending on education will be 650 billion lira, while 145.4 billion lira was set aside for support to the real sector.

☆ Turkey cenbank targets 60% lira deposits in banks in H1
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: 1 min

ANKARA, Dec 30 (Reuters) - Turkey's central bank said on Friday it aims to lift the share of lira deposits to 60% of all deposits in the banking system over the next six months, and vowed to continue using regulations to support access to credit. In its annual monetary policy report, the central bank said it was maintaining its long-held 5% medium-term inflation target, as the annual inflation rate begins edging down from a 24-year high above 85% in October. The central bank, which has undertaken an "liraization" policy of stabilizing the currency as it has slashed interest rates, repeated it had no forex target level and would not buy or sell hard currencies to direct the lira. Reporting by Nevzat Devranoglu Ezgi Erkoyun; Writing by Jonathan Spicer; Editing by Ece ToksabayOur Standards: The Thomson Reuters Trust Principles.

☆ Turkey raises monthly minimum wage by 55% for 2023
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: 1 min

ANKARA, Dec 22 (Reuters) - Turkey's monthly minimum wage will be 8,506.80 lira ($455) in 2023, the Turkish presidency said on Thursday, marking a 55% increase from the level determined in July and a 100% hike from January. Speaking at a news conference earlier, President Tayyip Erdogan said minimum wage may be hiked again throughout the year if necessary. Erdogan said the employer and employee unions could not reach an agreement and the government stepped in to determine the number. Representatives from the employee union did not attend the announcement at the presidential palace. ($1 = 18.6721 liras)Reporting by Nevzat Devranoglu; Writing by Ali Kucukgocmen; Editing by Jonathan Spicer and Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

"Talks for Qatar to provide new resources to Turkey have reached the final stage. The second Turkish official said the talks for $2-3 billion funding for this year were focused on the eurobond. Turkey's Finance Ministry has borrowed $9 billion in 2022, of the $11 billion foreign borrowing foreseen for the year. The ministry foresees $10 billion foreign borrowing for 2023 but it can bring forward its debt issuances when needed for earlier financing. Turkey is also in the final stage of talks with Saudi Arabia on Riyadh placing a $5 billion deposit at the Turkish Central Bank, a Saudi finance ministry spokesman said on Tuesday.

"We are continuing the air operation and will come down hard on the terrorists from land at the most convenient time for us," Erdogan told his AK Party's lawmakers in a speech in parliament. Meanwhile, the United States has conveyed serious concerns to Turkey, a NATO ally, about the impact of escalation on the goal of fighting Islamic State militants in Syria. Turkey has previously launched military incursions in Syria against the Kurdish YPG militia, regarding it as a wing of the outlawed Kurdistan Workers Party (PKK), which Turkey, the United States and the European Union designate as a terrorist group. NEARLY 500 TARGETS HITTurkish Defence Minister Hulusi Akar said the army had hit 471 targets in Syria and Iraq since the weekend in what he said was Turkey's biggest air operation of recent times. It cited him as saying 254 militants had been "neutralised" in the operation, a term generally used to be mean killed.

☆ Turkey central bank firms grip on lira as election approaches
▼ + stars: | 2022-11-11 | by ( Nevzat Devranoglu | ) www.reuters.com time to read: +5 min

[1/2] A logo of Turkey's Central Bank is pictured at the entrance of its headquarters in Ankara, Turkey October 15, 2021. Unlike past schemes to support the lira, the central bank no longer needs to constantly tap its own reserves, according to 10 bankers and economists and one Turkish official. The central bank declined to comment for this article, but senior officials and President Tayyip Erdogan have regularly praised the new regulations. Bankers' calculations show the central bank has obtained about $100 billion this year under the new policy. Yet the central bank told bank executives this week it will continue with its regulations and policies, despite their criticism, according to sources at the meetings.

☆ Turkey's inflation hits 24-year high of 85.5% after rate cuts
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +2 min

ISTANBUL, Nov 3 (Reuters) - Turkish annual inflation climbed to a new 24-year high of 85.51% in October, official data showed on Thursday, slightly below forecast, after the central bank cut its policy rate despite surging prices. Inflation has surged since last year, when the lira slumped after the central bank began cutting its policy rate in an easing cycle long sought by President Tayyip Erdogan. In the last three months, the central bank slashed its policy rate by a total of 350 basis points to 10.5%. Month-on-month, consumer prices rose 3.54%, the Turkish Statistical Institute said, below 3.60% forecast in a Reuters poll. The annual inflation in October was the highest since June 1998, when Turkey was working to end a decade of high inflation.

The headscarf was once a source of deep discord in Muslim but secular Turkey, but ceased to stir controversy after reforms by the Islamist-rooted AKP during its 20 years in power. "We are ready to take other steps including a referendum," Erdogan told AKP deputies in parliament. The AKP was to hold talks with three opposition parties, including the largest Republican People's Party (CHP), broadcaster CNN Turk said. When Leader Kemal Kilicdaroglu announced the CHP's planned legislation on the headscarf in early October, Erdogan responded by saying the issue had already been resolved. Erdogan and AKP lawmakers have toughened their rhetoric against LGBT+ people in recent years, frequently labeling them "deviants" or "perverts" and raising concerns among members of the community.

☆ Turkish central bank warns lenders against FX transactions during 'off hours,' other issues -letter
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +1 min

ANKARA, Oct 31 (Reuters) - Turkey's central bank sent a letter to local lenders on Monday, warning them against conducting forex transactions with foreign banks during "off hours" and offering deposits with very high interest rates to avoid bond holding requirements. The central bank has introduced rules in recent months to reduce the gap between the policy rate and lending rates and encourage loans to sectors including exports and production. Such issues are "not supportive of establishing financial stability," the central bank said, adding that lenders should make the maximum effort to abide by regulations. The central bank had already warned banks last week about conducting forex sale-purchase transactions overnight, saying it will take "necessary measures" if the issue continues. In the past, if central bank requests on various issues have not been followed, it has taken measures such as requiring banks to hold government bonds.

Many rules require banks to bulk up on treasuries. Two other bankers said the executives expressed concerns over longer-term "systemic risks" due to the level of their bond holdings. Parliament, dominated by the AKP and nationalist allies, is debating next year's budget including record spending of 258.4 billion lira on social aid. VULNERABLE TO REVERSALThe series of rules increased the central bank's authority over the government debt, credit and loan markets, bankers say. Akbank's (AKBNK.IS) Q3 net profit was 17.07 billion lira versus 3.21 billion lira year ago.

☆ Turkey halts lending to more FX-rich firms to boost lira
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +1 min

ISTANBUL, Oct 21 (Reuters) - Turkey tightened lending rules for many companies with more than $500,000 in foreign currency cash on Friday, sweeping up more borrowers under rules adopted in June in the latest step to reverse a tumbling lira. The BDDK bank regulator said that if companies subject to independent audit had more than 10 million lira ($538,000) of forex cash assets, and they exceed 5% of total assets or annual revenues, they will not be allowed to receive new lira loans. The parameters were adjusted from those issued four months ago when they covered companies with 15 million lira of forex assets that exceed 10% of total assets or annual revenues. The lira currency has touched record lows in recent weeks largely due to authorities' unorthodox policy of slashing interest rates in the face of soaring inflation. ($1 = 18.5814 liras)Register now for FREE unlimited access to Reuters.com RegisterReporting by Nevzat Devranoglu and Jonathan Spicer; Editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

☆ Erdogan says he agreed with Putin to form natural gas hub in Turkey
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: 1 min

Turkish President Tayyip Erdogan talks to media as he visits the coal mine after an explosion in Amasra, in the northern Bartin province, Turkey, October 15, 2022. REUTERS/Cagla GurdoganANKARA, Oct 19 (Reuters) - Turkish President Tayyip Erdogan said on Wednesday that he had agreed with his Russian counterpart Vladimir Putin to form a natural gas hub in Turkey. Speaking to members of his AK Party in parliament, Erdogan said Putin had said Europe can obtain its gas supply from the hub in Turkey. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nevzat Devranoglu; Writing by Ali Kucukgocmen; Editing by Daren ButlerOur Standards: The Thomson Reuters Trust Principles.

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