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☆ Turkey announces cheaper mortgages for mid-income Turks
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +1 min

ANKARA, Jan 4 (Reuters) - Mortgages with lower rates and longer maturities will be offered to middle income Turks looking to buy new housing, Turkish Finance Minister Nureddin Nebati said on Wednesday. "We prepared 'my new home program' for middle income citizens with advantegous rates, three-year finance ministry support in payments and a household income-based payment plan," Nebati said. The loans with favourable rates will be extended to new housing, before, during or after construction, Nebati also said. Contractors that promise to build housing will also have credit guarantee fund-backed access to financing of some 25 billion Turkish lira, Nebati added. ($1 = 18.7390 liras)Reporting by Ebru Tuncay and Ezgi Erkoyun; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

☆ McDonald's and KFC pulled out of Russia after Putin invaded Ukraine but Domino's is still operating — for now
▼ + stars: | 2022-12-29 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Domino's is still selling pizza in Russia but its master franchisee says it has limited investment. DP Eurasia owns the Domino's stores in Russia, as well as Turkey, Azerbaijan, and Georgia. A Domino's Pizza restaurant in Moscow in July 2017. At the end of October, DP Eurasia had 171 Domino's stores in Russia, 103 of which were run by franchisees. DP Eurasia subsidiary Domino's Russia has a master franchise agreement with Domino's Pizza International to operate stores until 2030.

☆ Turkish cenbank's net FX reserves rise to $19.51 bln
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

ISTANBUL, Dec 1 (Reuters) - The Turkish central bank's net international reserves rose some $760 million to $19.51 billion in the week to Nov. 25, hitting their highest since mid-February, central bank data showed on Thursday. In July, the net forex reserves dropped to $6.07 billion, their lowest in at least 20 years, but since rebounded. Forex reserves have dropped sharply in recent years due to market interventions and in the wake of a currency crisis in December. Data showed the bank's outstanding swap transactions stood at $45.15 billion as of Wednesday. The figures are released in Turkish liras and are converted by Reuters to U.S. dollars using the central bank's official exchange rate from the previous work day.

The attack that killed six people on a busy Istanbul street on Sunday has brought national security back on the political agenda. With Turkey quick to accuse Syria-based Kurdish militants for the latest attack, analysts say Erdogan may now press for another cross-border campaign into northern Syria after three such incursions since 2016. Were Sunday's attack followed by more, Peker expected outcomes including a rapid escalation of "counter-terrorism operations, particularly against the PKK and the YPG". The YPG, espousing the same ideology as the PKK, has established control over swathes of northern Syria since war began there in 2011. In a November re-run - following that spate of violence and two major Islamic State bomb attacks - AK Party won comfortably.

☆ Egypt to develop new currency indicator to wean people off U.S. dollar
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +2 min

CAIRO, Oct 23 (Reuters) - Egypt will develop a new currency indicator partly to wean people off the idea that the Egyptian pound should be pegged to the U.S. dollar, the new central bank governor said on Sunday. Hassan Abdalla, appointed in August, told an economic conference that the central bank was also working to introduce currency hedging and had already finished futures contracts as it revamps its currency trading system. The indicator would be based on a basket of several currencies and possibly gold, he said. The Egyptian pound had strengthened against the euro, the British pound and the Turkish lira since the the Ukraine crisis. Despite the currency revamp, Abdalla said the central bank's primary mission would be to get inflation, now running at 14%, under control.

☆ We will have yet another Turkish lira crisis on our hands, strategist says
▼ + stars: | 2022-10-21 | 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 EmailWe will have yet another Turkish lira crisis on our hands, strategist saysMarc Ostwald of ADM Investor Services International discusses Turkey's unorthodox monetary policy in a time of soaring inflation.

☆ Turkey Cuts Interest Rates for Third Consecutive Month
▼ + stars: | 2022-10-20 | by ( Jared Malsin | Andrew Duehren | ) www.wsj.com time to read: 1 min

The Turkish lira has been hit hard by the country’s economic policy. ISTANBUL—Turkey’s central bank cut its key interest rate for a third consecutive month on Thursday, intensifying an economic policy that has caused a collapse in the country’s currency. The bank’s monetary policy committee said it cut its benchmark interest rate, the one-week repo rate, by 1.5 percentage points to 10.5%.

☆ I moved to Turkey on a whim and now work here remotely full time. I love the low cost of living and don't plan on returning to the US anytime soon.
▼ + stars: | 2022-10-18 | by ( Kaila Yu | ) www.businessinsider.com time to read: +5 min

Jacki Ueng started working remotely in Turkey over the pandemic as a "digital nomad." The flight I booked on Turkish Airlines had a layover in Istanbul, so I decided to go there instead. I work remotely while I travel throughout the country, exploring all its regions and meeting locals. I cringe when people ask how I go on vacation so much, because I'm not on vacation — I'm working wherever I travel. I also fell in love with the owner of that first hostel I stayed in — so that's an extra perk.

☆ Investors dump global bond and equity funds in the week ended Sep.21
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/IllustrationSept 23 (Reuters) - Investors withdrew money from global bond and equity funds in the week ended September 21, with caution creeping in ahead of the U.S. Federal Reserve meeting in which further rate hikes were expected to tame soaring inflation. Investors exited a net $7.32 billion of global bond funds, marking their biggest weekly net selling since Aug. 31, data from Refinitiv Lipper showed. Global short- and medium-term bond funds saw their biggest weekly outflow in 11 weeks, amounting to a net $4.98 billion, while investors also exited a net $3.29 billion in high yield funds. Global bond fund flows in the week ended Sept. 21Meanwhile, global equity funds witnessed disposals worth $1.86 billion in a fifth straight week of net selling. An analysis of 24,559 emerging market funds showed investors sold $2.39 billion worth of equity funds, marking a 10th weekly outflow in a row, while also exiting $2.78 billion worth of bond funds.

☆ Turkish Central Bank Cuts Rates, Adding to Pressure on Economy
▼ + stars: | 2022-09-22 | by ( Jared Malsin | ) www.wsj.com time to read: 1 min

ISTANBUL—Turkey’s central bank cut key interest rates for the second consecutive month on Thursday, bowing to pressure from President Recep Tayyip Erdogan , who favors lower rates as a part of an unorthodox strategy to encourage economic growth. The bank said it cut Turkey’s benchmark interest rate to 12% from 13%. The Turkish lira fell as much as 0.4% against the dollar to a new record low after the decision. One U.S. dollar recently bought 18.3866 lira.

☆ Turkey's lira at fresh record low after surprise rate cut
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +3 min

Turkish lira banknote is displayed on U.S. Dollar banknotes in this illustration taken, February 14, 2022. REUTERS/Dado Ruvic/IllustrationLONDON, Sept 22 (Reuters) - The Turkish lira sank to a fresh record low on Thursday after the central bank delivered yet another surprise interest rate cut, this time of 100 basis points. IPEK OZKARDESKAYA, SENIOR ANALYST, SWISSQUOTE BANK"The CBRT cut the policy rates by 100 bps for the second month. As an economist, it's hard to comment on this decision, because normally, higher inflation requires higher interest rates. Every rate cut gets the Turkish rates away from the fair value, and weigh on the country risks and the FX rates.

A logo of Turkey's Central Bank (TCMB) is pictured at the entrance of the bank's headquarters in Ankara, Turkey April 19, 2015. Turkey's lira touched a record 18.42 versus the dollar, surpassing the level reached during a full-blown currency crisis last December. The European Central Bank also raised its key rates by 75 basis points this month. One had predicted a 50 basis-point cut to 12.50%, while two forecast a 100 basis-point cut to 12%. Turkish lira timeline September 2022Each rate cut weighs more on country risks and the lira, said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

☆ Turkish Lira hits record low after the country's central bank moves forward with another rate cut despite soaring inflation
▼ + stars: | 2022-09-22 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The Turkish Lira fell to a record low on Thursday after the country's central bank cut interest rates. Turkey's central bank has been cutting rates despite soaring inflation due to pressure from the country's president. Turkey's inflation rate topped 80% in August, and the central bank responded with a 100 basis point rate cut. The Turkish central bank cut rates by 100 basis points on Thursday, bringing its one-week repo rate to 12% from 13%. It is important that financial conditions remain supportive to preserve the growth momentum in industrial production and the positive trend in employment," Turkey's central bank said.

☆ EXCLUSIVE Turkey sells battle-tested drones to UAE as regional rivals mend ties - sources
▼ + stars: | 2022-09-21 | by ( Orhan Coskun | ) www.reuters.com time to read: +5 min

Bayraktar TB2 drone stands near the logo of Baykar Turkish defence company inside a hall of 30th international Defence Industry Exhibition in Kielce, Poland September 5, 2022. A source with knowledge of the talks said Abu Dhabi and Riyadh were negotiating to acquire Bayraktar TB2 drones from Ankara. A senior Turkish official confirmed Turkey has delivered some drones to the United Arab Emirates and that the UAE was seeking more. It currently produces 20 Bayraktar TB2 drones a month, he told a Ukrainian military services foundation in August, and its order book for those drones and other models was full for the next three years. While Turkish drones cannot match the technology of the models produced by market leaders Israel and the United States, they are cheaper and come with fewer export restrictions.

Jars of Nescafe Gold coffee by Nestle are pictured in the supermarket of Nestle headquarters in Vevey, Switzerland, February 13, 2020. Russia's invasion of Ukraine has propelled energy and grain prices to all-time highs, driving up the cost of packaged goods. That has been felt particularly acutely in parts of Asia and North Africa, where people spend a higher proportion of income on food and fuel than in the United States and Europe, prompting some shoppers to stockpile non-perishable items. "Nestle is seeing hoarding with bouillon, to an extent soups, coffee for sure," Al Bitar told Reuters. Several countries in North Africa and Central Asia are suffering recurring shortages of basic necessities.

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