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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

The VAT rate charged on goods and services rose to 20% from 18%, while that on basic goods such as toilet paper and detergents increased to 10% from 8%, effective immediately, the Official Gazette said. "Reducing the budget deficit is the aim of the latest increase in taxes and fees, and some other steps to ensure fiscal discipline are on the agenda too. The tax increases could raise Turkey's budget revenues by around 2%, Oyak Investment said in a note. Economists said the increased VAT rate charged on goods and services would boost state revenues by around 30 billion lira. Separately, Turkey on Friday also exempted from witholding tax the dividend payments of own shares purchased by companies listed on the Istanbul bourse.

Persons: Tayyip Erdogan, QNB Finansbank, Erdogan, Economists, Ezgi Erkoyun, Burcu Karakas, Orhan Coskun, Jonathan Spicer, Gareth Jones Organizations: stoke, Official Gazette, Bank Insurance, Oyak Investment, Istanbul bourse, Thomson Locations: ISTANBUL, Turkey, Istanbul

☆ Turkey's market rout deepens after Erdogan's strong election showing
▼ + stars: | 2023-05-16 | by ( Libgeorge Canan Sevgili | Canan Sevgili | ) www.reuters.com time to read: +4 min

Ahead of the elections, opinion polls had showed Kilicdaroglu in the lead, and investors expected him to scrap some of Erdogan's economic policies, including costly efforts to prop up the lira currency. Longer-dated, dollar-denominated government bonds saw the biggest falls in fixed income markets, although key corporate and banking sector bonds also edged lower. Credit ratings agency Fitch said the political and economic uncertainty would continue at least until after the runoff. Banking stocks, which had surged in the week ahead of the election on hopes of a policy change, tumbled another 8% (.XBANK) to take their losses since the election to nearly 20%. The overall Istanbul bourse index (.XU100), which had notched a 6.1% fall on Monday, its largest daily percentage drop since early February, was mostly flat.

☆ 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...

☆ Istanbul bourse suspends trading after main index drops 7%
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

Feb 8 (Reuters) - Turkey's Borsa Istanbul suspended trading on its equity and derivatives markets after two market-wide circuit breakers failed to stop a slide in the main index, which fell 7% within the first hour of trading. "Trading in Equity Market and Single Stock & Index Futures and Options Contracts in the Derivatives Market has been suspended," it said in a statement. The stock market operator did not say when trade would resume. The first market-wide circuit breaker was issued within minutes of opening on Wednesday after the benchmark index (.XU100) dropped 5%, continuing losses after a devastating earthquake in the south of the country on Monday. The benchmark BIST-100 index opened down 0.52% and was suspended at 7.09% down, while the banking sub-index (.XBANK) was down 6.03% as trading was suspended.

☆ Istanbul bourse trading halted for second time with benchmark index down 7%
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

Feb 7 (Reuters) - Trading on the Istanbul stock market was halted for a second time on Tuesday as a market-wide circuit breaker kicked in following heavy losses in the wake of Monday's devastating earthquake in Turkey and neighbouring Syria. The second circuit-breaker was issued at 1004 GMT, with the benchmark BIST-100 index (.XU100) down 7.01% and the banking index down 6.41%. The stock market said trading was due to resume at 1034 GMT. The magnitude 7.8 quake that hit Turkey and Syria early on Monday toppled thousands of buildings and left thousands of people injured or homeless. ($1 = 18.8285 liras)Reporting by Gdansk newsroom; Editing by Susan Fenton and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Turkey's Erdogan to hold meeting on Russian Mir payments, possible sanctions -sources
▼ + stars: | 2022-09-22 | by ( Orhan Coskun | ) www.reuters.com time to read: +2 min

Turkey's President Tayyip Erdogan addresses the 77th Session of the United Nations General Assembly at U.N. Headquarters in New York City, U.S., September 20, 2022. REUTERS/Amr Alfiky/FIle PhotoANKARA, Sept 22 (Reuters) - Turkish President Tayyip Erdogan will convene a top tier economy-focused meeting on Friday at which Russian payment system Mir and possible Western sanctions will be discussed, two sources with information on the matter told Reuters. Earlier on Thursday, the head of Russia's National Card Payments System said Mir bank cards continued to work in Turkey, despite the two banks suspending them. read moreRussia's central bank vowed last week to push ahead with expanding the number of countries that accept its Mir cards. The U.S. sanctions target people and entities accused of helping Moscow skirt financial sanctions.

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