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Interview

Mark Lewis, Former Senior Resident Representative in Turkey, International Monetary Fund: Interview
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Interview: Mark Lewis What are the Turkish economy’s key strengths? MARK LEWIS: In addition to the obvious factors, like demographics and geography, Turkey’s private sector is very dynamic and has demonstrated an ability to quickly adapt to changes in the global economy through adjustments to products, target markets and size. In addition, the country’s balance sheets are generally strong,…
Viewpoint

Harun Kılıç, Partner, Kılıç and Partners, on reforms inspiring investor trust: Viewpoint
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Turkey Seeks to become a Top-10 Economic Power by 2023 The most important step in reaching this target will be the provision of the necessary finance needed for business and investment opportunities. The country will have to triple GDP within the next eight years to achieve this target. It is apparent that to do this Turkey will require substantial foreign direct investment. Reforms and amendments…
Analysis

Shake up in Turkey's banking sector as some international banks exit while others explore entry

Posted OBG AdminPosted in Uncategorized

The foreign presence in the Turkish banking market is currently undergoing a shake up, with new entrants arriving looking to expand their presence in a large and dynamic emerging market, while others are looking to pull out due to external pressures. Raising the Stakes In 2011 Spain’s Banco Bilbao Vizcaya Argentaria (BBVA) bought 24.9% of Garanti Bank for €4.4bn. In November 2014 it raised this…
Analysis

Rapid credit growth in Turkey leads to growing ratio of bad debt and NPLs in the banking sector

Posted OBG AdminPosted in Uncategorized

As the IMF and others have noted, the Turkish banking system’s non-performing loan (NPL) ratio is relatively low, despite the recent economic slowdown and foreign exchange risk. The ratio varies across the sector, however, with some banks more susceptible than others. While NPLs are not high by regional standards – and even by those of some eurozone members – and are well-provisioned, analysts…
Analysis

Turkey's banks well-capitalised despite large foreign currency liabilities and negative ratings outlook

Posted OBG AdminPosted in Uncategorized

International ratings agencies keep a close eye on Turkey’s banking sector, given its size and importance, and the penetration of major foreign investors. Ratings movements can affect the borrowing costs of Turkish financial institutions and, at a time when Turkish banks have taken on substantial foreign debt, can be a gauge of the borrowing costs they are likely to bear. Political Risk In April…
Analysis

Turkey's private pensions getting a boost from government matching of contributions

Posted OBG AdminPosted in Uncategorized

Private pensions showed significant growth in Turkey over the course of 2013 and 2014, following implementation of a new law that introduced government matching of contributions for private pension. With the new law, designed as an incentive scheme to encourage more contributions into the system, as of January 1, 2013 the government matches 25% of individual contributions to the pension system. Over…
Analysis

Turkey's government seeks to develop takaful insurance by launching state-owned Islamic banks

Posted OBG AdminPosted in Uncategorized

Sharia-compliant insurance, or takaful, is set to grow in Turkey, with its predominantly Muslim population showing increasing interest in Islamic finance products and the government keen to support their growth. Insurance of any kind can be a hard sell in Turkey, with the population generally averse to insurance cover and penetration levels as low as 1.4%, according to some estimates. Takaful also…
Analysis

Turkey's automotive sector sees increase in investment, output and exports

Posted OBG AdminPosted in Uncategorized

While the economic downturn in neighbouring Europe affected Turkey’s automotive industry negatively in the years after 2008 – as its largest export market shrank – 2013 saw some signs of a recovery north of the border, with a concomitant boost to European sales. European car sales grew in 2014 and early 2015, with the vast majority of Turkey’s automotive exports destined for the EU. Now, the…
Analysis

Turkey's defence sector to boost exports as it transitions from arms procurement to manufacture and sale

Posted OBG AdminPosted in Uncategorized

Turkey has seen a transformation in its defence industry in recent years, with a noticeable shift from arms procurement to arms manufacture and sales. Turkish-made defence equipment has been attracting buyers from around the world, building on growing confidence and skill in a string of related domestic sectors, from automotives to shipbuilding and aerospace. The overall aim of the country’s defence…
Analysis

Turkey's metals industry sees rising demand as it looks to locally source more raw materials

Posted OBG AdminPosted in Uncategorized

While Turkey’s metals industry may not be globally renowned, its products are a major export and source of revenue. Indeed, a “Made in Turkey” stamp can now be found on everything from the copper wires in NASA spacecraft to the steel pots and pans in many of the world’s kitchens. The sector faces some important challenges, however, in its future development. Sourcing raw materials is one of…