While Turkey’s stock market, like most around the world, has witnessed reversals over the year so far, especially in recent months, it has remained a solid long-term investment, out-performing its emerging market peers.A key sign of international confidence in the economy came in mid-September, when Standard & Poor’s upgraded Turkey’s local currency rating to BBB-. The upgrade led to a flurry…
The central bank (CB) took several measures in August in an effort to reverse the sharp decline of the lira against global benchmark currencies. Since November 2010, the lira has lost approximately one-quarter of its value, and slid 13.5% against the US dollar so far this year, as international investors have steadily removed their money from Turkish markets.A multi-pronged effort is designed to correct…
As Turkey’s internet usage rises and opportunities for online shopping gain traction, the rapid expansion of the e-commerce market has attracted the attention of international players.Approximately 36.4m Turkish people have access to the internet on a regular basis, according to the International Telecommunications Union. With the infrastructure for internet service in place and user numbers climbing,…
Trade and diplomacy took centre stage in 2010. In economic terms, it was a year in which Turkey was courted aggressively by both its Western partners and neighbours in the region. The country finished out 2010 with a number of trade agreements either inked or in the works, while the government made much headway in advocating Turkish business interests in its dealings with foreign partners. Meanwhile,…
Turkey’s government has relaxed import restrictions to ease a crisis in the livestock industry which has led to skyrocketing meat prices. But as its best efforts falter, cattle-farmers are considering a high-tech embryo transfer system that could one day create a half-Angus, half-Turkish superbreed.A combination of problems with feed supply, pasture decline and disease, along with extreme price fluctuations…
While this year has seen several stories in the Western media about Turkey's "turn east", the country’s efforts to maintain positive trade relations with Iran despite recent sanctions on its nuclear programme are likely more pragmatic than political.Iran and Turkey have built strong business ties over the past decade, with bilateral trade volumes reaching $10bn in 2009 and $5.4bn in the first half…
Turkey has revised its estimated natural gas requirements in 2002 to around 21 billion cubic metres (bcm) according to the Energy Minister Zeki Cakan on January 12th. This is up around 37% from last year, but many analysts believe that the country may face a gas surplus in the coming years. The gas pipeline from Iran opened in December 2001, the Blue Stream project should see more Russian gas in Turkey…
Turkey's State Institute of Statistics announced on March 3rd that February Consumer Price Inflation (CPI) figures showed a rise of only 1.8%, bringing the annual rate to 73.1%. The better than expected numbers inspired some confidence in the Turkish markets, although some commentators were quick to point out that that the country remains in recession, with January industrial production figures showing…
In a landmark agreement between the two traditionally hostile neighbours Turkey and Greece have signed an agreement to construct a $300m natural gas pipeline from the north western Turkish city of Bursa to Komotini in north eastern Greece. Greek Minister for Development Akis Tsochatzopoulos, announced that European Union funding had been allocated for the 85km Greek while a similar application had…
Iran looks intent on boosting much needed foreign investment after a bumpy start to efforts meant to ease curbs on foreigners doing business there. The country's Expediency Council passed on May 25th the foreign investment law aimed at attracting foreign money from overseas after a long dispute between the reform-minded government and the Guardian Council, a powerful legislative body which oversees…
