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Fitch downgrades 12 foreign owned, 2 state banks’ ratings: statement

New York-based Fitch Ratings, one of the big three credit ratings agencies, has downgraded the support-driven Long-Term Foreign Currency Issuer Default Ratings (LTFC IDRs) of 12...
Business

Reuters poll expects deeper cut in Turkey’s interest rates

The Turkish Central Bank is expected to cut its key interest rate by 250 basis points from its current 24 percent on July 25, a Reuters...
Business

Reuters poll expects 1.5 pct contraction by yearend for Turkish economy

Turkey’s economy is expected to shrink 1.5 percent by yearend for the first time in a decade and to see only modest growth in the following...
Business

Turkey’s June house sales plunge by half year-on-year: report

Turkish house sales tumbled 48.6 percent year-on-year in June, the sixth consecutive month of declines, official data showed on Wednesday, as the property market continued to...
Business

Turkey’s budget deficit rose 70 percent year-on-year in first half of 2019

Turkey’s budget deficit reached TL 78.6 billion ($13.77 billion) in the first six months of 2019, increasing by 70 percent over the same period last year,...
Business

53,420 small businesses in Turkey close doors in first half of 2019

According to data provided by the Turkish Tradesmen and Artisans’ Confederation (TESK), 53,420 small business owners in Turkey closed up shop in the first six months...
Business

Turkey’s April unemployment rate rose 3.3 pct year-on-year to 13 pct

Turkey’s unemployment rate rose by 3.3 percent year-on-year, reaching 13 percent in April, the Turkish Statistical Institute (TurkStat) announced on Tuesday. Official figures indicated that the number...
Business

Turkey’s automotive production down 13 pct in first half of 2019

Production in Turkey’s automotive sector fell 13 percent year-on-year in the first six months of the year to 735,062 vehicles, the Automotive Industry Association (OSD) said,...
Business

New central bank governor hints interest rate cuts in first public remarks: report

Turkey’s new central bank governor hinted at rate cuts in his first remarks since taking office nine days ago, emphasizing that the bank had “room for...
Business

885 private companies transferred to TMSF since failed 2016 coup: report

Eight hundred eighty-five private companies have been transferred to Turkey’s Savings Deposit Insurance Fund (TMSF) since a 2016 failed coup due to their alleged affiliation with...
Business

Fitch downgrades Turkey’s rating, cites sacking of central bank governor

Ratings agency Fitch downgraded Turkey’s sovereign rating to “BB-“ on Friday, saying the dismissal of its central bank governor heightens doubts over the authorities’...
Business

Turkey’s current account deficit shrinks to 16-year low: report

Turkey’s current account deficit has shrunk to its lowest level since 2003, all but eliminating an indicator that was once seen as a major vulnerability in...
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