Analysts think country is undergoing a much harder landing than many people expected. Credit crunch seen morphing from complete shutdown in FX-denominated lending to suppression of TRY lending.
Officials are shifting debt problem amid currency crunch from corporate books to bank books, meaning lenders cannot issue new loans, says analyst.
October contraction of 5.7% is second negative reading in a row. Turkey probably entered a technical recession in Q4, says analyst.
Analysts, meanwhile, divided on how deep Turkey’s downturn will be. Renaissance says trajectory may mean there will be “decent stories to find in the market”.
Analysts fear irresistible pressure is building for monetary backsliding ahead of local elections set to take place amid a recession.
Turkey’s traditional pre-election military moves are under way.
The second line of the Turkish Stream pipeline that will deliver Russian gas via Turkey to Europe, bypassing Ukraine, will span Bulgaria and Serbia starting from 2020.
Analysts taken aback by the extent of the reversal in trade flows. Question is how deep and painful country’s recession will be for voters and industry.
Previous growth driver construction contracts sharply as economic turmoil following currency crisis takes toll. Recession appears to be under way, say analysts.
Akbank’s issue abroad approved. Professor, meanwhile, notes paradoxical statistics in a new-era economic environment where “perceptions are controlled by the government”.
With the Turks heading into a recession there had been some expectation the mega infrastructure ambition would be cancelled amid austerity. Not on your nelly.
Lender, lined up for a sale to Emirates NBD, closes in on second place for banks by market cap. Akbank has rough day after announcing rights issue.
Emergency rule in Turkey lasted two long years. The president purged his enemies and reshaped the constitution to give him potent rule. Parts of Ukraine are now under martial law ahead of elections. The Turkish experience could prove instructive.
Permission given to allocate up to 30% of state-contribution monies, but only to funds approved and graded by Capital Markets Board.
Turkey and Iran may look to exploit chasm opening up between Trump and Congress over scandal.
However, December 4 brings substantial lira weakening as markets run scared of premature rate cut ahead of local elections.
Rating agency assesses likely impact on credit books as currency crisis-hit Turkey moves into a recession.
Rapid disinflation seen amid steep recession brought on by inadequate monetary policy. ‘Voluntary’ private sector price cuts help cut 3.62pp from CPI rate.
Move follows finance minister last week telling parliamentary committee he did not really need to borrow lira through the end of the year but that did not mean that he would not.
Sceptical observers raise alarm at securitisation and potentially subprime risk transfer scheme to generate liquidity for banks amid Turkey’s credit crunch.