Trans Anatolian Natural Gas Pipeline (TANAP) Project
The World Bank and Azerbaijan signed a USD 400 million loan agreement on Trans-Anatolian Natural Gas Pipeline project (TANAP) on January 16...
Unemployment Rate Reached 11.8 Percent as of October 2016
Youth unemployment rate realized as 21.2 percent with an increase of 1.9 points…
Moody’s: “A Worsening in Asset Quality is Expected in 2017 in the Turkish Banking Sector”
“The rise in inflation and price increases in import goods may negatively affect the back-payment power of debts by households, and this may in return affect the asset quality of banks in their consumer loan portfolio.” Economy Advisor of the President of the Republic Gedikli: “Do they want to tell the banks to recall credits and to jeopardize the tradesmen? Our banks will not do such a thing during national mobilization.” Deputy Prime Minister Canikli: “The capital adequacy ratio in the banking system is not below 12 percent even in the worst downgrading scenario of Fitch. A deterioration in the asset structure of the banking system will not be permitted. Turkey has seen the trough in 2016 in all aspects, we are now recovering from there.”
ASELSAN Signed Contract on TL 8.6 Billion in 2016 in Turkey and Abroad
ASELSAN has received 29 orders domestically and 8 orders from abroad in 2016. Company has supplied communication equipments, electro-optic systems equipments, SARP Remote Commanding Weapon Systems.
ımportant Assignments at Ministry of Energy and Natural Resources (MENR)
Important assignments have been made to Board Member positions at TPAO and BOTAŞ…
DSİ, Deriner Dam & HEPP Project
A power generation of 5 billion 170 million kilowatt hours in total was made by Deriner HEPP until the end of 2016, which started power generation in November 2013 upon being transferred to EÜAŞ to be operated with all units. The HEPP made a contribution of TL 1.55 billion to the country’s economy…
Minister of Economy Zeybekci's Noteworthy Statements
Minister of Economy Nihat Zeybekci, “We invited advanced technology producers in many fields, we have held many discussions. We, Turkey, plan to make 10-15% part of total foreign trade totals to USD 430 billion, on national monetary unit. This is of utmost importance for us."
Eurasia Rail 2017
The International Railways, Light Rail Systems, Infrastructure and Logistics Fair which is expected to bring together the representatives from a number of Turkish and international companies will be held at Istanbul Fair Center between the dates of March 2 and 4, 2017…
CPI and DPPI Figures for the Month of December Are Disclosed
The annual inflation rate realized as 8.53 percent in terms of consumer prices and as 9.94 percent in terms of domestic producer prices…
Deputy Prime Minister Mehmet Şimşek Reviewed the Economy in 2016
"2016 was a difficult year. The political tension with Russia had serious economic impacts. Terrorism went astray in coalition, which caused a very difficult period of struggle against terrorism. The overview shows that even agriculture was not supporting due to bad weather conditions In the first quarter of next year, constitutional amendment will be a significant item in the agenda. The rumble, arguments and uncertainty caused by it may have a certain impact but Turkish economy may recover thereafter. The measures for the real economy, which we have not announced yet, will be clearly felt in the second quarter of next year The current risk exposure is open position. It is our top priority to find ways of how we can help the real economy manage this risk. We will consider the matter from the viewpoint of companies. We will discuss the measures against currency risk at the Financial Stability Board."
SOCAR and BP Extend Agreement for the Development of Azeri-Chirag-Gunashli (ACG) Field Until 2050
Oil production from the field began in November 1997. To date the field has produced more than 3 billion barrels of oil with around $33 billion of investment. From the terminal ACG oil is exported to world markets primarily by the Baku-Tbilisi-Ceyhan oil export pipeline. The agreement will cover the development of the field until 2050
Important Statement by GAZBİR President Arslan
"BOTAŞ deduction on power plants by up to 90 percent is throwing these power plants into great distress, it may lead to bankruptcy for them.- EMRA should require ceiling prices. Otherwise, the situation will result in some incurring losses and others profiting unreasonably”...
Assignment to Ministry of Finance Privatization Administration
Ahmet Aksu, served as the member of Executive Board and Acting Head of Department and Head of Department long years in various institutions subordinated to the Privatization Administration, has been assigned as the Head of Ministry of Finance Privatization Administration again
Trans-Anatolian Natural Gas Project (TANAP) (II)
The Asian Infrastructure Investment Bank approves the 600 million Dollar loan to be used by SGC (Southern Gas Corridor, Inc.)
Ministry of Health, Elazığ Urban Hospital Project by PPP Model
Rönesans Sağlık Yatırım issued bills worth 288 Million Euros for funding the Project. The bills were issued to a group of foreign investors that is made up of IFC (World Bank), MUFG (Japanese Financial Organization), Intesa Sanpaolo (Italian Financial Organization), Siemens Financial Services (German Financial Organization), Proparco (French Financial Organization), FMO (Dutch Financial Organization), and Industrial and Commercial Bank of China-ICBC (Chinese Financial Organization) by private placement
14 New Agreements Are Expected to Be Signed with Qatar on Energy Sector Among Others
Şafi, the Qatar Ambassador to Ankara: "Şeyh Temim Bin Hamad Al Sani, the Emir of Qatar will meet with Turkish President Recep Tayyip Erdoğan in Trabzon soon. We will sign 14 agreements with Turkey on energy, economy, and tourism among others on December 18 in Trabzon..."
US Federal Reserve Bank Raises Interest Rates by 25 Basis Points
Fed Chair Yellen: “The economic outlook is of course overwhelmed with uncertainties. Financial and other economic policies may affect the outlook. We will continue to assess economic conditions in line with full employment predictions and inflation targets of 2 percent when we take our policy decisions”…
Debts Against Long Term Credits Provided by the Private Sector from Abroad Amounted to $ 207.6 Billion as of October
According to the Central Bank of the Republic of Turkey; Debts against long term credits provided by the private sector from abroad amounted to US$ 207.6 billion as of October increasing by US$ 12.3 billion compared to the end of 2015, and short term credit debts (excluding commercial loans) realized at a level of US$ 16.8 billion decreasing by US$ 3.7 billion
Important Disclosures Made During the IFC Meeting
Mehmet Şimşek: “Problems of the private sector are the problems of the state in a sense. But we may also have to regulate taking excessive risks in certain ways. We will check how we can open the way for financial hedging in Turkey and how we can encourage it.” Akfen Holding’s Chairman of the Board Hamdi Akın: “We will make an investment of TL 6 billion in 2017 as Akfen and we will continue (investing). We have taken it as a principle to invest in renewable energy, but I do not know if we can build the wind power plants or hydroelectric power plants in 3 years or 6 years which we were able to build in 3 or 6 months in the past (5 years ago), if we start today.”
ECB President Draghi: “Downward Risks Still Prevail Regarding the Growth in Euro Zone”
Draghi: “We will continue with our bond-purchase program for longer periods if deemed necessary and will continue to support the economy.” The growth rate estimate of the Bank for the Euro Zone has been 1.7% for 2017 and 1.6% for 2018
Prime Minister Yıldırım Announced New Support Decisions in Economy
According to new EKK decisions, a credit volume of TL 250 billion will be built with the Credit Guarantee Fund, TL 50 thousand loan will be secured for KOBİs on three years term with a grace period of first year. SGK premium payments will be postponed
The Treasury Will Make a Foreign Debt Payment of $ 11.3 Billion in 2017 from the Central Administration Budget
According to the Central Administration Foreign Debt Payment Projections, the Treasury will make a foreign debt payment of $ 9.8 billion in total within the 11-month period between December 2016 and October 2017. The highest level of debt services will be realized in February at an amount of $ 2 billion and in July at an amount of $ 2.7 billion
Fitch Ratings Changes the 2017 Outlook of Turkish Banking Sector to "Negative"
"Political uncertainty may hinder Turkey's long-term economic performance and the asset quality of banks. One third of the total amount of credits is made up of foreign currency. The sharp decline in Turkish Lira increases risk exposure. As the funding markets remain closed longer, this may create pressure on liquidity of banks and foreign funding of Turkey in general."
Undersecreteriat of Treasury Signed a Protocol with Credit Guarantee Fund
Vice Prime Minister Mehmet Şimşek: "This is an important protocol that will make it easier to use resources over credit guarantee fund and significantly reduce bureaucracy. With SMEs at the focal point, within this framework we are making access of the companies other than SMEs to funds possible making the use of funds more flexible Banking sector will facilitate crediting by themselves. We are increasing treasury warrantee. We are providing up to 85 percent warrantee to SMEs. It is 100 percent for the exporters. Our resources at this point allows for a credit volume of up to 20 billion Lira."
IC Içtaş-Astaldi Partnership's PPP Model St. Petersburg High Speed West Beltway Inaugurated
St. Petersburg High Speed West Beltway, in St. Petersburg, Russia, constructed on 2.2 billion Euros on PPP Model by the Joint Venture started by IC İçtaş and Italian Astaldi, has been inaugurated by Russian Head of State Putin.
YİK Meeting of TÜSİAD Was Held in Ankara
Prime Minister Binali Yıldırım: "This fluctuation in the economy will perhaps continue for another 1.5 month. Things will get better once the new president of the US has assumed the office. No need to worry; we will overcome this too." Özilhan, the Chairman of TÜSİAD YİK: "We are bothered by the loss of value in TL. Responding the current attitude of the EU with fury would have undesirable consequences." Symes, the President of TÜSİAD: "We demand that the state of emergency be ended. Turkey needs normalization."
Limak Holding Executive Board Chairman Nihat Özdemir has Explained their Energy Investment Targets
Özdemir said, “We act as contractor of two dams on behalf of Statkraft. They proposed to sell and we accepted the proposal. Çetin under their license will be of 420 MW, Aşağı Çetin 97 MW installed capacity. These dams seem to cost us USD 700 million. Of this investment, minimum USD 150 million will be met from own sources. We might consider to buy Pervari HEPP of 221 MW, another power plant designed on River Botan. We will discuss this with Enerjisa. Financing debts of our Alkumru Dam will be closed in 2020. In other word, we will have no financing difficulty.”
IEA’s Global Energy Outlook Report November 2016
Following Paris Agreement took effect in November 2016, transition to clean enery process stepped up. Each year USD1.8 trillion investment is being made on clean energy. In 2016-2020 period, 4 thousand 112 gigavat will be included into the renewable energy installed capacity. Natural gas will be second in line with 22%, coal third with 14%, nuclear fourth with 5% and oil fifth with 2%. In 2016-2040 period, 57% of 7 thousand 184 gigavat additional capacity to be included into the system will be of renewable energy. Until 2040, USD7 trillion 78 billion source transfer will be made to renewable energy".
OECD's Global Economic Outlook Report of November 2016
"Global economy is trapped in "lower growth" however, moderate growth can be attained by actively implementing the monetary policies. Investment and trade are weak. Political uncertainties and financial risks are high." OECD reduced Turkey’s 2016 growth estimation below of 3%, to 2.9%
Garanti Bank Sourced a Syndicated Loan of USD 1.3 Billion
For the loan made up of two segments, USD 626 Million and Euro 615.5 Million, to be used in financing of foreign trade, 34 banks from 15 countries participated...
World Bank, Turkey Regular Economic Note November 2016
"We revise our growth projection for 2016 from 3.5% to 3.1% because private investment and consumption appear to have slowed down. The Government plans to ease fiscal policy in Q4 to support growth amid weakening private demand.
Mick Stump, the President of BP Turkey: "Our Priority Is to Complete Southern Gas Corridor in a Timely Manner and within the Planned Budget"
"50 percent of Southern Caucasian Pipeline is complete. 80 percent of the Shah Deniz phase 2 project is also complete. Our objective is to supply gas to Turkey in 2018 and to Europe in early 2020." "Turkish Stream is an alternative source for security of natural gas supply. There is a large market in Turkey with the potential in Balkans. The market promotes innovation while it lowers the costs. This will always provide advantages to market players."
Fed Chairwoman Yellen's Testimony Before the US Congress Economy Committee
"I expect economic growth to continue at a moderate pace sufficient to generate some further strengthening in labor market conditions and a return of inflation to the Committee's 2 percent objective. the case for an increase in the target range had continued to strengthen and that such an increase could well become appropriate relatively soon"...