TR Economy & Updates

[Cabatli_TR]

Mr Memiş: Last year, gold production broke the historical record of the republic with 42 tons. Turkey has a target of producing 100 tons of gold every year. By 2023, it is aimed to increase the annual production to 50 tons. The long-term plan is to produce 100 tons of gold per year. To achieve this goal, 5 major projects are being worked on. 5 new gold mine investments of 1.1 billion dollars are planned to be put into operation in Balıkesir, Bilecik, Ağrı, Artvin and Kütahya. At the beginning of 2022, production will start in Balıkesir Gediktepe and the first ingot will be poured. Construction started in Ağrı Mollakara. With the 5 projects, 2 thousand 650 people will be directly employed.

 

[Cabatli_TR]

Mr. Memiş: "Currently, there are 715 tons of gold, including required reserves, in the vault of the Central Bank. This is a strong reserve. According to the World Gold Council data, the USA, Germany and the IMF share the top three on the list. It ranks 12th in Turkey. It is possible for us to enter the top 10 in this ranking. Last year, we sold 20.8 tons of gold. On the other hand, our annual production is around 40 tons. We have a rising chart. It is also estimated that there is around 5 tons of gold under the pillow. With their entry into the market and the realization of major projects in gold production, it is possible to rank among the top 10 countries in the world."

 

[Xenon54]

Meanwhile they force R&D budgets of defence industry projects to be in Lira.
I think financial safety of the 5-gang is more crucial than our nation's fate.

You have to protect your lackeys or you are gonna run out of allies pretty fast, thats how politics works.

 

[Lool]

Nice numbers

Turkey attracts more tourists than Spain: Minister - Latest News

Turkey has lured more tourists than Spain for the first time ever, Culture and Tourism Minister Mehmet Nuri Ersoy has said.

www.hurriyetdailynews.com

 

[Constan]

What I think he's trying to do is = low lira => more export opportunities => more industries investments => low unemployment rate. However, this two-edged sword, people in Turkey will not trust lira any more and dollarization will increase.

I told you guys .

https://twitter.com/i/web/status/1462821802149830657

 

[Deliorman]

It’s funny that you believe that these guys even have a plan in their heads. They just try to make a positive out of something very negative.

With the way the Turkish currency goes down every day you will hear about companies and people going bankrupt very soon... in an even faster way too considering how poor the average Turk already is.

 

[Xenon54]

I told you guys .

https://twitter.com/i/web/status/1462821802149830657

And we should believe him because?
If thats really his plan then sry but he only confirms what everybody is saying, this guy has no clue what he is doing...

 

[Huelague]

Mr Memiş: Last year, gold production broke the historical record of the republic with 42 tons. Turkey has a target of producing 100 tons of gold every year. By 2023, it is aimed to increase the annual production to 50 tons. The long-term plan is to produce 100 tons of gold per year. To achieve this goal, 5 major projects are being worked on. 5 new gold mine investments of 1.1 billion dollars are planned to be put into operation in Balıkesir, Bilecik, Ağrı, Artvin and Kütahya. At the beginning of 2022, production will start in Balıkesir Gediktepe and the first ingot will be poured. Construction started in Ağrı Mollakara. With the 5 projects, 2 thousand 650 people will be directly employed.

By 2023 of course.

 

[Turko]

It’s funny that you believe that these guys even have a plan in their heads. They just try to make a positive out of something very negative.

With the way the Turkish currency goes down every day you will hear about companies and people going bankrupt very soon... in an even faster way too considering how poor the average Turk already is.

They can't increase interest rates, it will cause shrinking internal market. They have one just instrument before election. They sacrifice purchasing power and create high inflation in order to keep demand but it is not sustainable. They sold already 140 billion USD to stabilize Turkish Lira so now Central Bank in debt.

How many years does Turkish economy need to collect 140billion USD or how many years do Turkish labours have to work for 250USD like slaves in order to Turkish exports create foreign currency of 140billion.

Creating inflation is punishing own poor citizens however rich people aren't stupid they just start collecting USD.

Turkish government still sells 5-10 years Turkish Lira bonds with high interest rates.

Why? it is also haram, isn't it?

Lets İmagine as if Turkish government were honest to poor citizens and they wanted to stabilize Turkish Lira . So they had to sell eurobonds with high rates to foreign markets.
But they can't do this because the foreign debts would cause burden on government budget.

So there is no exit we are doomed.

İt's time to payback for 20years mistakes.

A commitment of 75 billion dollars has been made through public-private cooperation projects.

KÖİ hazine garantisi vermeye ilk ingiltere başlamış. Önceleri Bütçede devlet borcu olarak gözükmüyormuş. Sonra uluslararası kurumlar bu garantileri artık devlet borcu saymaya başlamışlar şimdi öyle muhasebeleştiriyorlarmış.

 

[Zafer]

It is also estimated that there is around 5 tons of gold under the pillow.

Should be 5.000 tons, actually the estimate is 3.000-5.000 .

 

[Nilgiri]

Regarding the Central Bank reserve figure ..... it was around 408 tons in july 2021:

Gold Reserves are country’s gold assets held or controlled by the central bank.

Turkey Gold Reserves

Gold Reserves in Turkey increased to 584.93 Tonnes in the second quarter of 2024 from 570.30 Tonnes in the first quarter of 2024. This page provides - Turkey Gold Reserves - actual values, historical data, forecast, chart, statistics, economic calendar and news.

tradingeconomics.com

Maybe this number has increased to 715 tons since? That would be quite drastic change in a few months if so....

Or maybe it involves a larger definition of the holdings (i.e those that are not owned by CB as well, but held in their vaults).

I guess let us see as more data comes out for last and ongoing quarter.

=================================================================

The impact of increasing domestic gold production will be different thing to how much the Central Bank strictly decides to acquire....which is different to how Turkish citizens also acquire it privately.

In India we have close to zero gold production but the central bank reserve there is around 700 tons currently....and the private gold holding is far larger than that (actually its the largest in the world in total private holding) by magnitudes.

For more (regd Turkey gold flows) check this:

Turkey will add 7 tons of gold to its annual production in 2024 - Latest News

Turkey will earn nearly 7 tons of gold from a newly discovered mine in the northwestern province of Bilecik when the production capacity reaches its peak in 2024, the head of the mine’s operator firm told Demirören News Agency on Oct. 23.

www.hurriyetdailynews.com

So if long term plan is to increase average year production from current 40 to 100 (tons / year) bears fruit...

It changes production valuation (in todays current dollars) from about 2.4 billion USD/year to about 6 billion USD/year.

2019 (gold) import demand was around 13 billion USD it seems.

In 2020 it doubled to 26 billion USD though.....will it hold there or climb down to 13 billion kind of level again?...that needs a look into the "why" it jumped to 26 billion in 2020.

That all will determine the actual realised significance in the end (to say forex depletion pressure from gold import) of higher projected domestic gold production.

These are also a magnitude less than Turkeys total general import demand too (around ~250 billion USD recently).

The total forex/CAD side regarding that (earning from exports by way of structural investment increases in relevant sectors)...has been mismanaged in recent years especially .... but also long term.

Gold (as useful as it is as one form of anchored hedge at the base) will have little relevance in addressing that....compared to sound investment in machinery, factories, service sector and people's education and training.

 

[Anastasius]

I expect the price of gold to keep rising actually. The current economic instability, even before COVID-19 hit, led to people worldwide stockpiling reserves by the thousands. So investing in gold is a pretty good idea, though it should've been seriously considered about 2-3 years back instead of now, when the pandemic has caused prices to skyrocket. I've even wondered whether Turkey is seriously considering jumping onto the gold standard because it would help combat inflation and stabilise the currency without affecting other aspects of the economy too much.

 

[Ryder]

btw this guy is a fake ottoman prince the real ottomans denounced him and called him fake

His part of the family his at odds with them because he cant shut his mouth up.

Old generation family seem to be quiet and they keep it to themselves. Despite ataturk exiling them they actually have no harsh feelings to him.

Some of ataturks officers like Sakalli nurettin pasha wanted to hang them.

In a lot of words Ataturk basically saved the royal family from ending up like the Romanov family.

 

[Turko]

Last night i decided to change 100 EUR

İ lost 100 lira in one night.

Making business must be great in such stabile inflation and economy.

 

[Saithan]

Mission to clean up space junk with magnets set for launch | CNN Business

A demonstration mission to test new technology developed by the company Astroscale to clean up space debris is set to launch in the early hours of Saturday from the Baikonur Cosmodrome in Kazakhstan.

edition.cnn.com

 

[Constan]

It’s funny that you believe that these guys even have a plan in their heads. They just try to make a positive out of something very negative.

With the way the Turkish currency goes down every day you will hear about companies and people going bankrupt very soon... in an even faster way too considering how poor the average Turk already is.

I don't believe this is a plan or he's doing this on purpose, he wants interest rate to be low and he doesn't care if this make lira weak but also this is he's excuse why low Lira is not a problem.

For me, it is a problem and a real problem. In next days, we might see groceries, markets, industries close for couple of days to wait and see at which rate Lira will pause.

 

[Saithan]

I don't believe this is a plan or he's doing this on purpose, he wants interest rate to be low and he doesn't care if this make lira weak but also this is he's excuse why low Lira is not a problem.

For me, it is a problem and a real problem. In next days, we might see groceries, markets, industries close for couple of days to wait and see at which rate Lira will pause.

Start Micro farming, vegetables and such growing in flowerpots and such. grow what you can and buy when you can't. I don't think this is going to be any easier.

 

[Anastasius]

It's because of the elections probably. If Erdogan lets the Central Bank do their jobs, the economy will stabilize but it will result in short-term pain for long-term gain. While will coincide with 2023 and absolutely guarantee that AKP loses in a landslide. With this, he can theoretically cope by pointing out how great exports are going and how the economy is growing and possibly still have a chance in 2023, which is still so low as to be essentially zero but not quite zero.

Dunno if I've mentioned this before but if this continues, there will be an assassination attempt against Erdogan in 2022. Or several. Just one person with nothing to lose. Doesn't even have to be a gun, Japan once had a guy kill a politician with a katana on national television.

 

[Rodeo]

On January 1, 2021, $1US costed 7.43 TL. Today it stands at 12.3 TL. That's a 66% value loss in eleven months.

What's your prediction for the end of the year?

 

[Nutuk]

Economy professor at work, it will be a good item for a thesis: how to demolish an economy