TR Economy & Updates

Fighter_35

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Come live in turkey then you muslim. I hope you gon like this place and will kiss that picture of georgian in your profile pic.
Do not woory, their dual citizenship will be taken by our next government. If they want to but something , go to doctor etc. they will be behaved like any foreign national. From now on, every citizen of this country are agaisnt dual citizenship
 

Saithan

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BİM manager's reaction to Erdogan's words​

BİM Executive Board Member Galip Aykaç reacted to President Erdoğan's blaming chain stores for the increase in food prices. Aykaç said, 'It is easy to direct the public through us'.​

19 October 2021 23:08Updated: 20 October 2021 00:46

BİM manager's reaction to Erdogan's words



President and AKP Chairman Recep Tayyip Erdogan, in a speech he made in September, blamed "five big chain markets" for food inflation and said "They are turning the market upside down". These words of Erdoğan were reacted by Galip Aykaç, Member of the Executive Board of BİM and President of the Food Retailers Association (GPD).

Saying that they do not accept the criticism that chain stores are responsible for the increase in food prices, Aykaç said, "It is easy to direct the public through us."

'WE ARE FORCING TO REFLECT THE PRICES'

Saying, “We are pushing ourselves not to reflect the price fluctuations coming from the supply chains to the consumers,” Aykaç said:

“It is clear that we have entered an inflationary period not only in our country but also all over the world. While there is an increase in food prices in the world, it is not possible for our country to stay out of this situation. Organized retail plays a key role in the fight against inflation. It is observed that inflation has decreased in countries where organized retail has grown. The ratio of organized retail in all retail in our country is around 50 percent. In developed countries, this rate is around 90-95%.

The organized retail sector acts as a shield against increasing prices due to the scale economy it creates in the national economy. This position of our sector ensures that consumer inflation remains at low levels in the face of high producer inflation.”

EXTRA PRICE CONTROLS

Saying that it is not right to stigmatize the industry with exorbitant prices, Aykaç said, “We have never stood against such inspections. However, unless the main reasons for the price increases on the agenda are examined and measures are not taken, concentrating these controls only on the last sales points and creating the perception in a way that shows the markets as the reason for these increases will not have a positive result.

Stating that another misconception created is that prices are determined jointly by industry players, Aykaç said, “The reason for selling prices that are close to each other is the intense competition in the industry, rising supply costs and label prices close to costs, contrary to an unfounded claim like an agreement. It is seen that sales are made even at a loss in some periods due to competition. Therefore, similar prices are the result of intense competition.
image_750x_616f238e4c0f4.jpg

Galip Aykaç, President of the Food Retailers Association and director of BİM

'PUBLIC COMPANIES ARE DAMAGED BY FALSE CLAIMS'

Arguing that such allegations negatively affect publicly traded companies in the sector, Aykaç continued:

“We are saddened by the misconception created by these claims, which are far from reality and practicability. Moreover, our businesses, most of which are open to the public, are very important values of our country and our people. And thanks to this perception, it is obvious that it is being harmed altogether.
Aykaç said that the main point to be paid attention to is the problems caused by the unbalanced income distribution, the decrease in purchasing power and the gradual contraction of the middle income segment. Aykaç said, “It is nothing but an easy thing

to direct the public through us, which is the last point, by ignoring the structural problems of our country in agriculture, ” said Aykaç:
We do not accept the effort to create a public perception through us as the industry, when the supply-demand balance has not been able to reach a holistic structure with production, while producer supports are controversial, that is, we should focus on these issues.”
_______________________________________

Dual citizenship is not a problem, it is the right to vote that is. Only those who are nationals and live and pay tax should be allowed to vote. etc. etc.change it to living 2 years consecutively in Turkey as one of the criteria, or even 5 year.
 

Nilgiri

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BİM manager's reaction to Erdogan's words​

BİM Executive Board Member Galip Aykaç reacted to President Erdoğan's blaming chain stores for the increase in food prices. Aykaç said, 'It is easy to direct the public through us'.​

19 October 2021 23:08Updated: 20 October 2021 00:46

BİM manager's reaction to Erdogan's words's reaction to Erdogan's words



President and AKP Chairman Recep Tayyip Erdogan, in a speech he made in September, blamed "five big chain markets" for food inflation and said "They are turning the market upside down". These words of Erdoğan were reacted by Galip Aykaç, Member of the Executive Board of BİM and President of the Food Retailers Association (GPD).

Saying that they do not accept the criticism that chain stores are responsible for the increase in food prices, Aykaç said, "It is easy to direct the public through us."

'WE ARE FORCING TO REFLECT THE PRICES'

Saying, “We are pushing ourselves not to reflect the price fluctuations coming from the supply chains to the consumers,” Aykaç said:

“It is clear that we have entered an inflationary period not only in our country but also all over the world. While there is an increase in food prices in the world, it is not possible for our country to stay out of this situation. Organized retail plays a key role in the fight against inflation. It is observed that inflation has decreased in countries where organized retail has grown. The ratio of organized retail in all retail in our country is around 50 percent. In developed countries, this rate is around 90-95%.

The organized retail sector acts as a shield against increasing prices due to the scale economy it creates in the national economy. This position of our sector ensures that consumer inflation remains at low levels in the face of high producer inflation.”

EXTRA PRICE CONTROLS

Saying that it is not right to stigmatize the industry with exorbitant prices, Aykaç said, “We have never stood against such inspections. However, unless the main reasons for the price increases on the agenda are examined and measures are not taken, concentrating these controls only on the last sales points and creating the perception in a way that shows the markets as the reason for these increases will not have a positive result.

Stating that another misconception created is that prices are determined jointly by industry players, Aykaç said, “The reason for selling prices that are close to each other is the intense competition in the industry, rising supply costs and label prices close to costs, contrary to an unfounded claim like an agreement. It is seen that sales are made even at a loss in some periods due to competition. Therefore, similar prices are the result of intense competition.
image_750x_616f238e4c0f4.jpg

Galip Aykaç, President of the Food Retailers Association and director of BİM

'PUBLIC COMPANIES ARE DAMAGED BY FALSE CLAIMS'

Arguing that such allegations negatively affect publicly traded companies in the sector, Aykaç continued:

“We are saddened by the misconception created by these claims, which are far from reality and practicability. Moreover, our businesses, most of which are open to the public, are very important values of our country and our people. And thanks to this perception, it is obvious that it is being harmed altogether.
Aykaç said that the main point to be paid attention to is the problems caused by the unbalanced income distribution, the decrease in purchasing power and the gradual contraction of the middle income segment. Aykaç said, “It is nothing but an easy thing

to direct the public through us, which is the last point, by ignoring the structural problems of our country in agriculture, ” said Aykaç:
We do not accept the effort to create a public perception through us as the industry, when the supply-demand balance has not been able to reach a holistic structure with production, while producer supports are controversial, that is, we should focus on these issues.”
_______________________________________

Dual citizenship is not a problem, it is the right to vote that is. Only those who are nationals and live and pay tax should be allowed to vote. etc. etc.change it to living 2 years consecutively in Turkey as one of the criteria, or even 5 year.

Guy is essentially re hashing what I was implying earlier.

Blaming them is a cop out for the prices they are facing on their end and transmitting.

It may not reflect the govts CPI basket inflation...but that is on the govt.
 

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Turkey’s central government gross debt stock at $246 bln in September​

ANKARA​

Turkey’s central government gross debt stock at $246 bln in September

The Turkish central government's gross debt stock amounted to 2.18 trillion Turkish liras ($246 billion) at the end of September, official figures showed on Oct. 20.

The Treasury and Finance Ministry's data showed that the figure was up by 17.2% versus the end of September last year.

The gross debt stock includes the outstanding debt of public sector institutions, the Central Bank, private companies, and households.

Some 41.5% of the debt stock is denominated in Turkey’s local currency, while the rest is in foreign currency.

While 1.18 trillion Turkish liras ($133.4 billion) of the debt was domestic, some 994.34 billion liras ($112.6 billion) was external, it added.

Data also showed that as of Sept. 30, the stock of Treasury receivables totaled 17.7 billion liras ($2 billion).

The US dollar/Turkish lira exchange rate was around 8.86 at the end of September.

 

Viva_vietnamm

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Turkey’s Hayat Group unveils second phase of US$250 million factory in Binh Phuoc
Wednesday, 11:41, 20/10/2021

VOV.VN - Hayat Group of Turkey’s has officially announced the second phase of an investment package worth US$250 million in a Vietnamese factory, to expand distribution of fast-moving consumer goods (FMCG) products both nationwide and across the region.​

Hayat factory in the southern province of Binh Phuoc (Photo: Hayat Vietnam)

Hayat factory in the southern province of Binh Phuoc (Photo: Hayat Vietnam)
The Turkish group announced late last year that it is to inject US$250 million to develop a factory in Becamex-Binh Phuoc industrial and urban complex.
During an online press conference held on October 19, Cetin Murat, general director of Hayat Vietnam, said the group has now completed the first phase of the project, by setting up Hayat Vietnam Company with an investment capital of US$100 million that can generate more than 500 jobs.
Murat expressed his hope that the project will receive further support from southern Binh Phuoc province to expand the site in the second phase, in which Hayat is set to launch the world's fifth largest baby diaper brand named Molfix in the Vietnamese market.
The Hayat factory in Vietnam is set to provide FMCG products to other potential markets throughout ASEAN, such as Cambodia, the Philippines, Laos, and Indonesia. Indeed, the total export value of Hayat Vietnam is estimated to be US$50 million per year.
According to Hayat, the Vietnamese factory is anticipated to take on the role of a production hub for Southeast Asia, with approximately 40% of its output being exported to overseas markets such as Thailand and Malaysia.

Welcome to Vietnam :love:
 

Saithan

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Welcome to Vietnam :love:
Awesome to see stuff like this. I hope it'll benefit both sides :)

Also I didn't know this.

 

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So guys, who is expecting a new rate cut by the TCMB today?
Today a lot critical data will be posted
1- TCMB rate decision for the next month
2- Turkey's confidence index
3- US jobless claims
4- Whether Turkey will be gray-listed for supporting groups that arent in favour with lovely US and to prevent more investments into Turkey
 
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T

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Central Bank has decreased 2percent interest rates and suddenly USD ( in global market USD is loosing value )and EUR skyrocketed.

Central Bank decreased interest rates but look what happened with 10 year bonds.

10-year bonds interest reached 20.40%

Turkey's 5-year CDS, which was at the level of 443 before the decision, rose to the level of 455, reaching the peak of 6 months.

The 10-year bond yield climbed to 20.40 percent. Bond yields have risen by 350 basis points since September.

İnternational bond market is savage , they don't care about your internal interest rates.

How could Turkish government, banks and companies find cheap foreign debts?
 

Anmdt

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I also think same. We have a fucked up economy. No project will be realized with current economy. Beside, there will be no experienced and capable engineers left in companies to realize this projects!!
Those projects may not be bound to that budget directly, there are alternatives that is used for the first ships by calling them "prototypes" (despite of being a wrong term but for sake of claiming the budget)
Moreover crediting works well in marine industry.
 

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I also think same. We have a fucked up economy. No project will be realized with current economy. Beside, there will be no experienced and capable engineers left in companies to realize this projects!!
It depends. Turkish national contribution to the defense needs is realized at %71 this year, It will happen at %73 next year, the 2023 forecast is %75 and the 2024 forecast is %77. By 2025 %80 of the defense needs will come from national producers. So we will be paying more Turkish liras and fewer dollars. By the end of this decade %90 is well within the reach.
Think about a cruise missile. We were outsourcing like half of it and we're paying dollars for those items. Now we are producing, IR seeker, GPS/INS, engine, radar altimeter, warhead, two-way datalink, antennas, composite body, servos, and actuators. etc. We nationalized those items one by one as time passes.

FCMwhSiWEAUQrRF
 
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Fighter_35

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TheInsider

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What thoughts? Erdo has a plan. Lower the value of TL and cut the interest rates so borrowing TL will become easier. Hopefully, this will increase exports and lower imports as local producers will look to use local components in their products(Rather than buying radar altimeter from Canada, Roketsan will buy it from Meteksan) as those will be priced really competitive. This means small to medium-sized companies will flourish. If successful rather than driving the economy with local consumption, the economy will be driven by exports. Tosyalı will sell its steel dirt cheap will even be competitive with China. It is an extremely risky plan and not guaranteed to succeed. Even if somehow he succeeds average citizens will pay the price for it and be sentenced to African level of poverty for the foreseeable future before TR becomes a powerhouse exporter country. And if he fails we will be left alone with the ruins of a broken economy.
 

Fighter_35

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It depends. Turkish national contribution to the defense needs is realized at %71 this year, It will happen at %73 next year, the 2023 forecast is %75 and the 2024 forecast is %77. By 2025 %80 of the defense needs will come from national producers. So we will be paying more Turkish liras and fewer dollars. By the end of this decade %90 is well within the reach.
Think about a cruise missile. We were outsourcing like half of it and we're paying dollars for those items. Now we are producing, IR seeker, GPS/INS, engine, radar altimeter, warhead, two-way datalink, antennas, composite body, servos, and actuators. etc. We nationalized those items one by one as time passes.

FCMwhSiWEAUQrRF
Bullshit numbers!! Have you ever checked national contribution is n every component?? No!! Components using foreign parts are taken 100 percent local in this list. And when you produce things in Turkey ,that does not mean they will just increase as announced inflation rates!! They increases as dolar increase!! If you pay 100k Turkish lira s for a product ,you are paying 130-140 k Turkish lira s today not 118 k Turkish liras!!
Only morons see this as a positive news,additionally companies purchase power decreases , so many products will be less tested will use cheap products as a result cheap final product!!
When your currency falling, you do not produce high tech stuff in every field of economy same is true for defense industry!!
 

TheInsider

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Well, TB2s are selling like dirt. Every other day we are hearing countries are either ordering Turkish defense products or asking for info. So pls explain how in the earth we are producing a TB2 for 1-1,5 million $ and Atmaca a cutting edge anti-ship missile for 500k $.
 
T

Turko

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borrowing TL will become easier.
:)))))) Try to find commercial credit with new lower rates. Which bank would you give cheap credit where İnflation is 19 percent?
This act is just that government doesn't give more rates deposits of Turkish citizens.

İt causes full dolarization of Turkish deposits. USD accounts are rising as ordinary Turkish deposit owners take yields under inflation.

Dolarization also will cost high inflation.

Why Turkish government gives 20,40%
10 year bonds?
 

Nilgiri

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What thoughts? Erdo has a plan. Lower the value of TL and cut the interest rates so borrowing TL will become easier. Hopefully, this will increase exports and lower imports as local producers will look to use local components in their products(Rather than buying radar altimeter from Canada, Roketsan will buy it from Meteksan) as those will be priced really competitive. This means small to medium-sized companies will flourish. If successful rather than driving the economy with local consumption, the economy will be driven by exports. Tosyalı will sell its steel dirt cheap will even be competitive with China. It is an extremely risky plan and not guaranteed to succeed. Even if somehow he succeeds average citizens will pay the price for it and be sentenced to African level of poverty for the foreseeable future before TR becomes a powerhouse exporter country. And if he fails we will be left alone with the ruins of a broken economy.

Sorry to sound like broken record a bit, but TR investment pattern (in the last 10 years) shows little proof this will happen.

You needed and need investment, end of.

One look at Turkey's Current account numbers in last 10 years tells you the picture quickly.

If its spare capacity argument (i.e say Turkey running at some 50% level of capacity in the 2010 - 2020 decade)......there is not much proof the investment build up in 2000 - 2010 decade (where again it was riding a certain model that was not capex investment-intensive).

The best way is simply see the results of Erdogan/AKP remaining term here.....let time and results play out for themselves.

I stand by it being criminal to lower interest rates in this environment, as that will also affect what little investment TR is getting.....and the hidden inflation imposed.

You will also see quite soon what the increased loan repayment costs are like (especially for foreign loans).

This is why lesson no. 1 for any developing economy is (direct) investment is lot better than loans. The investor is fronting the collateral and risk, not you.
 

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