TR Economy & Updates

[Abdelaziz]

Good news

https://twitter.com/i/web/status/1468861130034528256

 

[Saithan]

UK bank provides $1.4 billion for Turkey’s railway project

A green financing deal worth 1.24 billion euros ($1.40 billion) for the Turkish Finance Ministry has been signed to fund the development of a new...

www.dailysabah.com

No details on the loan and payback time.

 

[Saithan]

Turkey's central bank intervenes again amid fluctuating FX rates

The Central Bank of the Republic of Turkey (CBRT) on Friday intervened in foreign exchange markets for a third time this month, citing 'unhealthy price...

www.dailysabah.com

The same stupidity that eroded Turkey's economy in the 90's is being repeated. All hail stupidity!

Short explanation. No reform of any kind, no budget discipline. uncontrolled spending and no accountability. Using FX reserve to absolut no lasting effect but daily foolishness.

The swaps are not our money, but money in hand to fool Turkish public. Result horrible domestic economy that RTE will try to fix by lowering interest rate again. Worsening the economy and people not being able to afford anything.

Government will have to step in and sell food cheaper, undercutting the market.

Communism Communism Communism!

 

[Anastasius]

Turkey's central bank intervenes again amid fluctuating FX rates

The Central Bank of the Republic of Turkey (CBRT) on Friday intervened in foreign exchange markets for a third time this month, citing 'unhealthy price...

www.dailysabah.com

The same stupidity that eroded Turkey's economy in the 90's is being repeated. All hail stupidity!

Short explanation. No reform of any kind, no budget discipline. uncontrolled spending and no accountability. Using FX reserve to absolut no lasting effect but daily foolishness.

The swaps are not our money, but money in hand to fool Turkish public. Result horrible domestic economy that RTE will try to fix by lowering interest rate again. Worsening the economy and people not being able to afford anything.

Government will have to step in and sell food cheaper, undercutting the market.

Communism Communism Communism!

Even actual communists aren't this stupid. Their economic theories may be flawed but at least they are something as opposed to nothing.

 

[Anmdt]

Government will have to step in and sell food cheaper, undercutting the market.

Which food? The production has been cut down remarkably and there even might be a scarcity of meat in 2022.
The current government (AKP) has appointed at "importing" food whenever the supplies was not sufficient from domestic sources, moreover they have also imported food and meat to reduce to prices in domestic market. They have killed the agriculture by intention.

TARBIL project in a nutshell;

Commenced by one time earlier agriculture and foresty ministry an institution located in an university was under construction. In fact Tarbil project was a lot more than a building where experts and scientists came together, collecting data from field directly with fixed stations distributed around Turkey (was like 1000 or over stations), satellite subscription as acquired from Airbus to get imagery by intervals to asses what to plan at which location and estimate the yields annually and observe the health of the plants.

If i am correctly they have also opened positions for 1000 or more personnel to be deployed at field, experts of their field or some basic workers to take samples.

What happened to project? Just like windows copying files, it got stuck at 99% because the minister has changed, the one appointed most recently by Erdogan has halted all of the projects from the predecessor and continued neither of them after a year or two.

This is technically can be referred as "Vatana ihanet". For throwing such a critical project important in the self-sufficiency and foods security was thrown to trash intentionally, equipment left in store to rot away, building remains unfinished. People recruited in positions spend their days without doing anything.

 

[Fighter_35]

https://twitter.com/i/web/status/1469409754670071808

'Hayaldi gerçek oldu'

 

[Fighter_35]

This is for current usd /tl ratio. During 2022, it will get lower . Come on AKPians , defend this too!! You can do this, you have capacity show every shitty things as a good thing.

 

[Nilgiri]

The same stupidity that eroded Turkey's economy in the 90's is being repeated. All hail stupidity!

Short explanation. No reform of any kind, no budget discipline. uncontrolled spending and no accountability. Using FX reserve to absolut no lasting effect but daily foolishness.

The swaps are not our money, but money in hand to fool Turkish public. Result horrible domestic economy that RTE will try to fix by lowering interest rate again. Worsening the economy and people not being able to afford anything.

I am not well read on the 90s for Turkey economy (I just know both its politics and economy was in lot of turbulence then).....but I doubt it (any TR govt) could at that point afford to do what its doing now:

Negative net reserves of -40 billion (and using currency swap of about 120 billion so far to get to around 80 billion level gross to play with).

I am pretty sure it was unthinkable situation to even have in the 1990s which was still operating in norms of cold war overall conservative "harder backing money" system one can say (Greenspan and others started to change this significantly which is long subject to get into).

This has become kind of an easier habit to get into since 2000s and post 2008 (recession) especially compared to 90s....for a number of reasons (mostly the larger levers in world economy operating norms after 08 and enough greenspan-onomics in operation).

It has been troubling for many developing countries (especially as PRC inserts itself into the lending edifice as well).....Turkey is somewhat in a "Sweetspot" for the trouble to be extra hard given it has achieved some quite visible development (along with its proximity to EU) and can leverage on that more than say a regular poorer developing (and especially smaller population) country.

Government will have to step in and sell food cheaper, undercutting the market.

I think that is going to be really tough. They have used up fiscal routes in the vicious cycle they got in since 2018 especially.

That was all part of not addressing the banking debt + lending issues (rather covering them up). When you come to call chips there, you get the IOUs you yourself put there to cover/cycle it up....all in the goal of borrowing/leveraging more (for real estate stuff mostly it seems) and act like nothing is the problem.

Several TR economists were calling this out early (and of course were ignored or tarred).

It is now a big ripe problem given the precariousness now where you need that stuff to be solid (to dip into) rather than hollow like ponzi scheme.

This further drives the currency-swap reliance for forex....since loan route (by bonds etc) is dried up and citizens+companies are abandoning lira use as well.

I think Turkey is just stuck with real nasty inflation and damage done for quite some time (even if AKP admin is replaced in 2023).

It will take some years for competent economists and managers to undo the problems in the relevant succession.

Communism Communism Communism!

Well communism is different. Certain things were decided and commited to long term.

The direction of car was headed wrong way (in long term, with grievous consequences decades later when the cliff finally showed and inertia was too big to turn back for some)....

....but there was no shakiness about what gas and brake were in that system like TR govt (or at least its apologists) has or cannot logically explain.

All to defend this kooky self-destructive "theory" (with no sound data/history to show for it) of lower interest rate = low inflation.


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

Which food? The production has been cut down remarkably and there even might be a scarcity of meat in 2022.
The current government (AKP) has appointed at "importing" food whenever the supplies was not sufficient from domestic sources, moreover they have also imported food and meat to reduce to prices in domestic market. They have killed the agriculture by intention.

TARBIL project in a nutshell;

Commenced by one time earlier agriculture and foresty ministry an institution located in an university was under construction. In fact Tarbil project was a lot more than a building where experts and scientists came together, collecting data from field directly with fixed stations distributed around Turkey (was like 1000 or over stations), satellite subscription as acquired from Airbus to get imagery by intervals to asses what to plan at which location and estimate the yields annually and observe the health of the plants.

If i am correctly they have also opened positions for 1000 or more personnel to be deployed at field, experts of their field or some basic workers to take samples.

What happened to project? Just like windows copying files, it got stuck at 99% because the minister has changed, the one appointed most recently by Erdogan has halted all of the projects from the predecessor and continued neither of them after a year or two.

This is technically can be referred as "Vatana ihanet". For throwing such a critical project important in the self-sufficiency and foods security was thrown to trash intentionally, equipment left in store to rot away, building remains unfinished. People recruited in positions spend their days without doing anything.

I am not surprised. Follow through needs competence and some core logic.

Throw and see what sticks is brochure-oriented approach....and they tend to be uncompleted or done in shallow way once the propaganda utility has been used by the politicians involved. Especially if something about them is tough/long-term/structural etc.

If govt gets wedded to too much real estate brochure/white elephant approach for the needs of the larger economy (in chunk of 10, 20 years etc).....it can easily spread to both endorsement of kooky theories and also lack of competence in follow through on seemingly public-interest (public and/or merit goods) endeavours.

 

[Saithan]

Police uncover mass export fraud, arrest 28 in Turkey

Police in Istanbul and six other provinces arrested 28 suspects on Monday in an operation to nab scammers defrauding the state by inflating export figures....

www.dailysabah.com

 

[Khagan1923]

After reading these statements made by our newest „economy“ minister with no background in economics but very so in FETÖ affairs I wish everyone in Turkey good luck for the next two years.

https://twitter.com/i/web/status/1470308800372613124

https://twitter.com/i/web/status/1470312383415562243

https://twitter.com/i/web/status/1470302948492206081

It is clear that the goal here is to decimate the economy.

 

[Khagan1923]

https://twitter.com/i/web/status/1470332085466537986

Spending money you don’t even have. To stop the bleeding from a thousand cuts meanwhile the one responsible for the cuts is the head who is still adding new cuts.

https://twitter.com/i/web/status/1470335260848234500

We may see 1$=20 Lira soon enough.

With it indefinite delays on major programs. Our budget has shrunk to a smaller size than that of Greece.

Teşekkürler Reis

 

[Tonyukuk]

After reading these statements made by our newest „economy“ minister with no background in economics but very so in FETÖ affairs I wish everyone in Turkey good luck for the next two years.

https://twitter.com/i/web/status/1470308800372613124

https://twitter.com/i/web/status/1470312383415562243

https://twitter.com/i/web/status/1470302948492206081

It is clear that the goal here is to decimate the economy.

At this point it Erdoğan is just f*cking up the economy on purpose.

Anyone who still supports him and his party is just a pure moron or simply wants this country to burn.

I can see the Lira dropping to $1=25 Lira by the end of the year.

 

[Khagan1923]

At this point it Erdoğan is just f*cking up the economy on purpose.

Anyone who still supports him and his party is just a pure moron or simply wants this country to burn.

I can see the Lira dropping to $1=25 Lira by the end of the year.

https://twitter.com/i/web/status/1470286592057257985

There are enough experts in Turkey, Demirtaş is only one of dozens who saw this coming and have been warning the government for years now to implement the necessary measure to save the economy. All have been ignored because 1. The goal was never to save the economy and 2. The man on top thinks himself a messiah and genius, surrounded by imam hatip graduates who say yes to anything as long as they can keep partying and living life on the back of the regular folk.

 

[Anastasius]

I'm honestly just curious how long it takes before people start lynching government officials in the street and things get violent.

Because they will. People have their limits and I suspect if the lira ever hits 1:20 exchange ratio, people will legitimately start trying to kill Erdogan and those closest to him (or maybe even before). And it will not end well because external powers will definitely get involved at that point.

Note to the mods: I am not supporting or calling for any kind of political violence. I am simply calling it as I see it.

 

[Khagan1923]

I'm honestly just curious how long it takes before people start lynching government officials in the street and things get violent.

Because they will. People have their limits and I suspect if the lira ever hits 1:20 exchange ratio, people will legitimately start trying to kill Erdogan and those closest to him (or maybe even before). And it will not end well because external powers will definitely get involved at that point.

Note to the mods: I am not supporting or calling for any kind of political violence. I am simply calling it as I see it.

Milk is at 15 Lira it is only a matter of time before the majority can’t even buy basic utilities anymore. Then things will escalate. The Akpeons don’t realize what they are racing towards and when it hits them it will be too late. We may see them start whining for help any month now from the EU and the US, and portray themselves as victims of extreme secularism. They are used to it.

 

[Saithan]

President Erdoğan meets finance minister, Central Bank chief - Latest News

Turkish President Recep Tayyip Erdoğan is meeting Treasury and Finance Minister Nureddin Nebati, Central Bank Chief Şahap Kavcıoğlu and the CEOs of state banks today in Istanbul.

www.hurriyetdailynews.com

Are we heading for a new record ? Fastest dismissal in Turkish history.

 

[Manomed]

Zafer and bosnian guy will come here and defend this economy as well I swear they give something to these guys

 

[HTurk]

Guys, I come bearing good news. We can finally die in peace:

Turkey's current account posts $3.16B surplus in October

Turkey’s current account has recorded a $3.16 billion (TL 45.2 billion) surplus for October with a boost in exports and recovery in tourism revenues, the...

www.dailysabah.com

He's spending this extra hard-earned money to stabilize the TRY but anyways...incompetency in its purest form.

I asked my parents about the prices at the local bazaar and they told me that vegetables, fruits and other grocery items are a little more expensive but overall they did expect more tbh.

This is actually bad news because the rising producer costs aren't showing on the shelves yet which means that inflation will sustain on a high level for months to come.

Also, much of the produce is from this year before the TRY lost immensely in value. Next year won't be fun.

 

[Sinan]

Markets begin to sell some basic food in quotes. Like milk, flour, sugar, also toilet paper.

Hope all AKPeons starve to death. I have no pity for Turkish people at this point. Let them die.

Yağ, un, şeker, süt, tuvalet kağıdı... Kotalı ürünlerin sayısı artıyor

Marketlerdeki şeker, yağ, un ve süt satışına kota getirilmesinin ardından son olarak tuvalet kağıtları da bazı mağazalarda sınırlı miktarda satılmaya başlandı. Bazı market çalışanları raflara duyuru asmadıklarını ancak müşterileri kasada uyardıklarını söylerken vatandaşlar da yaşananlara tepki...

www.sozcu.com.tr

Edit: Also because government has no money to pay medical companies, children know die of high fever because there is no medicine.

People wait with their broken limbs in the hospitals because there are no platinum for operation.

Uygar'ın kolu kırıldı, malzeme yok, tam 13 gündür ameliyat yapılamıyor

Sağlık Bakanlığı'nın medikal sektörüne olan borcunun ödenmemesi insanların sağlığını tehdit eder hale geldi. 15 yaşındaki Uygar'ın kolu kırıldı. 3 hastane gezdi. 13 gündür ameliyat için gerekli malzeme bulunamıyor. Annesi isyan etti: "Hep kötüyü örnek aldık, umut hiç olmayacak."

www.sozcu.com.tr

 

[Ravenman]

I paid today 115 TL fir 5 litres of sunflower oil at the Kooperatif Tarim Market.

A pack of 32 rolls of toiletpaper was 90 TL.

Despite the increase of prices, people are consuming, consuming and consuming.

If something will save the economy, its the domestic consumption.