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Kicking the can until the end.
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The treasure and finance minister invited a delegation from the IMF. IMF experts will conduct studies and prepare a report by the year's end.
Are they preparing to take a loan from the IMF?
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Not necessarily.
Invitation part was refuted:
"Pointing out that the claim that Turkey had asked for IMF support and that the delegation would come to the country for this reason was not true, the officials said that the Ministry had not made an official invitation to the delegation, but the delegation had recently changed the IMF's technical team on Turkey and new members had joined the team,
He noted that, as is customary in other countries, the new team may make a technical and routine visit to familiarise itself with the country, meet its stakeholders and learn more about Turkey's recent economic policies."
www.aa.com.tr
Though they will be waiting for support from IMF via other means, for sure. For example a report of how the "orthodox policies" are working and health of the economy is going better.
Invitation part was refuted:
"Pointing out that the claim that Turkey had asked for IMF support and that the delegation would come to the country for this reason was not true, the officials said that the Ministry had not made an official invitation to the delegation, but the delegation had recently changed the IMF's technical team on Turkey and new members had joined the team,
He noted that, as is customary in other countries, the new team may make a technical and routine visit to familiarise itself with the country, meet its stakeholders and learn more about Turkey's recent economic policies."
Hazine ve Maliye Bakanlığı, IMF'den destek istendiği iddialarının doğru olmadığını bildirdi
Hazine ve Maliye Bakanlığı, IMF'den destek istendiği ve bu nedenle bir heyetin Türkiye'ye geleceği iddialarının doğru olmadığını bildirdi. - Anadolu Ajansı
www.aa.com.tr
Though they will be waiting for support from IMF via other means, for sure. For example a report of how the "orthodox policies" are working and health of the economy is going better.
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The Central Bank (CBRT) sold 10 billion dollars through the back door in 27 days.
“We have moved to a transparent, rule-based and rational monetary policy.” They say and look into the eyes of the nation and defend the wall of 27 TL.
In the middle of the night, someone is diving in the name of certain people and collecting cheap dollars.
Tourism season is over, September has arrived.
Now where will they find it and sell it?
“We have moved to a transparent, rule-based and rational monetary policy.” They say and look into the eyes of the nation and defend the wall of 27 TL. In the middle of the night, someone is diving in the name of certain people and collecting cheap dollars. Tourism season is over, September has arrived. Now where will they find it and sell it?I think they sold dollars to cover the expenses for KKM for the upcoming monthThe Central Bank (CBRT) sold 10 billion dollars through the back door in 27 days.
I may be wrong though
It just doesnt make sense to burn dollars yet at the same time increase the interest rates and the rate of foreign currency that needs to be held by businesses. Moreover, Simsek himself stated that consumer loans have started to decrease
So it is really strange for the current situation to occur and can only be explained by selling dollars to get money for the KKM accounts that will expire this month
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B_A
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Türkiye's trade deficit widened 14.2% year-over-year to $12.2 billion (TL 324.84 billion) in July, according to official data released Tuesday.
Turkish exports increased 8.3% from a year earlier to $20.1 billion in July, while imports soared 10.5% to $32.3 billion, the data from the Turkish Statistical Institute (TurkStat) showed.
Excluding energy products and non-monetary gold, Türkiye last month posted a foreign trade gap of $6 billion.
The exports-to-imports coverage ratio fell to 62.2% this July compared to 63.4% in July 2022.
Türkiye's outbound shipments to its main trading partner Germany totaled $1.67 billion in July, followed by Italy and the United States, both with $1.1 billion, Iraq with $978 million and the United Kingdom with $962 million.
China was the main source of Türkiye's imports in July with $4.6 billion, followed by Russia ($3.65 billion), Germany ($2.84 billion), Switzerland ($2.46 billion) and the U.S. ($1.60 billion).
That s the main problem.
Turkish exports increased 8.3% from a year earlier to $20.1 billion in July, while imports soared 10.5% to $32.3 billion, the data from the Turkish Statistical Institute (TurkStat) showed.
Excluding energy products and non-monetary gold, Türkiye last month posted a foreign trade gap of $6 billion.
The exports-to-imports coverage ratio fell to 62.2% this July compared to 63.4% in July 2022.
Türkiye's outbound shipments to its main trading partner Germany totaled $1.67 billion in July, followed by Italy and the United States, both with $1.1 billion, Iraq with $978 million and the United Kingdom with $962 million.
China was the main source of Türkiye's imports in July with $4.6 billion, followed by Russia ($3.65 billion), Germany ($2.84 billion), Switzerland ($2.46 billion) and the U.S. ($1.60 billion).
That s the main problem.
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What are we importing from China ?
B_A
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Main Import Items to Türkiye: Phones for cellular/other wireless networks, automatic data processing machines and units, tools for receiving, translating and exporting audio-video and other information, compressor, converter
As of 2021, China has managed to become the top destination for Turkish imports (US$2.412 billion), followed by Russia (US$2.173 billion), Germany (US$2.129 billion), the US (US$1.99 billion), and Italy (US$93 million).
In 2020, Chinese exports to Türkiye amounted to US$22.1 billion, divided into three main categories of products: broadcasting equipment (US$1.98 billion), computers (US$1.24 billion), and non-retail synthetic filament yarn (US$459 million).
On the other hand, Turkish exports to China were worth US$2.93 billion, with marble, travertine, and alabaster being the top traded products (US$540 million), followed by precious metal ore (US$175 million) and refined copper (US$162 million).
We have to half the import from China.If you go to supermarket,lots of plastic items are from China.
By now,Chinese GDP PER capita and Income is higher than us,why we have to import every things from China?
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A) China likely has inflated its official GDP lot more than Turkey (and world generally) does. You will see what this means this decade and next.
B) China is an immense country, so an average "per capita" means populations several times the size of Turkey that are below Turkish income level....sometimes well below. This means labour cost advantage in lot of industries especially with the forex stockpile subsidy China largely deliberately accumulated on top for this reason.
C) Its not really about how much you import from China as long as Turkiye exports sufficiently to whole world to cover (especially its inelastic) imports in total. Then develop larger surpluses from that with time (letting your businesses keep growing, competing, learning and adapting as they can to world environments broadly).
If Turkiye invested fairly as it should have in last 10 years into factories + core input industry relative to where its labour force was (back then) and is (today) instead of using real estate as default big sponge for this (which does not provide a hard production return past what it can do w.r.t tourism to some degree)...it would have higher degree of comparative advantage to harness with its main markets and new markets.
The problem with tourism as large revenue to go all in is its seasonality and vulernability (as found out in Covid era especially). Thats why supply chain factories have to be the base of pyramid, not real estate (this is an extra you do as is reasonable).
But it didn't do this prioritisation and carries deadweight, crediblity and confidence problem now (maybe slowly being worked out).
A boxer in middleweight category that can punch pretty well but didnt train footwork dynamically....he still has to buy and intake (inelastic) calories, and scrapes by lower winnings because of it. He can only tighten belt so much...the answer lay in training regimen he did so far that was not comprehensive, so many things are squandered now with what he stuck with as result.
B_A
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Thank you.
1.we had large deficit with natural resources countries like Russia and Iraq Iran.
2.we also had large deficit with industrial countries ,mainly China also German and korea and japan
3.we had a little surplus with US,UK and other countries
TOGG (and other Electric Vehicles company like GÜNSEL) is a good start we have to push them.
Huelague
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China is a big problem.
B_A
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Yes that's a country can't even product a good quality pistol.
In these 10 years Our defence products such as tb2 and small arms beat them many times but our civil product badly defeated.The deficit become larger.
We go to supermarket and AVM so many Chinese products or using Chinese parts
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Not düşülsün ...Biz Herşeyi Kötülemiyoruz....
Türkiye is now a global actor in the defense industry
Naki BAKIR. MAKRO LOOK [email protected]
Wednesday, August 30, 2023
Türkiye with the public and private sector; land, sea and air vehicles, space systems, heavy and light weapons, radar and electronic warfare systems, etc. With hundreds of products produced in the defense industry, it is now making a name for itself in the world.
On the 101st anniversary of the 30 August victory, which the Turkish soldier, who did not even have shoes to wear, showed great heroism with insufficient weapons and ammunition and despite extremely scarce resources, Turkey has now become an important power that has made a name for itself in the defense industry in the world.
On the anniversary of the great victory, the Turkish defense industry sector has attained a gigantic structure in which hundreds of manufacturing companies operate, produce products with a high added value of 12.2 billion dollars on an annual basis, export around 4.4 billion dollars and employ 81 thousand 132 people. The sector draws attention with its advanced technology studies, which are vital for the defense of the country.
With the public and private sectors that have made important breakthroughs in the defense industry in recent years, Türkiye; With hundreds of products produced in categories such as land, sea and air vehicles, space systems, heavy and light weapons, radar and electronic warfare systems, communication and electronic systems, integrated security systems, it is both a self-sufficient country in the defense industry and in the field of international defense industry. became an important actor.
www.dunya.com
Türkiye is now a global actor in the defense industry
Naki BAKIR. MAKRO LOOK [email protected]
Wednesday, August 30, 2023
Türkiye with the public and private sector; land, sea and air vehicles, space systems, heavy and light weapons, radar and electronic warfare systems, etc. With hundreds of products produced in the defense industry, it is now making a name for itself in the world.
On the 101st anniversary of the 30 August victory, which the Turkish soldier, who did not even have shoes to wear, showed great heroism with insufficient weapons and ammunition and despite extremely scarce resources, Turkey has now become an important power that has made a name for itself in the defense industry in the world.
On the anniversary of the great victory, the Turkish defense industry sector has attained a gigantic structure in which hundreds of manufacturing companies operate, produce products with a high added value of 12.2 billion dollars on an annual basis, export around 4.4 billion dollars and employ 81 thousand 132 people. The sector draws attention with its advanced technology studies, which are vital for the defense of the country.
With the public and private sectors that have made important breakthroughs in the defense industry in recent years, Türkiye; With hundreds of products produced in categories such as land, sea and air vehicles, space systems, heavy and light weapons, radar and electronic warfare systems, communication and electronic systems, integrated security systems, it is both a self-sufficient country in the defense industry and in the field of international defense industry. became an important actor.
Türkiye artık savunma sanayiinde küresel aktör - Dünya Gazetesi
Kamu ve özel sektörü ile Türkiye; kara, deniz ve hava araçları, uzay sistemleri, ağır ve hafif silahlar, radar ve elektronik harp sistemleri vb. alanlarda ürettiği yüzlerce ürünü ile savunma sanayiinde artık dünyada adından söz ettiriyor.
B_A
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Türkiye’s economy expanded 3.8% year-over-year in the second quarter of 2023, better than the market forecast, according to data released by the country’s statistical authority on Thursday.
The country’s gross domestic product (GDP) at current prices surged 60.7% from last year to TL 5.5 trillion ($271.5 billion) in the April-June period, the Turkish Statistical Institute (TurkStat) said.
Economists had expected Türkiye’s economy would grow 3.5% on an annual basis in the second quarter.
The country’s gross domestic product (GDP) at current prices surged 60.7% from last year to TL 5.5 trillion ($271.5 billion) in the April-June period, the Turkish Statistical Institute (TurkStat) said.
Economists had expected Türkiye’s economy would grow 3.5% on an annual basis in the second quarter.
Iam really loving Mehmet Simsek transparency about Turkey's situation. He is a good minister that is for sure
He is level-headed and knows what he is doing
If Erdogan doesnt interfere, Simsek will be the one saving Erdo's ass in the future
Erdogan prepared a good economic team after the last presidential elections
@UkroTurk , it seems that the recent sale of FX reserves was apparently as mentioned due to the accumulated KKM accounts
Translation:
The claim that the Central Bank intervened in the exchange rate by selling reserves by considering the level target does not reflect the truth.
@ali_hakan_kara 's messages were a good explanation of the situation.
As the Treasury and the Central Bank, we continue to work intensively to develop and make attractive capital markets and TL instruments.
We will overcome all problems in time.
He is level-headed and knows what he is doing
If Erdogan doesnt interfere, Simsek will be the one saving Erdo's ass in the future
Erdogan prepared a good economic team after the last presidential elections
@UkroTurk , it seems that the recent sale of FX reserves was apparently as mentioned due to the accumulated KKM accounts
Translation:
The claim that the Central Bank intervened in the exchange rate by selling reserves by considering the level target does not reflect the truth.
@ali_hakan_kara 's messages were a good explanation of the situation.
As the Treasury and the Central Bank, we continue to work intensively to develop and make attractive capital markets and TL instruments.
We will overcome all problems in time.
A politician agreeing with and sharing someones post criticizing them and their policies? What country is this?
He is criticising his predecessor's policies and agreeing that some things could have been prevented if he acted faster
Which isnt a wrong thing to do
The economy is unstable, with good, above-expectations, high growth and horrible high inflation that needs to be fixed and Simsek isnt shying away from stating what is wrong and what is right
Honestly, nothing but Respect for that
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