TR Economy & Updates

[Nilgiri]

Central bank reserve announced.
91,8 billion $

https://twitter.com/i/web/status/1342478658175438855

It seems an improvement of the situation from before...I think it was 84 billion or so couple months earlier.

Net Reserves are below zero.

https://www.tcmb.gov.tr/wps/wcm/connect/ede968f2-dee8-4bb7-b7c4-c21f37a153eb/RT202010ING.pdf?MOD=AJPERES&CACHEID=ROOTWORKSPACE-ede968f2-dee8-4bb7-b7c4-c21f37a153eb-no8w6tb

Yah but this is standard feature of any country with persistent current account deficit (same kind of thing with India).

Everything in forex in this situation basically comes from capital account essentially ....because foreign loans, bonds and foreign investments have to be changed to local currency for use within country and central bank retains the forex since its the local currency guarantor/exchanger etc.

So subtracting foreign debt and foreign holdings etc is going to give a 0 figure since thats exactly the only thing that is showing up as foreign reserve in first place.

When there is current account surplus, you will have "net reserve" that is positive as the country essentially has surplus forex coming by trade and service transactions.

Though it depends on the definitions being used for this stuff given Capital + Current account should theoretically add to zero in any case.

 

[Bogeyman]

https://twitter.com/i/web/status/1343269717348397056

 

[Saithan]

UK says to sign free trade deal with Turkey on Tuesday​

BY DAILY SABAH WITH REUTERS​

ISTANBUL ECONOMY
DEC 28, 2020 11:55 AM GMT+3

Britain's Secretary of State of International Trade and Minister for Women and Equalities Liz Truss is seen outside Downing Street, as the spread of the coronavirus disease (COVID-19) continues, in London, Britain, March 17, 2020. (Reuters Photo)


Britain and Turkey are set to sign a free trade deal on Tuesday, the U.K. trade ministry said on Sunday, the first since Prime Minister Boris Johnson secured a new trade agreement with the European Union.
The two nations will sign a deal that replicates the existing trading terms between Ankara and London, but British trade minister Liz Truss said that she was hopeful a bespoke deal between the countries could be struck soon.

“The deal we expect to sign this week locks in tariff-free trading arrangements and will help support our trading relationship. It will provide certainty for thousands of jobs across the UK in the manufacturing, automotive and steel industries,” Truss said in a statement.

“We now look forward to working with Turkey towards an ambitious tailor-made UK-Turkey trade agreement in the near future.”

The trading relationship was worth 18.6 billion pounds ($25.25 billion) in 2019, and Britain said it was the fifth biggest trade deal the trade ministry had negotiated after agreements with Japan, Canada, Switzerland and Norway.


Britain has now signed trade agreements with 62 countries ahead of the end of the Brexit transition period on Jan. 1, when it leaves the EU’s trading arrangements.

It clinched its narrow trade deal with the EU, its biggest trading partner, last week.

UK to sign free trade deal with Turkey this week

Britain and Turkey are set to sign a free trade deal as soon as Tuesday, the U.K. trade ministry said Sunday, the first since Prime Minister Boris Johnson...

www.dailysabah.com

 

[mulj]

Central bank reserve announced.
91,8 billion $

https://twitter.com/i/web/status/1342478658175438855

what was the highest reserves?

 

[Saithan]

Turkey begins electricity export to Iraq - Latest News

Turkey, through its Energy Market Regulatory Authority (EMRA), begins electricity exports on Dec. 28 to Iraq through the Silopi-Zakho transmission line.

www.hurriyetdailynews.com

 

[Saithan]

Turkey to raise minimum wage by 21.56% in 2021 - Latest News

Turkey is raising its minimum wage by 21.56% as of Jan. 1, the country's family, labor and social services minister announced on Dec. 28.

www.hurriyetdailynews.com

Here it comes... Let's see how it's going to develop. Allah yardimcimiz olsun.

 

[Constan]

Turkey to raise minimum wage by 21.56% in 2021 - Latest News

Turkey is raising its minimum wage by 21.56% as of Jan. 1, the country's family, labor and social services minister announced on Dec. 28.

www.hurriyetdailynews.com

Here it comes... Let's see how it's going to develop. Allah yardimcimiz olsun.

this will not increase the inflation ?

 

[Saithan]

this will not increase the inflation ?

Well if inflation isn't decreased and price stability isn't secured then this will just keep going, thus a vicious cycle begins

So increasing minimum wage doesn't really help anything as long as you can't bring down the inflation.

You increase the minimum wage because the prices of products have increased, but look at it like this people can't buy what they used to be able to today compared to january 2020.

 

[mulj]

Well if inflation isn't decreased and price stability isn't secured then this will just keep going, thus a vicious cycle begins

So increasing minimum wage doesn't really help anything as long as you can't bring down the inflation.

You increase the minimum wage because the prices of products have increased, but look at it like this people can't buy what they used to be able to today compared to january 2020.

one side note at least it should improve macroeconomic balance and improve competitiveness.

 

[Huelague]

UK says to sign free trade deal with Turkey on Tuesday​

BY DAILY SABAH WITH REUTERS​

ISTANBUL ECONOMY
DEC 28, 2020 11:55 AM GMT+3

Britain's Secretary of State of International Trade and Minister for Women and Equalities Liz Truss is seen outside Downing Street, as the spread of the coronavirus disease (COVID-19) continues, in London, Britain, March 17, 2020. (Reuters Photo)


Britain and Turkey are set to sign a free trade deal on Tuesday, the U.K. trade ministry said on Sunday, the first since Prime Minister Boris Johnson secured a new trade agreement with the European Union.
The two nations will sign a deal that replicates the existing trading terms between Ankara and London, but British trade minister Liz Truss said that she was hopeful a bespoke deal between the countries could be struck soon.

“The deal we expect to sign this week locks in tariff-free trading arrangements and will help support our trading relationship. It will provide certainty for thousands of jobs across the UK in the manufacturing, automotive and steel industries,” Truss said in a statement.

“We now look forward to working with Turkey towards an ambitious tailor-made UK-Turkey trade agreement in the near future.”

The trading relationship was worth 18.6 billion pounds ($25.25 billion) in 2019, and Britain said it was the fifth biggest trade deal the trade ministry had negotiated after agreements with Japan, Canada, Switzerland and Norway.


Britain has now signed trade agreements with 62 countries ahead of the end of the Brexit transition period on Jan. 1, when it leaves the EU’s trading arrangements.

It clinched its narrow trade deal with the EU, its biggest trading partner, last week.

UK to sign free trade deal with Turkey this week

Britain and Turkey are set to sign a free trade deal as soon as Tuesday, the U.K. trade ministry said Sunday, the first since Prime Minister Boris Johnson...

www.dailysabah.com

Next step should be dealed with US and EU.

 

[Bogeyman]

https://twitter.com/i/web/status/1343293471554215940

 

[Cabatli_TR]

"From January to December 2020, Total export reached 160 billion $"

 

[Zafer]

"From January to December 2020, Total export reached 160 billion $"

Update: $166bn until 25th of December.

 

[KKF 2.0]

Erdogan: Turkey, UK to sign free trade deal on Tuesday

Turkey's President Recep Tayyip Erdogan says a new era will begin in 2021 for the both countries with this new trade agreement.

www.trtworld.com

 

[Glass🚬]

Update: $166bn until 25th of December.

need double of that. 166bn is little for a country the size of Turkey.

 

[Zafer]

need double of that. 166bn is little for a country the size of Turkey.

We are aiming $500bn in the short term to medium.

 

[Glass🚬]

We are aiming $500bn in the short term to medium.

Unlikely that this can be achieved in the short term but in the medium term we will see. The exports have to increase- one way another.

 

[Zafer]

Unlikely that this can be achieved in the short term but in the medium term we will see. The exports have to increase- one way another.

We need to make many unlikely things happen to achieve targets but we are known to make the unlikely things.
We will just work smarter and harder.

 

[KKF 2.0]

Btw, this FTA has some pretty good implications for JV in the defense sector, if you ask me.

 

[adenl]

Update: $166bn until 25th of December.

Even with the pandemic, it performed better than the previous years