Page 5 - TURKRptSept19

on August 26.
Turkish public lenders managed to take control of the local currency following the ‘flash crash’, while the Erdogan administration was working to convince Turks that there was nothing to make a fuss about.
Turks fear a repeat of last summer’s lira crisis when the currency sank into the 7.20s.
Spot gold traded at $1,531.45 an ounce on August 27 after touching $1,555.07 the previous day, the highest in more than six years. The metal has surged 19% this year.
Central bank introduces additional measures to support lira by making it more costly to hold forex.
Turks’ FX deposits hit fresh record.
Turkey ‘received June inflow of $1bn from China under swap agreement’. The amount is far from replacing Turkey’s Western financers.
Turkish central bank taking part in major gold-buying spree that is set to persist.
“Another state bank credit expansion is underway in Turkey”
Turkey’s private banks under growing government pressure to boost lending. The Turkish central bank has simultaneously cut reserve requirements and hiked interest rates it pays on required reserves for lenders that achieve loan growth of between 10-20%.
Incentives designed to push Turkish banks to lend more not a near-term threat says Fitch.
Dogus Group reached a verbal agreement in provisional talks with banks on restructuring a €1.02bn loan secured for the Galataport project.
Turkish billionaire Sahenk’s Dogus Holding shedding up to €800mn in assets amid debt restructuring.
NPLs in Turkey’s tourism industry rise as costs increase, revenues stagnate.
Turkey completes August domestic debt auctions, raises TRY8.4bn at lower costs.
“The Turkish Treasury has been borrowing unlawfully since July”.
Treasury has cut its borrowing plans for September-November after receiving TRY41bn worth of transfers from the central bank in July and August.
Central government budget posted a surplus in July thanks to the TRY22bn the central bank transferred to the Treasury.
Poll ahead of Turkey’s Sept 2 second-quarter GDP data sees contraction of 2% y/y.
First annual current account surplus since 2002 for Turkey but size of monthly deficit a surprise.
Business and consumer sentiment remains weak.
Seasonally adjusted unemployment rate hit the highest level ever officially recorded.
5 TURKEY Country Report September 2019 www.intellinews.com