Page 42 - TURKRptDec19

Following a $1bn swap deal with China agreed in June, prior to the Istanbul slap in the face for Erdogan, the central bank had $4bn in this account by September, according to its latest data.
Shorter term positions in currency swaps remain a mystery. There are unanswered inconsistencies on the central bank’s balance sheets, while some retroactive revisions employed in the “International Reserves/Foreign Currency Liquidity” data in response to ‘friendly’ warnings have made it even harder to chase up Turkey’s monetary policy quacks and quackeries.
5.3​ FDI
TURKEY -FDI
2013
2014
2015
2016
2017
2018
Jan-Sep
FDI Net (BoP)
9,927
6,287
14,178
10,812
8,845
9,407
4,291
FDI net inflows (BoP)
13,563
13,337
19,274
13,950
11,546
13,044
6,294
FDI net inflows (% of GDP)
1.43
1.43
2.24
1.62
1.36
1.69
-
FDI net outflows (% of GDP)
0.38
0.75
0.59
0.36
0.32
0.48
-
Turkish lender Yapı Kredi Bankasi (YKB), owned by Koc Holding and Italy’s UniCredit, is to have a new shareholding structure in which UniCredit’s stake will fall to below 32%​, the shareholders have announced.
Under the deal, announced on November 30, Koc Holding will acquire UniCredit's 50% stake in Koc Finansal Hizmetler (KSF), which currently owns around 80% of Yapi Kredi, Turkey’s third largest bank by assets. Koc, thus, will become the sole owner of KFS. But KFS will simultaneously sell 31.93% and 9.02% stakes in YKB to UniCredit and Koc Holding, respectively.
As a result, UniCredit will own a direct 31.93% stake in YKB.
“Koc Holding and its related shareholders will cumulatively hold direct and indirect stakes in YKB of 49.99 percent of which 40.95% indirectly via KFS and 9.04% directly,” a statement from UniCredit added.
The remaining 18% stake in YKB will remain in free-float on the Borsa Istanbul. In a filing with Borsa Istanbul, Koc Holding said it would pay Turkish lira 6.42bn
42​ TURKEY Country Report​ December 2019 ​ ​www.intellinews.com