Page 58 - bne_November 2018_20181105

58 I New Europe in Numbers bne November 2018
Motor Vehicle Sales in Turkey
Vehicle sales in Turkey expected to fall 39% y/y in 2018 says automotive association
Total vehicle sales in Turkey are expected to decline by 39% y/y to 600,000 units in 2018, Hayri Erce, general director of the Turkish Automotive Distributors’ Association (ODD), said on October 17.
Domestic vehicle sales are expected to decline further to 450,000 units in 2019, Ali Bilaloglu, chairman of ODD, said.
Producers and consumers are under pressure in Turkey as the country, beset by a currency crisis that analysts fear could morph into a debt crisis, slips towards what could be a deep recession.
Shares in little-known development bank skyrocket as investors anticipate big role amid Turkey’s economic turmoil
Shares in little-known Turkish state-owned development bank Turkiye Kalkinma Bankasi (TKB) have clocked up a gain of 863% since Treasury and Finance Minister Berat Albayrak said on September 20 that the lender is to be restructured with an expanded mandate.
Exactly how the bank will be used to bolster growth amid Turkey’s economic turmoil is not yet clear, but the TKB share price skyrocketed from TRY6.67 on September 20 at the close to TRY50.60 on October 10 as of 15:00 local time.
Russia Inc is more profitable than in 2008 and heading for a record-breaking current account surplus
What a difference a year makes. Russia was facing the prospect of a double deficit last year when the balance of trade surplus very briefly went into the red, but this year thanks to rising oil prices it is on course to turn in a record current account surplus north of $100bn.
The Central Bank of Russia (CBR) reported that the current account surplus reached a whopping $75.8bn in 9M18, up from $19.7bn in 9M17, and $49.4bn in the first half of 2018, implying a surplus of $26bn in the third quarter of the year. The trade surplus reached $136.3bn in 9M18, while capital outflows from the private sector came in at $31.9bn, with $19.2bn of outflows registered in the third quarter. The combined out- flow from the private and public sectors reached $40.2bn over 9M18.
Ukraine's currency reserves back up to $18.1bn, over three months of import cover
Ukraine’s gross international reserves (GIR) increased by 0.6% in October to $16.737bn as of November 1, according to the National Bank of Ukraine (NBU). And that result does not take into account the place- ment of a $2bn Eurobond by the ministry of finance on October 25, which came on the back of a new agreement with the country’s most important donor, the International Monetary Fund (IMF).
"Thanks to the funds from [the Eurobond] placement, as of November 5 Ukraine's international reserves rose to $18.069bn, which corresponds to three months of future imports," the NBU said.
TKB (KLNMA) Share Price
Russia Current account BPM6 $mn
Ukraine gross int reserves ($mn; gold incl)
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