Foreign powers agreed at a summit in Berlin on January 19 to try to solidify the unstable truce in Libya between the internationally recognised government, which is backed by Turkey, and the self-styled Libyan National Army (LNA) forces of warlord Kh
Analysts warn of signs that the credit-fuelling of a strong economic rebound is already causing a fresh build-up of macroeconomic imbalances.
Turkish president angered that general departed Moscow without signing brokered ceasefire agreement.
Year saw Turkish vehicle makers export 86% of production. Exports were down 5% and output was reduced by 6%.
October figures show economic recovery starting to cut the number of jobless.
CEESE had a good year in 2019, with the economies in the region buoyed by increasing domestic consumption and capital spending that allowed the region to decouple from western Europe.
IIF sees capital markets awash in abundant central bank liquidity and disconnect from political risk. Catalyst for Turkish equity outperformance is banks’ upbeat forecasts. But lenders fear the regime, their views seem “Panglossian” says analyst.
Survey also shows 87% of consumers make point of comparing prices at supermarkets before heading to shops. Figure is up from 72% a year ago.
2019 was a decent year for bond issues in Central and Eastern Europe, but still behind the vintage year of 2017.
Backlog of Turkish contract work in conflict-torn country amounts to $16bn says business council representative. Ankara militarily backing Tripoli government in bid to ensure its survival.
Confidence said to be growing among issuers after US-Iran crisis made for a slow start to CEEMEA bond issuance.
Not a lot to choose between Turkey's two largest private banks but mismanagement of economy means there are reservations about both, says analyst.
Vakifbank, meanwhile, has approval to issue €1bn of mortgage-backed securities abroad and to recall $500mn of 10-year subordinated (Tier II) eurobonds.
The Caucasus states are now looking on nervously after the assassination of iconic Iranian general and Commander-in-Chief of the elite Quds Forces Qassem Soleimani as a regional war would be devastating
Erdogan still pulling off delicate balancing act keeping both Putin and Trump as allies. Latter has curious Istanbul business interests. EU, meanwhile, too engaged with its own urgent matters to spend much time on the Turkish thorn in its side.
Punishing recession after currency crisis suppressed imports causing ultra-intensive rebalancing. But economy faces heavy weight of maturing external debt. Deteriorating global outlook a further danger to recovery.
‘Erdoganomics’ foretells inflation and rates in the single digits. It all seems too good to be true. Can the lira really take the strain? Steam has been seen coming out of the government financing and budget engine rooms.
Make no mistake, the economic situation faced by ordinary Turks is wretched. Erdogan has reached for the sugar of cheaper money. The sheer pace of monetary easing has set off alarm bells at the IMF.
A failure to rebuild economic credibility could prove fatal for Turkish strongman Erdogan but this wily operator will meanwhile do all he can to distract the electorate with other issues.