How was Turkey's economy this week?
Last week, Turkey's economic focus was on Moody's decision and an investor day event, while global markets were attuned to inflation data from the United States.
The Istanbul Metropolitan Municipality's Transportation Coordination Center (UKOME) decided in January to raise taxi and shuttle service fares by 28.09% and public transportation fares by 18% in Istanbul. Taxi fares now start at 90 TL, and the monthly student pass has increased to 250 TL.
BOFA's Report Highlights Turkish Banks
Bank of America reported a significant increase in investor interest in Turkey, particularly in Turkish banks, following a period of disconnection. BofA recommended 'BUY' for major banks including Akbank, Garanti, İş Bankası, and Yapı Kredi.
Oil Prices: 2024 Outlook
This year, Brent crude oil prices are projected to fluctuate between $70 and $90 per barrel, influenced by supply and demand dynamics and decreasing global economic risks.
TurkStat Announces November Unemployment Figures
Turkey's unemployment rate in November 2023 rose to 9%, up 0.4 percentage points from the previous month. The rate stood at 7.5% for men and 11.8% for women.
Increased Rental Assistance in Urban Transformation
The Ministry of Environment, Urbanization, and Climate Change announced an increase in rental assistance for 2024's urban transformation projects. In Istanbul, rental support has risen from 3,500 TL to 5,500 TL; in Ankara, Antalya, Bursa, and Izmir, it increased from 3,000 TL to 4,500 TL.
SEC Approves Bitcoin ETFs
In a significant development in the cryptocurrency market, the U.S. Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs.
Dollar Surpasses Critical Threshold Against Turkish Lira
The U.S. dollar surpassed the critical level of 30 TL, marking an all-time high against the Turkish Lira.
U.S. Inflation Surpasses Expectations
U.S. inflation in December 2023 rose faster than expected, complicating the market's anticipation of imminent interest rate cuts by the Federal Reserve. The annual CPI rose by 3.4%, the highest in three months, while the monthly increase of 0.3% exceeded the 0.2% forecast.
