The banking sector looked to be starting a maturing process in 2013 as it continued to record solid growth without overheating. Amid abundant global liquidity, a moderate revival of global growth and improving domestic confidence, lending grew at an annualised rate of 16% in the first two months of 2013, roughly matching the pace of growth in...
Many have hailed Turkey’s notable development performance over the past decade, and for good reason. The country averaged 5.1% growth between 2003 and 2012, one of the highest rates in the world. This was accompanied by drops in joblessness and poverty, as well as gains in school enrolment, home-ownership and life expectancy.
Restrained by a cautious central bank governor and chastened by rising non-performing loans (NPLs) in the consumer segment, Turkish banks are maintaining a relatively moderate pace of lending growth in 2013. Although global financial conditions loosened dramatically in late 2012 and early 2013, Turkish banks were expected to increase loans by 15...
For decades, when Turks spoke of their relationship with Kurds in the south-east of Turkey, the topic was usually terrorist bombings, or youthful years spent manning a military outpost on a remote mountainside in sub-zero temperatures. In 2013, the topics are the potential for resolution talks to bring about an investment upgrade, the big oil...
Prime Minister Recep Tayyip Erdoğan’s government is undertaking a bold resolution process that could remake domestic politics and enhance its foreign policy clout When the bodies of three ex-members of the outlawed Kurdistan Workers Party (PKK) were found in a Paris office, the real target appeared to be a fledgling resolution process thousands...
Monetary policy is not as simple or predictable as it used to be anywhere, but Turkey’s central bank governor, Erdem Başç›, is breaking new ground in making things more complicated and keeping people guessing. Since being promoted from deputy governor in 2011, Başç› has been alternately criticised and applauded for the innovative and often...
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