While some peers have struggled following the global economic crisis, Turkey’s banks have grown rapidly in recent years. Moreover, they remain healthy, liquid and well capitalised. Profits declined in 2011, particularly at the larger banks, as interest margins fell due to competition for loans and increased funding costs. However, there is still...
The expansionary monetary policies which were adopted by central banks of developed countries to contain the impact of the global financial crisis had significant reverberations on developing economies. The Turkish economy was no exception in this regard. During this period, the availability of ample low-cost and short-term foreign financing led...
How did the government perform in fiscal terms during 2011, and what steps have been taken to reduce the trade deficit? ŞİMŞEK: On the fiscal front, our core achievements since 2002 have been a significant reduction in debt and the deficit. We lowered the general government deficit from 10.8% of GDP in 2002 to 0.6% in 2011. Similarly...
After outperforming many of its peers in 2010, the İMKB Borsa Istanbul (İMKB), had a challenging year in 2011. While bourses in many emerging markets declined, Turkey was particularly hard hit, mostly due to its weakening currency and the country’s exposure to the eurozone. Capital markets in Turkey remain among the most liquid in the region but are...
The corporate scandals in global markets over recent years and institutional investors’ power to lead companies have made corporate governance principles a substantial and noteworthy investment criteria. This is especially true for developing countries, due to concerns over distinguishing the company’s ownership and management, independent...
THE COMPANY: In 2011 the central bank’s macro-prudential policy measures utilised tools that directly and adversely affected Turkish banks. However, the tightening should lessen in 2012 as we foresee growth concerns surfacing and supportive macro data. Accompanied by improving global risk appetite and...
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