turkey – Muhasebe News https://www.muhasebenews.com Muhasebe News Fri, 30 Jul 2021 09:17:18 +0000 en-US hourly 1 https://wordpress.org/?v=6.3.3 EY Report Marks Turkey One of the Largest Investment Destinations in Europe https://www.muhasebenews.com/en/ey-report-marks-turkey-one-of-the-largest-investment-destinations-in-europe/ https://www.muhasebenews.com/en/ey-report-marks-turkey-one-of-the-largest-investment-destinations-in-europe/#respond Fri, 30 Jul 2021 09:17:18 +0000 https://www.muhasebenews.com/?p=113063 ​​​​Consulting firm Ernst & Young’s (EY) recent “EY Attractiveness Survey Europe June 2021,” report revealed that despite the 13 percent decline in the number of FDI projects in Europe, stemming from the turbulence and uncertainty caused by COVID-19, the number of FDI projects in Turkey increased 18 percent in 2020, making the country one of the largest investment destinations in Europe.

According to the report, Turkey is one of the largest investment destinations, which increased its share in Europe along with Switzerland, Finland and Sweden.

In the meantime, Turkey has become the 2nd largest destination in Europe for manufacturing with 153 projects, while manufacturing investments in Europe fell 22 percent due to supply chain disruption and uncertain demand.

The report also reveals that Turkey grew to be the second most preferred investment location for the chemical industry in Europe, at a time when European countries had to contend with a 5 percent decline in total.

Source: Republic of Turkey Investment Office
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]]> https://www.muhasebenews.com/en/ey-report-marks-turkey-one-of-the-largest-investment-destinations-in-europe/feed/ 0 Turkey’s Exports Hit USD 18.76 Billion in April 2021 https://www.muhasebenews.com/en/turkeys-exports-hit-usd-18-76-billion-in-april-2021/ https://www.muhasebenews.com/en/turkeys-exports-hit-usd-18-76-billion-in-april-2021/#respond Tue, 04 May 2021 11:27:53 +0000 https://www.muhasebenews.com/?p=108737

​​Minister of Trade Mehmet Muş unveiled Turkey’s April 2021 foreign trade statistics on May 3.

Accordingly, Turkey’s exports rose 109.02 percent year-on-year in April 2021, reaching USD 18.76 billion -all-time April high-. Exports in the January-April 2021 period also rose 33.1 percent when compared to the same period of the previous year reaching USD 68.75 billion. Turkey’s foreign trade volume witnessed an increase of 80.37 percent in April and 25.47 percent in the first four months of the year, reaching USD 40.65 billion and USD 151.66 billion respectively. Meanwhile, foreign trade deficit in April 2021 receded by 31.9 percent to USD 3.1 billion from USD 4.6 billion in April 2020.

Increase in April 2021 exports was mainly driven by the exports of motor vehicles with USD 2.1 billion, machinery with USD 1.87 billion and iron & steel with USD 1.28 billion.

Germany was the top export destination for Turkey in April with USD 1.65 billion, followed by the US with USD 1.18 billion and the UK with USD 1.03 billion.

The number of exporting companies in Turkey, which stood at 30,112 in April 2020, increased by 49.4 percent reaching 44,988 in April 2021.​

Source: Republic of Turkey Investment Office
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

]]> https://www.muhasebenews.com/en/turkeys-exports-hit-usd-18-76-billion-in-april-2021/feed/ 0 Turkey to Emerge as Robust Global Actor in Pandemic’s Wake https://www.muhasebenews.com/en/turkey-to-emerge-as-robust-global-actor-in-pandemics-wake/ https://www.muhasebenews.com/en/turkey-to-emerge-as-robust-global-actor-in-pandemics-wake/#respond Fri, 18 Dec 2020 10:00:36 +0000 https://www.muhasebenews.com/?p=98954 ​“We are strong-willed to push Turkey forward in the post-COVID-19 era as a global actor with a potential for booming and a competitive edge,” stated President Recep Tayyip Erdoğan in his remarks at the press conference following the Presidential Cabinet Meeting held on December 14.

Sharing his insights into Turkey’s economy in the aftermath of the pandemic, President Erdoğan said that Turkey has not yet risen to the level it deserves. “It is our aim to uplift our country to the level it is supposed to be during the global, political and economic restructuring process triggered by the pandemic. Turkey, with its numerous advantages, outshines many other countries. We approach our economy not only by looking at the current picture, but also by paying attention to this great potential before us,” he explained.
The government is taking all precautions by foreseeing all possible scenarios, President Erdoğan added. He also stated Turkey distinguishes itself as an advantageous investment destination. “We are reforming all Turkey’s policies with the aim of becoming a leader in the post-pandemic era. With its production diversity, logistical capabilities, strong supply chain, incentives and dynamic workforce, Turkey has become a location which will not disappoint those who invest in it. We are looking for the ways to attract more foreign direct investments into Turkey and we are trying to lay the grounds for that,” President Erdoğan said.
President Erdoğan concluded his speech with the guarantee that Turkey is open to all constructive contributions – including administrative and legal reform proposals –​ which will improve Turkey’s investment environment, enhance predictability, eliminate hesitations to invest in the country.

Source: Republic of Turkey Investment Office
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

]]> https://www.muhasebenews.com/en/turkey-to-emerge-as-robust-global-actor-in-pandemics-wake/feed/ 0 October Exports Hit Record of All Times in Turkey https://www.muhasebenews.com/en/october-exports-hit-record-of-all-times-in-turkey/ https://www.muhasebenews.com/en/october-exports-hit-record-of-all-times-in-turkey/#respond Thu, 05 Nov 2020 10:05:22 +0000 https://www.muhasebenews.com/?p=95764 ​​​​“Turkey hit the highest monthly export volume in October with USD 17.3 billion,” said Minister of Treasury and Finance Berat Albayrak in a statement on November 2.

Commenting on the latest export figures, Minister Albayrak said Turkey’s exports increased by 5.6 percent in October 2020, according to general trade system. “We are entering a new era in which exports are rising and current account balance is maintained,” he added.
October figures also unveiled that export/import coverage ratio in Turkey reached 95.3 percent excluding gold.​​

Source: Investment Office
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

]]> https://www.muhasebenews.com/en/october-exports-hit-record-of-all-times-in-turkey/feed/ 0 Turkey incentivizes TRY 18,3 billion worth of investments in August 2020 https://www.muhasebenews.com/en/turkey-incentivizes-try-183-billion-worth-of-investments-in-august-2020/ https://www.muhasebenews.com/en/turkey-incentivizes-try-183-billion-worth-of-investments-in-august-2020/#respond Mon, 19 Oct 2020 11:00:32 +0000 https://www.muhasebenews.com/?p=94547 Turkey Incentivizes TRY 18,3 Billion Worth of Investments
​​“We have issued TRY 18,3 billion worth of investment incentives in August, paving the way for new job opportunities for 28,411 citizens,” Minister of Industry and Technology Mustafa Varank announced on October 12.
In his statement, Minister Varank provided detailed information on the results of Turkey’s investment incentives in the first 8 months of 2020. Accordingly, compared to the same period of 2019, the first 8 months of 2020 saw the number of incentive certificates rise by 98 percent, projected employment by 54 percent and fixed investments by 32 percent.
Among all the investments decided to be made, 57 percent were in the manufacturing sector, 24 percent in the energy sector, 16 percent in the services sector, 2 percent in the agriculture sector, and 1 percent in the mining sector.​

Source: Republic of Turkey Investment Office
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

]]> https://www.muhasebenews.com/en/turkey-incentivizes-try-183-billion-worth-of-investments-in-august-2020/feed/ 0 Hen egg production in Turkey decreased by 1.9% in April 2020 https://www.muhasebenews.com/en/hen-egg-production-in-turkey-decreased-by-1-9-in-april-2020/ https://www.muhasebenews.com/en/hen-egg-production-in-turkey-decreased-by-1-9-in-april-2020/#respond Thu, 11 Jun 2020 09:15:40 +0000 https://www.muhasebenews.com/?p=86423 Poultry Production, April 2020 in Turkey

Number of the slaughtered chicken increased by 6.2%, chicken meat production increased by 4.7%, hen egg production decreased by 1.9%, and turkey meat production decreased by 12.2% in April compared with the same month of the previous year. Chicken meat production increased by 7.9%, number of the slaughtered chicken increased by 7.3%, hen egg production increased by 0.4%, and turkey meat production decreased by 1.3% in January-April period compared with the same period of the previous year.

Poultry production, April 2020
Chicken meat production decreased by 2.2% in April compared with the previous month, and realized as 187 thousand 459 tonnes.
Chicken meat production, April 2020
Number of the slaughtered chicken decreased by 3.5% in April compared with the previous month, and realized as 106 million 438 thousand units.
Number of the slaughtered chicken, April 2020
Hen egg production decreased by 2.5% in April compared with the previous month, and realized as 1.6 billion units.
Hen egg production, April 2020
Turkey meat production decreased by 21.3% in April compared with the previous month, and realized as 4 thousand 5 tonnes.
Turkey meat production, April 2020
The next release on this subject will be on July 16, 2020.

Source: TurkStat
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

]]> https://www.muhasebenews.com/en/hen-egg-production-in-turkey-decreased-by-1-9-in-april-2020/feed/ 0 OECD: How’s Life in Turkey? https://www.muhasebenews.com/en/oecd-hows-life-in-turkey/ https://www.muhasebenews.com/en/oecd-hows-life-in-turkey/#respond Mon, 06 Apr 2020 13:00:08 +0000 https://www.muhasebenews.com/?p=81667

Source: OECD Database – Link: http://www.oecd.org/turkey/
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

]]> https://www.muhasebenews.com/en/oecd-hows-life-in-turkey/feed/ 0 Monthly maximum overdue interest rate will be 1.55% for the Turkish Lira https://www.muhasebenews.com/en/monthly-maximum-overdue-interest-rate-will-be-1-55-for-the-turkish-lira/ https://www.muhasebenews.com/en/monthly-maximum-overdue-interest-rate-will-be-1-55-for-the-turkish-lira/#respond Mon, 30 Mar 2020 12:30:38 +0000 https://www.muhasebenews.com/?p=81008 Press Release on Maximum Interest Rate for Credit Cards

To be effective from 1 April 2020, the monthly maximum contractual interest rate for credit card borrowings will be 1.25% for the Turkish lira and 1.00% for foreign exchange transactions, whereas the monthly maximum overdue interest rate will be 1.55% for the Turkish lira and 1.30 % for foreign exchange transactions.

Maximum interest rates for credit cards will no more be announced for three-month periods, but will remain in effect until the introduction of any change.

The CBRT advises credit card holders with short-term credit needs to seek a consumer loan rather than borrowing on personal credit cards, by taking into account factors such as pricing and maturity.

Source: Central Bank of Republic of Turkey / link: https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN/Main+Menu/Announcements/Press+Releases/2020/ANO2020-20
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

]]> https://www.muhasebenews.com/en/monthly-maximum-overdue-interest-rate-will-be-1-55-for-the-turkish-lira/feed/ 0 Solar Energy in Turkey https://www.muhasebenews.com/en/solar-energy-in-turkey/ https://www.muhasebenews.com/en/solar-energy-in-turkey/#respond Fri, 27 Mar 2020 13:30:33 +0000 https://www.muhasebenews.com/?p=80796 Solar energy is a renewable energy resource with features such as convenience of installation and utilization, not polluting the environment and not creating hazardous waste.

According to the Solar Energy Map (SEM) of Turkey prepared by Ministary of Energy and Natural Resources, it has been determined that the total annual insolation time is 2,741 hours (a total of 7,5 hours per day), and the total solar energy derived per year is 1,527 kWh/m2 per year (total 4,18 kWh/m2 per day).

Nowadays, two different technologies used very different forms and areas for production electrical energy from solar energy. Though solar energy technologies vary in terms of method, material and technological level, they can be divided in two major groups:

Photovoltaic Technology: Semi-conducting materials, which are also known as photovoltaic solar energy systems, convert the sunlight directly into electricity.

Photo-emissive Solar Technologies and Concentrated Solar Power (CSP): In this system heat is obtained from solar energy, and can be used either directly or in the generation of electricity.

Within the scope of Re-Zone competition which made tender in 20/03/2017, construction of a 1,000 MWe capacity solar power plant in Konya-Karapınar that will be one of the world’s largest solar power plants is proceeded. Moreover, the establishment of a factory where solar modules will be produced 60% local which will be used in the solar power plant and the establishment of R&D center be carried out in the field of solar energy is proceeded.

Source: Ministry of Energy and Natural Resources / link: https://www.enerji.gov.tr/en-US/Pages/Solar
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

]]> https://www.muhasebenews.com/en/solar-energy-in-turkey/feed/ 0 Foreign currency reserves in Turkey increased by 3.2% https://www.muhasebenews.com/en/foreign-currency-reserves-in-turkey-increased-by-3-2/ https://www.muhasebenews.com/en/foreign-currency-reserves-in-turkey-increased-by-3-2/#respond Fri, 27 Mar 2020 12:30:36 +0000 https://www.muhasebenews.com/?p=80794 International Reserves/Foreign Currency Liquidity Developments – February 2020
  • Official Reserve Assets recorded USD 107.7 billion indicating 5.1 percent increase compared to the previous month. As regards to sub-items, foreign currency reserves increased by 3.2 percent to USD 75.8 billion, while gold reserves increased by 10.5 percent to USD 30.4 billion.
  • Short term predetermined net drains of the Central Government and the CBRT (foreign currency loans, securities, FX deposit liabilities) increased by 6.4 percent to USD 18.1 billion on net basis, of which USD 13.2 billion in principal repayments and USD 4.9 billion in interest repayments. Additionally, outstanding FX and gold liabilities arising from the CBRT’s financial derivative activities with resident and non-resident banks indicated USD 26.9 billion, of which USD 19.9 billion is due in one month.
  • Contingent short-term net drains on foreign currency consists of “collateral guarantees on debt due within one year” and “other contingent liabilities (“Banking Sector’s Required Reserves in Blocked Accounts in Foreign Currency and Gold” and “Letters of Credit” items in the CBRT’s balance sheet). These liabilities increased by 2.3 percent to USD 36.7 billion compared to the previous month.

Source: Central Bank of Republic of Turkey / link: https://www.tcmb.gov.tr/wps/wcm/connect/en/tcmb+en/main+menu/statistics/balance+of+payments+and+related+statistics/international+reserves-foreign+currency+liquidity
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither MuhasebeNews nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.

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