Bloomberg – More stories by Ercan Ersoy – Feb 5, 11:03 PM
The Turkish government transferred its holdings in the country’s biggest bank by assets and phone company to a new sovereign-wealth fund created to finance large infrastructure projects. The treasury’s stake in TC Ziraat Bankasi AS, oil and gas
Turkey has transferred stakes worth billions of dollars in Ziraat Bank, the Borsa Istanbul stock exchange, Turkish Airlines and state-owned pipeline operator BOTAŞ, among others, to a new sovereign wealth fund, in a bid to help finance giant infrastructure projects
Turkey’s foreign trade deficit declined to $56 billion last year amid low oil prices and a slowdown in economic activity.
Turkey’s tourism revenue dropped to $22.1 billion in 2016, a 29.7 percent decrease compared to 2015, as the number of foreign arrivals to the country witnessed a dramatic plunge, official data showed Jan. 31
Turkey’s government is set to establish a new credit guarantee fund for tradespeople and craftspeople to gain easier access to financing, Deputy Prime Minister Mehmet Şimşek has said.
Turkey’s Central Bank bank governor signaled on Jan. 31 that its unorthodox steps to manage sharp falls in the Turkish Lira were working and would continue until the inflation outlook shows a significant improvement.
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