Economy

Credit ratings agency Fitch has upgraded the outlooks of 20 Turkish banks to stable from negative. The move follows a similar upgrade of the outlook on Turkey’s long-term issuer default ratings to stable from negative on Nov. 1, Fitch said in a statement on Tuesday. Fitch also affirmed the ratings of those banks’ financial subsidiaries driven by institutional support, while revising their outlooks to stable. “The actions reflect reduced downside risks to the sovereign’s ability Read More

The new mega-Istanbul Airport hosted 5.2 million passengers in May, a 10.5% increase compared to the first quarter of this year. The airport welcomed 4.7 million passengers and 29,492 planes in the January-April period. The total number of flights increased by 21% compared to the first quarter of this year. The airport hosted nearly 10 million passengers in the first five months of the year. Nearly 75% of total passengers – over 7.4 million — Read More

Indian firms should consider Turkey as base for Commonwealth of Independent States, Middle East, says head of business body It is a right time for Indian companies to invest in Turkey, said head of an Indian business body. “[Turkey’s] location is the biggest advantage [for investors]. We also have currency advantage,” Manpreet Singh, the president of the Indian Chamber of International Business, told Anadolu Agency. Highlighting Turkey’s geographical location, Singh said Indian companies should consider Read More

The European Bank for Reconstruction and Development (EBRD) believes on the long-term development of Turkey, according to the bank’s managing director in Turkey. Noting that the EBRD has been operating in Turkey since 2009, Arvid Tuerkner said Turkish market is the “largest investment envelope.” “Since 2009, Turkey has really been a success story for the EBRD,” Tuerkner said. He stressed that 96 percent of the bank’s investments in Turkey were made in private sector. Tuerkner Read More

Turkish companies produced 14 sub-systems for T625 helicopters All sub-systems of Turkey’s first indigenous helicopter T625 were designed by various Turkish companies within the scope of the Original Helicopter Program, which details the project. In the development period, 14 sub-systems were produced in Turkey, while they are aiming to locally produce other systems when mass production of the helicopter begins. Following its maiden flight on Sept. 6 in capital Ankara, Temel Kotil, head of the Read More

The number of immigrants in Turkey rose 22.4 percent reaching 466,333 in 2017, compared to previous year, Turkish Statistical Institute (TurkStat) announced on Wednesday. 52.3 percent of migrated people were men and 47.7 percent were women in 2017, TurkStat said. 26.6 percent of all immigrants were comprised of Iraqi citizens, 10.4 percent Afghans, 7.7 percent Syrians, 5.7 percent Azerbaijanis and 5.6 percent were citizens of Turkmenistan, it added. “In 2017, it was seen that 12.3 Read More