Ozgur Altug News
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Turkey’s agreement to import lower- cost oil and gas from Iraq’s Kurdish region could help Prime Minister Recep Tayyip Erdogan cut the nation’s current-account deficit by more than a third.
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Economists are split on whether Turkish monetary policy is looser or tighter after central bank Governor Erdem Basci cut one of his three interest rates while saying he’d use an experimental tool to manage liquidity.
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Turkey is seeking to gain a foothold in northern Iraq’s energy industry, which would help it obtain oil and gas supplies and cut the current-account deficit.
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Turkish exports as a proportion of economic output are less than half the ratio of investment grade countries, BGC Partners said.
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Financial markets will welcome the re-election of Prime Minister Recep Tayyip Erdogan as positive for political stability, Ozgur Altug , chief economist at BGC Partners, said today in a telephone interview.
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Deniz Kalkan, a 32-year-old housewife in Istanbul, is ready to move her gold.
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Turkey’s stocks fell the most in 16 months as a credit rating upgrade anticipated by some analysts failed to materialize from Moody’s Investors Service.
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Turkey’s central bank kept its interest-rate corridor unchanged as it seeks to support the lira and slow inflation.
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Turkey’s lira is about 5 percent or 10 percent undervalued against a basket comprising the dollar and the euro, central bank Governor Erdem Basci said.
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Turkey’s budget surplus widened 34 percent to 1.4 billion liras ($780 million) in April as a dividend from the central bank more than offset growth in government spending.
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