The Central Bank of the Republic of Turkey (Türkiye Cumhuriyet Merkez Bankası) was founded in 1930, as a privileged joint-stock company. It possesses the sole right to issue notes. It also has the obligation to provide for the monetary requirements of the state agricultural and commercial enterprises. All foreign exchange transfers are exclusively handled by the central bank. The bank has 25 domestic branches, as well as branches in New York, London, Frankfurt, and Zurich.
Etiketler:
agricultural sector,
effect of the global financial crisis,
finacial sector,
in turkey,
turkey
Showing posts with label effect of the global financial crisis. Show all posts
Showing posts with label effect of the global financial crisis. Show all posts
Effect of the Global Financial Crisis (0)
Like many economies, the Turkish economy has been affected by the global financial crisis with its Finance Ministry reporting that Turkey's budget deficit swelled to 23.2 billion Turkish liras ($15 billion) in the first half of 2009, 13 times higher than a year earlier.[17]
Gross Domestic Product shrank by a record 13.8% in the first quarter between January 1 and March 31, 2009 (Q1 GDP 2009); which The Economist described as "putting Turkey among the economies worst hit by the global recession."[14] Between October 2008 and July 2009, an estimated 40,000 Turkish workers lost their jobs.[18]
The International Monetary Fund expects the Turkish economy to contract by 5.1%[14] in 2009, compared to the Turkish government estimate of 3.6%.[13]
However, The Economist also points out that:[14]
Yet in many ways Turkey has weathered the credit crunch better than other emerging economies. Partly thanks to tough regulation, not a single Turkish bank has gone under. That is also because, unlike many Western banks, they have few toxic assets and limited mortgage exposure. So the government has not had to divert public money into rescuing banks.
In 2009, the Turkish Government introduced various economic stimulus measures to reduce the impact of the financial crisis such as temporary tax cuts on automobiles, home appliances and housing. This resulted in the production of durable consumer goods increasing by 7.2% but automative production still fell.[19] Etiketler: effect of the global financial crisis, financial crisis, turkey
Gross Domestic Product shrank by a record 13.8% in the first quarter between January 1 and March 31, 2009 (Q1 GDP 2009); which The Economist described as "putting Turkey among the economies worst hit by the global recession."[14] Between October 2008 and July 2009, an estimated 40,000 Turkish workers lost their jobs.[18]
The International Monetary Fund expects the Turkish economy to contract by 5.1%[14] in 2009, compared to the Turkish government estimate of 3.6%.[13]
However, The Economist also points out that:[14]
Yet in many ways Turkey has weathered the credit crunch better than other emerging economies. Partly thanks to tough regulation, not a single Turkish bank has gone under. That is also because, unlike many Western banks, they have few toxic assets and limited mortgage exposure. So the government has not had to divert public money into rescuing banks.
In 2009, the Turkish Government introduced various economic stimulus measures to reduce the impact of the financial crisis such as temporary tax cuts on automobiles, home appliances and housing. This resulted in the production of durable consumer goods increasing by 7.2% but automative production still fell.[19] Etiketler: effect of the global financial crisis, financial crisis, turkey