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World Bank Support of 600 Million Dollars to Turkey. 🌐🇹🇷
Significant support from the World Bank for Turkey, which is combating the effects of climate change! The Flood and Drought Management Project, which will be implemented with $600 million in financing, aims to increase Turkey's resilience against disasters.
📍Project Objectives:
🔹Protecting 150,000 people against flood risks
🔹Providing drought monitoring data to 10,000 farmers
🔹Strengthening flood control infrastructure
🔹Preventing floods with nature-friendly solutions
🔹Reducing loss of life and property with early warning systems
🔹Expanding the drought monitoring system
🔹Increasing the capacity of relevant institutions
📍The World Bank Stands with Turkey!
Humberto Lopez, World Bank Country Director for Turkey, stated that Turkey is taking determined steps in combating climate change and expressed his belief that this project will enhance the country's resilience. The project will also contribute to Turkey's goal of reaching carbon neutrality by 2053.
📍Where Will It Be Implemented?
The project will be carried out in the Northern Aegean, Eastern Black Sea, Kızılırmak, Büyük Menderes, Western Mediterranean, Eastern Mediterranean, and Western Black Sea basins. The drought monitoring system, which will start in the Ceyhan basin, will be expanded to other regions.
📍For a Safer Future!
The Flood and Drought Management Project will not only provide protection against disasters but also support agricultural production, contributing to economic development. With this project, Turkey is taking a step towards a more resilient future against climate change.
#WorldBank #Turkey #türkiye #MiCA #Megadrop
Significant support from the World Bank for Turkey, which is combating the effects of climate change! The Flood and Drought Management Project, which will be implemented with $600 million in financing, aims to increase Turkey's resilience against disasters.
📍Project Objectives:
🔹Protecting 150,000 people against flood risks
🔹Providing drought monitoring data to 10,000 farmers
🔹Strengthening flood control infrastructure
🔹Preventing floods with nature-friendly solutions
🔹Reducing loss of life and property with early warning systems
🔹Expanding the drought monitoring system
🔹Increasing the capacity of relevant institutions
📍The World Bank Stands with Turkey!
Humberto Lopez, World Bank Country Director for Turkey, stated that Turkey is taking determined steps in combating climate change and expressed his belief that this project will enhance the country's resilience. The project will also contribute to Turkey's goal of reaching carbon neutrality by 2053.
📍Where Will It Be Implemented?
The project will be carried out in the Northern Aegean, Eastern Black Sea, Kızılırmak, Büyük Menderes, Western Mediterranean, Eastern Mediterranean, and Western Black Sea basins. The drought monitoring system, which will start in the Ceyhan basin, will be expanded to other regions.
📍For a Safer Future!
The Flood and Drought Management Project will not only provide protection against disasters but also support agricultural production, contributing to economic development. With this project, Turkey is taking a step towards a more resilient future against climate change.
#WorldBank #Turkey #türkiye #MiCA #Megadrop
Turkish Grand National Assembly passed a bill regulating crypto assets, making it law.
The amendments to the Capital Markets Law, adopted by the Grand National Assembly of Turkey (TBMM) General Assembly, bring new breath to the world of crypto assets. The law clearly defines wallet and crypto asset concepts while expanding the powers of the Capital Markets Board (SPK).
🪙 Summary of the New Regulations:
🔹Technology-Focused Management: Crypto service providers must have the technological infrastructure and information systems determined by TÜBİTAK before starting their activities.🔹Cooperation with the Banking Sector: SPK will cooperate with the Banking Regulation and Supervision Agency (BDDK) on regulations concerning the banking sector.🔹 Investor Security: Crypto assets will not be subject to investor compensation provisions.* Audit and Transparency: The financial and information systems of crypto service providers will be audited by independent audit institutions determined by SPK.🔹 Rapid Intervention: SPK will be able to temporarily suspend the activities of crypto service providers in certain situations.🔹 Activities on the Internet: SPK will have the authority to remove content or block access against unauthorized capital market activities.🔹 Compliance with Legal Requests: Legal requests regarding cash and crypto assets belonging to customers will be fulfilled by crypto service providers.
🪙 Deterrent Penalties and New Revenue Models:
🔹 Severe Penalties: Unauthorized crypto service providers may face 3-5 years in prison and judicial fines of 5,000-10,000 days.🔹 Revenue Sharing: 1% of the annual revenue of platforms will be transferred to SPK, and another 1% to TÜBİTAK.🔹 Embezzlement Crime: Those committing embezzlement will be punished with 8-14 years in prison and a judicial fine of 5,000 days.
🪙 Responsibilities Brought by the New Regulations:
🔹 Activity Permission and Liquidation: Crypto service providers must take the necessary steps within certain periods to obtain operating permission or initiate the liquidation process.🔹 Overseas Activities: Crypto service providers based abroad must terminate their activities in Turkey within three months of the law's enactment.
#SPK #TCMB #türkiye #Turkey #TurkeyCryptoLaw
🪙 Summary of the New Regulations:
🔹Technology-Focused Management: Crypto service providers must have the technological infrastructure and information systems determined by TÜBİTAK before starting their activities.🔹Cooperation with the Banking Sector: SPK will cooperate with the Banking Regulation and Supervision Agency (BDDK) on regulations concerning the banking sector.🔹 Investor Security: Crypto assets will not be subject to investor compensation provisions.* Audit and Transparency: The financial and information systems of crypto service providers will be audited by independent audit institutions determined by SPK.🔹 Rapid Intervention: SPK will be able to temporarily suspend the activities of crypto service providers in certain situations.🔹 Activities on the Internet: SPK will have the authority to remove content or block access against unauthorized capital market activities.🔹 Compliance with Legal Requests: Legal requests regarding cash and crypto assets belonging to customers will be fulfilled by crypto service providers.
🪙 Deterrent Penalties and New Revenue Models:
🔹 Severe Penalties: Unauthorized crypto service providers may face 3-5 years in prison and judicial fines of 5,000-10,000 days.🔹 Revenue Sharing: 1% of the annual revenue of platforms will be transferred to SPK, and another 1% to TÜBİTAK.🔹 Embezzlement Crime: Those committing embezzlement will be punished with 8-14 years in prison and a judicial fine of 5,000 days.
🪙 Responsibilities Brought by the New Regulations:
🔹 Activity Permission and Liquidation: Crypto service providers must take the necessary steps within certain periods to obtain operating permission or initiate the liquidation process.🔹 Overseas Activities: Crypto service providers based abroad must terminate their activities in Turkey within three months of the law's enactment.
#SPK #TCMB #türkiye #Turkey #TurkeyCryptoLaw
World Bank's Updated Forecasts and Key Highlights on the Turkish Economy. 🌐🇹🇷
Humberto Lopez, the World Bank's Country Director for Turkey, has attracted attention with his latest assessments of the Turkish economy. Lopez praised the progress in fighting inflation and hinted that growth forecasts could be revised upwards.
🌐 Inflation and Growth: A New Era?
Lopez agreed with Minister Şimşek and Central Bank Governor Karahan's view that inflation has peaked, painting a positive picture. The high growth figures for the first quarter might lead to a reassessment of the 2024-2025 growth forecasts. However, concerns about the balanced distribution of growth were also voiced.
🌐 Tax Reform: Expectations and Realities
Responding to questions about tax reform, Lopez appreciated the administration's efforts to improve the tax system. However, he noted that they had not yet seen the details of the reform, making it difficult to comment.
🌐 Wage Increases and Poverty: A Double-Edged Sword
The World Bank's report indicated that wage increases could reduce poverty in the short term, but inequality in growth might overshadow this effect. Lopez highlighted Turkey's success in reducing poverty over the past two decades, but noted that the shrinking agricultural sector and high inflation have increased inequality.
🌐 Macroeconomic Policies and Structural Reforms: Moving Forward Together
Lopez believes that reducing inflation will have positive effects on growth and income inequality, but emphasized that structural reforms should not be neglected. He particularly stressed the importance of education and labor market reforms.
🌐 Investment Environment and Future Outlook: Is There a Ray of Hope?
Addressing questions about the stability of the Turkish lira and the investment environment, Lopez expressed confidence in the Central Bank's policies and considered Turkey an attractive country for long-term investments.
#WorldBank #Turkey #türkiye #inflation #TurkishLira
Humberto Lopez, the World Bank's Country Director for Turkey, has attracted attention with his latest assessments of the Turkish economy. Lopez praised the progress in fighting inflation and hinted that growth forecasts could be revised upwards.
🌐 Inflation and Growth: A New Era?
Lopez agreed with Minister Şimşek and Central Bank Governor Karahan's view that inflation has peaked, painting a positive picture. The high growth figures for the first quarter might lead to a reassessment of the 2024-2025 growth forecasts. However, concerns about the balanced distribution of growth were also voiced.
🌐 Tax Reform: Expectations and Realities
Responding to questions about tax reform, Lopez appreciated the administration's efforts to improve the tax system. However, he noted that they had not yet seen the details of the reform, making it difficult to comment.
🌐 Wage Increases and Poverty: A Double-Edged Sword
The World Bank's report indicated that wage increases could reduce poverty in the short term, but inequality in growth might overshadow this effect. Lopez highlighted Turkey's success in reducing poverty over the past two decades, but noted that the shrinking agricultural sector and high inflation have increased inequality.
🌐 Macroeconomic Policies and Structural Reforms: Moving Forward Together
Lopez believes that reducing inflation will have positive effects on growth and income inequality, but emphasized that structural reforms should not be neglected. He particularly stressed the importance of education and labor market reforms.
🌐 Investment Environment and Future Outlook: Is There a Ray of Hope?
Addressing questions about the stability of the Turkish lira and the investment environment, Lopez expressed confidence in the Central Bank's policies and considered Turkey an attractive country for long-term investments.
#WorldBank #Turkey #türkiye #inflation #TurkishLira
Turkey Eyes Crypto Tax for Post-Quake Recovery. 🇹🇷📃
Amidst post-earthquake economic strain, Turkey considers taxing crypto transactions to bridge a budget deficit of 6.4% of its GDP. This new tax could generate $7 billion, making it a significant fiscal tool for the country.
Proposal Highlights:
🔹15% tax on multinational firms' earnings 🔹Minimum tax on real estate profits
🔹0.03% tax on all crypto transactions
This sweeping tax reform targets various sectors, including the thriving crypto market, where over half of Turkish adults invest in digital assets.
Impact on Crypto Investors
The proposed tax could impact the growing number of Turkish crypto users, particularly women, who are increasingly participating in the market.
Outlook:
Turkey's Ministry of Treasury and Finance hopes this new tax will stabilize the economy and fund recovery efforts. However, the potential impact on the crypto market and its investors remains to be seen.
#türkiye #Turkey #cryptotax #TurkishLira #MehmetŞimşek
Amidst post-earthquake economic strain, Turkey considers taxing crypto transactions to bridge a budget deficit of 6.4% of its GDP. This new tax could generate $7 billion, making it a significant fiscal tool for the country.
Proposal Highlights:
🔹15% tax on multinational firms' earnings 🔹Minimum tax on real estate profits
🔹0.03% tax on all crypto transactions
This sweeping tax reform targets various sectors, including the thriving crypto market, where over half of Turkish adults invest in digital assets.
Impact on Crypto Investors
The proposed tax could impact the growing number of Turkish crypto users, particularly women, who are increasingly participating in the market.
Outlook:
Turkey's Ministry of Treasury and Finance hopes this new tax will stabilize the economy and fund recovery efforts. However, the potential impact on the crypto market and its investors remains to be seen.
#türkiye #Turkey #cryptotax #TurkishLira #MehmetŞimşek
Turkish Government's Crypto Regulation on the Horizon. 🇹🇷📖🪙
As the usage and investor numbers of cryptocurrencies continue to rise in Turkey, there are indications that a new crypto regulation bill is set to be presented in the Turkish Grand National Assembly.
Expected Features of the Regulation:
Aimed at ensuring financial stability and enhancing protection for cryptocurrency investors. Includes provisions to prevent the use of cryptocurrencies in money laundering and financing terrorism. Notably, the regulation addresses the involvement of social media influencers in the crypto space.
Timeline and Legislative Progress:
The draft is anticipated to be presented to the TBMM (Turkish Grand National Assembly) before the end of the year. This move aligns with the commitment outlined in the 2024 Presidential Annual Program, focusing on the taxation of digital virtual assets.
Taxation of Digital Assets:
The 2024 Presidential Annual Program includes plans for the taxation of "digital virtual assets." Ongoing efforts to define these assets within the Turkish legal framework.
Crucial Element for Removal from Grey List:
Treasury and Finance Minister Mehmet Şimşek emphasizes that the last requirement for Turkey to be removed from the grey list is the implementation of crypto regulations. Central Bank President Hafize Gaye Erkan collaborates with the Capital Markets Board (SPK) on the regulation of cryptocurrencies.
This regulatory initiative reflects Turkey's commitment to balancing the growing influence of cryptocurrencies with the need for financial stability and security.
#TurkeyCrypto #Turkish #Turkey #türkiye #TurkishLira
As the usage and investor numbers of cryptocurrencies continue to rise in Turkey, there are indications that a new crypto regulation bill is set to be presented in the Turkish Grand National Assembly.
Expected Features of the Regulation:
Aimed at ensuring financial stability and enhancing protection for cryptocurrency investors. Includes provisions to prevent the use of cryptocurrencies in money laundering and financing terrorism. Notably, the regulation addresses the involvement of social media influencers in the crypto space.
Timeline and Legislative Progress:
The draft is anticipated to be presented to the TBMM (Turkish Grand National Assembly) before the end of the year. This move aligns with the commitment outlined in the 2024 Presidential Annual Program, focusing on the taxation of digital virtual assets.
Taxation of Digital Assets:
The 2024 Presidential Annual Program includes plans for the taxation of "digital virtual assets." Ongoing efforts to define these assets within the Turkish legal framework.
Crucial Element for Removal from Grey List:
Treasury and Finance Minister Mehmet Şimşek emphasizes that the last requirement for Turkey to be removed from the grey list is the implementation of crypto regulations. Central Bank President Hafize Gaye Erkan collaborates with the Capital Markets Board (SPK) on the regulation of cryptocurrencies.
This regulatory initiative reflects Turkey's commitment to balancing the growing influence of cryptocurrencies with the need for financial stability and security.
#TurkeyCrypto #Turkish #Turkey #türkiye #TurkishLira
🚀 Today marks a momentous occasion in the financial realm as the Central Bank of the Republic of Turkey (CBRT) boldly raised interest rates by 500 basis points, sending shockwaves of excitement through the markets! 🆙⚡
Under the steady guidance of CBRT Governor Fatih Karahan, the Monetary Policy Committee (MPC) convened to unveil this eagerly awaited decision. With the policy rate soaring to 50 percent, a 5-point increase from the previous meeting's 45 percent, the stage is set for a dynamic shift in Turkey's economic landscape. 💼💰
But that's not all—brace yourselves for more economic revelations on the horizon! In the coming days, Turkey's first Inflation Report of the year is slated to illuminate further details on the nation's economic strategies and prospects. 📈💡
Meanwhile, global attention also turns to other financial happenings, including the People's Bank of China's maintenance of its interest rate and the intriguing offer of zero-interest loans for Togg. These developments are poised to stir the cauldron of volatility in global markets, influencing trajectories far and wide. 🌍💼
Looking ahead, optimism abounds as expectations point toward a gradual decline in inflation and the anticipation of reaching the economic pinnacle of the next decade. 📉📈
Amidst this whirlwind of activity, markets and economic observers stand vigilant, scrutinizing every move and development, seeking invaluable insights into Turkey's economic future. 🧐💼 #CBRT #TCMB #Turkey #türkiye #interestrate 🇹🇷📊
Under the steady guidance of CBRT Governor Fatih Karahan, the Monetary Policy Committee (MPC) convened to unveil this eagerly awaited decision. With the policy rate soaring to 50 percent, a 5-point increase from the previous meeting's 45 percent, the stage is set for a dynamic shift in Turkey's economic landscape. 💼💰
But that's not all—brace yourselves for more economic revelations on the horizon! In the coming days, Turkey's first Inflation Report of the year is slated to illuminate further details on the nation's economic strategies and prospects. 📈💡
Meanwhile, global attention also turns to other financial happenings, including the People's Bank of China's maintenance of its interest rate and the intriguing offer of zero-interest loans for Togg. These developments are poised to stir the cauldron of volatility in global markets, influencing trajectories far and wide. 🌍💼
Looking ahead, optimism abounds as expectations point toward a gradual decline in inflation and the anticipation of reaching the economic pinnacle of the next decade. 📉📈
Amidst this whirlwind of activity, markets and economic observers stand vigilant, scrutinizing every move and development, seeking invaluable insights into Turkey's economic future. 🧐💼 #CBRT #TCMB #Turkey #türkiye #interestrate 🇹🇷📊
Turkey's Financial Landscape Set for Transformation with Upcoming Crypto Regulations. 🇹🇷🪙
In a recent address at the Istanbul Chamber of Commerce January Meeting, Mehmet Şimşek, Turkey's Minister of Treasury and Finance, outlined the nation's ambitious plans to regulate cryptocurrencies. Here's a snapshot of the key points from his announcement:
Şimşek underscored the significance of green digital transformation in today's global landscape, deeming it a pivotal area for development and reform.
Highlighting the positive outcomes of the medium-term reform program, Şimşek acknowledged its influence in meeting expectations and driving progress.
The Finance Minister confirmed the imminent release of a cryptocurrency-related regulation, set to be presented to the parliament soon. This move aims to fill the existing regulatory gap for cryptocurrencies in Turkey.
Şimşek reported the completion of partial regulations concerning the governance of state-owned enterprises (KIT) in alignment with international norms. These regulations are expected to be tabled in parliament shortly.
Şimşek revealed that efforts on these initiatives would intensify after April, signaling a dedicated push towards comprehensive regulatory measures.
Contrary to common expectations, Şimşek clarified that the crypto regulation approach wouldn't primarily focus on taxation. Instead, the emphasis lies on eliminating uncertainties, controlling potential risks, and fostering the development of blockchain technology and the crypto asset ecosystem.
This update aligns with Turkey's proactive stance in adapting to the evolving landscape of digital assets and blockchain technology. Stay tuned for further developments as the nation positions itself at the forefront of crypto regulation.
#MehmetŞimşek #Turkey #TurkeyCrypto #TurkishLira #türkiye
In a recent address at the Istanbul Chamber of Commerce January Meeting, Mehmet Şimşek, Turkey's Minister of Treasury and Finance, outlined the nation's ambitious plans to regulate cryptocurrencies. Here's a snapshot of the key points from his announcement:
Şimşek underscored the significance of green digital transformation in today's global landscape, deeming it a pivotal area for development and reform.
Highlighting the positive outcomes of the medium-term reform program, Şimşek acknowledged its influence in meeting expectations and driving progress.
The Finance Minister confirmed the imminent release of a cryptocurrency-related regulation, set to be presented to the parliament soon. This move aims to fill the existing regulatory gap for cryptocurrencies in Turkey.
Şimşek reported the completion of partial regulations concerning the governance of state-owned enterprises (KIT) in alignment with international norms. These regulations are expected to be tabled in parliament shortly.
Şimşek revealed that efforts on these initiatives would intensify after April, signaling a dedicated push towards comprehensive regulatory measures.
Contrary to common expectations, Şimşek clarified that the crypto regulation approach wouldn't primarily focus on taxation. Instead, the emphasis lies on eliminating uncertainties, controlling potential risks, and fostering the development of blockchain technology and the crypto asset ecosystem.
This update aligns with Turkey's proactive stance in adapting to the evolving landscape of digital assets and blockchain technology. Stay tuned for further developments as the nation positions itself at the forefront of crypto regulation.
#MehmetŞimşek #Turkey #TurkeyCrypto #TurkishLira #türkiye
Minister Verifies FATF Compliance as Turkey Closes in on Crypto Framework Completion
Mehmet Simsek, Turkey's minister of finance and treasury, made the announcement that the country is supposedly nearing completion of a legislative framework for cryptocurrency. He went on to discuss the soon-to-be-enacted cryptocurrency legislation and how it would align with the criteria set forth by the Financial Action Task Force (FATF), stressing the wide meaning of the term.
Şimşek discussed the regulatory strategy in an interview with the Turkish news agency Anadolu Agency on January 10. Şimşek said that platforms for buying and selling crypto assets had garnered a lot of attention, which presented both possibilities and hazards.
The need to address the hazards linked to misuse on some platforms and excessive price fluctuations was stressed by Şimşek. As part of the endeavors to remove the country off the Financial Action Task Force's (FATF) gray list, he said these measures are in line with worldwide norms.
The United States and European nations are among those that regulate cryptocurrency in different ways. According to Şimşek, Turkey must adjust its regulations so they match its financial and legal frameworks. Keeping abreast on news from across the world is crucial, he said.
Crypto assets, wallets, service providers, custody services, and platforms for buying and selling crypto assets are all defined in the proposed rules. In his concept of crypto assets, Şimşek has provided an example.
"Intangible assets that can be created and stored electronically using distributed ledger technology or a similar technology, distributed over digital networks, and capable of expressing value or rights" is a wide definition of crypto assets.
Şimşek emphasized that more action is necessary, since rules on this subject are already in place via the Central Bank and the Financial Crimes Investigation Board (MASAK). Platforms and the transactions that take place on them are the target of the legal efforts.
The Capital Market Board (CMB) of Turkey will provide licenses to crypto asset trading platforms under the new rules. In addition, standards comparable to those of banks will govern how businesses must function. All parties involved, including founders and managers, organizations, cash needs, and IT infrastructure, will be subject to these terms.
The Capital Markets Board (CMB) of Turkey is Creating Rules for Marketplaces That Trade Crypto Assets.
Şimşek claims that the CMB will be the one to provide licenses to crypto asset trading platforms. There will be operating standards that they must meet, much like banks.
Capital market instruments issued as cryptocurrency will be subject to regulation by the CMB. Crowdfunding platforms for the sale of crypto assets linked to blockchain technology infrastructure are also included in the draft.
Although taxes are not the main emphasis of the present regulation, Şimşek has promised to study the tax problem independently. The CMB is planning to take the position that it would not meddle with crypto assets that are listed on platforms. Platforms must have documented processes for identifying traded assets, nevertheless. The CMB will ensure that investors' assets are protected against potential exploitation by regulating new principles and measures as needed.
Issues of custody for investors are also addressed in the proposal. Institutions entitled to keep custody will be determined by the CMB, which will also regulate the principles. We will also provide the groundwork for the legislative framework that governs measures and punishments.
Notably, the objective of finalizing cryptocurrency rules in Turkey by the end of 2024 is outlined in the Turkish Presidential Annual Program for 2024, which was published in the Official Gazette of the Republic of Turkey on October 25. The attempts to provide precise definitions of crypto assets are detailed in Article 400.5 of the paper. Because of this, they may be subject to taxes in the future.
Additionally, the initiative intends to define crypto asset providers legally, with a focus on cryptocurrency exchanges. Having said that, it is unclear about what parts of the forthcoming regulatory framework would be included.
#BTC #ETH #crypto2024 #türkiye
Şimşek discussed the regulatory strategy in an interview with the Turkish news agency Anadolu Agency on January 10. Şimşek said that platforms for buying and selling crypto assets had garnered a lot of attention, which presented both possibilities and hazards.
The need to address the hazards linked to misuse on some platforms and excessive price fluctuations was stressed by Şimşek. As part of the endeavors to remove the country off the Financial Action Task Force's (FATF) gray list, he said these measures are in line with worldwide norms.
The United States and European nations are among those that regulate cryptocurrency in different ways. According to Şimşek, Turkey must adjust its regulations so they match its financial and legal frameworks. Keeping abreast on news from across the world is crucial, he said.
Crypto assets, wallets, service providers, custody services, and platforms for buying and selling crypto assets are all defined in the proposed rules. In his concept of crypto assets, Şimşek has provided an example.
"Intangible assets that can be created and stored electronically using distributed ledger technology or a similar technology, distributed over digital networks, and capable of expressing value or rights" is a wide definition of crypto assets.
Şimşek emphasized that more action is necessary, since rules on this subject are already in place via the Central Bank and the Financial Crimes Investigation Board (MASAK). Platforms and the transactions that take place on them are the target of the legal efforts.
The Capital Market Board (CMB) of Turkey will provide licenses to crypto asset trading platforms under the new rules. In addition, standards comparable to those of banks will govern how businesses must function. All parties involved, including founders and managers, organizations, cash needs, and IT infrastructure, will be subject to these terms.
The Capital Markets Board (CMB) of Turkey is Creating Rules for Marketplaces That Trade Crypto Assets.
Şimşek claims that the CMB will be the one to provide licenses to crypto asset trading platforms. There will be operating standards that they must meet, much like banks.
Capital market instruments issued as cryptocurrency will be subject to regulation by the CMB. Crowdfunding platforms for the sale of crypto assets linked to blockchain technology infrastructure are also included in the draft.
Although taxes are not the main emphasis of the present regulation, Şimşek has promised to study the tax problem independently. The CMB is planning to take the position that it would not meddle with crypto assets that are listed on platforms. Platforms must have documented processes for identifying traded assets, nevertheless. The CMB will ensure that investors' assets are protected against potential exploitation by regulating new principles and measures as needed.
Issues of custody for investors are also addressed in the proposal. Institutions entitled to keep custody will be determined by the CMB, which will also regulate the principles. We will also provide the groundwork for the legislative framework that governs measures and punishments.
Notably, the objective of finalizing cryptocurrency rules in Turkey by the end of 2024 is outlined in the Turkish Presidential Annual Program for 2024, which was published in the Official Gazette of the Republic of Turkey on October 25. The attempts to provide precise definitions of crypto assets are detailed in Article 400.5 of the paper. Because of this, they may be subject to taxes in the future.
Additionally, the initiative intends to define crypto asset providers legally, with a focus on cryptocurrency exchanges. Having said that, it is unclear about what parts of the forthcoming regulatory framework would be included.
#BTC #ETH #crypto2024 #türkiye
Turkey's Economic Agenda: Inflation Control, Green & Digital Transformation, and International Financing. 🇹🇷
Turkey's Economic Coordination Council (EKK) meeting, led by Vice President Cevdet Yılmaz, revealed key insights into the nation's economic strategy.
Inflation Control:
The government is determined to combat inflation effectively by using monetary and fiscal policies in the coming period.
Green and Digital Transformation:
Turkey aims to enhance its competitiveness and productivity through green and digital transformation. This includes fostering high-value production and promoting export-oriented, sustainable growth.
Social Welfare:
The government is committed to increasing citizens' social welfare as part of its growth agenda.
International Financing:
Discussions took place regarding international financing sources with credit-like qualities from international organizations. There is a focus on efficiently utilizing these funds after commitment.
Turkey's economic direction appears to prioritize both short-term and long-term goals, combining inflation control with a focus on sustainable growth and international financial support. This balanced approach aims to secure Turkey's economic stability and future prosperity.
#türkiye #Turkey #inflation
Turkey's Economic Coordination Council (EKK) meeting, led by Vice President Cevdet Yılmaz, revealed key insights into the nation's economic strategy.
Inflation Control:
The government is determined to combat inflation effectively by using monetary and fiscal policies in the coming period.
Green and Digital Transformation:
Turkey aims to enhance its competitiveness and productivity through green and digital transformation. This includes fostering high-value production and promoting export-oriented, sustainable growth.
Social Welfare:
The government is committed to increasing citizens' social welfare as part of its growth agenda.
International Financing:
Discussions took place regarding international financing sources with credit-like qualities from international organizations. There is a focus on efficiently utilizing these funds after commitment.
Turkey's economic direction appears to prioritize both short-term and long-term goals, combining inflation control with a focus on sustainable growth and international financial support. This balanced approach aims to secure Turkey's economic stability and future prosperity.
#türkiye #Turkey #inflation
Türkiye İş Bankası CEO Hakan Aran made an unexpected statement about cryptocurrencies. 🤯🇹🇷🏦
Hakan Aran, CEO of Türkiye İş Bankası, made significant remarks on cryptocurrency regulations at the Future of Finance Summit.
Significance Post-2008 Crisis:
Aran emphasized that the emergence of cryptocurrencies in 2008 was not coincidental. He highlighted that this year coincided with the collapse of the existing financial system, attributing cryptocurrencies to a technological uprising born out of that crisis.
Critique of the Financial System:
Aran stated that cryptocurrencies emerged as a response to criticisms that the financial system operates unilaterally, neglects society, and supports only financial actors. Cryptocurrencies are seen as a symbol of rebellion against this system.
Cryptocurrencies as an Alternative Financial Tool:
The CEO expressed the need to consider cryptocurrencies as an alternative financial tool. He called for regulations and diversification in the financial sector to accommodate this perspective.
Volatility and the Role of Banks:
Aran emphasized that cryptocurrencies lack the established foundations of traditional financial systems spanning 500 years, making them susceptible to significant fluctuations. He suggested informing Turkish banks about cryptocurrency legislation and highlighted the potential for banks to serve as cryptocurrency custodians. However, he viewed the absence of shared cryptocurrency legislation with banks as a shortcoming.
Hakan Aran's statements at the Future of Finance Summit indicate that cryptocurrencies are not only viewed as a financial tool but also as a reaction to the existing structure in the financial system. The spotlight on the role of banks in this field and calls for cryptocurrency regulation underscore the evolving dynamics in the financial world.
#HakanAran #CEO #Turkey #İşBankası #türkiye
Hakan Aran, CEO of Türkiye İş Bankası, made significant remarks on cryptocurrency regulations at the Future of Finance Summit.
Significance Post-2008 Crisis:
Aran emphasized that the emergence of cryptocurrencies in 2008 was not coincidental. He highlighted that this year coincided with the collapse of the existing financial system, attributing cryptocurrencies to a technological uprising born out of that crisis.
Critique of the Financial System:
Aran stated that cryptocurrencies emerged as a response to criticisms that the financial system operates unilaterally, neglects society, and supports only financial actors. Cryptocurrencies are seen as a symbol of rebellion against this system.
Cryptocurrencies as an Alternative Financial Tool:
The CEO expressed the need to consider cryptocurrencies as an alternative financial tool. He called for regulations and diversification in the financial sector to accommodate this perspective.
Volatility and the Role of Banks:
Aran emphasized that cryptocurrencies lack the established foundations of traditional financial systems spanning 500 years, making them susceptible to significant fluctuations. He suggested informing Turkish banks about cryptocurrency legislation and highlighted the potential for banks to serve as cryptocurrency custodians. However, he viewed the absence of shared cryptocurrency legislation with banks as a shortcoming.
Hakan Aran's statements at the Future of Finance Summit indicate that cryptocurrencies are not only viewed as a financial tool but also as a reaction to the existing structure in the financial system. The spotlight on the role of banks in this field and calls for cryptocurrency regulation underscore the evolving dynamics in the financial world.
#HakanAran #CEO #Turkey #İşBankası #türkiye
Necmettin Erbakan University and Teknotıp unveil a groundbreaking 5mm gauging chip in Konya, revolutionizing electronic, optical, and electro-optical device gauging.
Crafted at BITAM, it ensures precise measurements with near-zero material tolerance, garnering interest from Silicon Valley and a Dutch company at $100.
Prof. Dr. Oğuz Doğan lauds the industry-university collaboration.
TSMC will manufacture the chip, showcasing Turkey's global recognition in technological advancements, with Arda Mungan comparing it to gold at $200 per half gram, highlighting Turkey's rise as a technological frontrunner.
#Turkey #türkiye #TSMC #BITAM #chip
Crafted at BITAM, it ensures precise measurements with near-zero material tolerance, garnering interest from Silicon Valley and a Dutch company at $100.
Prof. Dr. Oğuz Doğan lauds the industry-university collaboration.
TSMC will manufacture the chip, showcasing Turkey's global recognition in technological advancements, with Arda Mungan comparing it to gold at $200 per half gram, highlighting Turkey's rise as a technological frontrunner.
#Turkey #türkiye #TSMC #BITAM #chip
If Türkiye Uses Blockchain Technology in Elections: A Game-Changer for Democracy
In Türkiye's dynamic political landscape, the integration of blockchain technology into the electoral process could mark a significant leap towards transparency, security, and trust. Blockchain, renowned for its decentralized and tamper-resistant nature, holds the potential to revolutionize the way Türkiye conducts its elections, addressing longstanding concerns and enhancing the democratic process.
At its essence, blockchain serves as a decentralized ledger, recording transactions across a network of computers. When applied to elections, each vote cast becomes a securely encrypted "block" in the chain, ensuring its integrity and immutability. This fundamental feature of blockchain technology could mitigate many of the challenges and criticisms that Türkiye's electoral system has faced in the past.
One of the primary advantages of implementing blockchain in Türkiye's elections is its unparalleled security. By decentralizing the voting process, blockchain makes it incredibly difficult for malicious actors to tamper with or manipulate the results. This not only safeguards the integrity of the electoral process but also bolsters public trust in the outcome.
Transparency is another key benefit that blockchain brings to the table. In Türkiye, where concerns about electoral fraud and manipulation have been raised in the past, the transparent nature of blockchain could provide much-needed reassurance to voters. Every vote cast would be recorded on the blockchain, visible to all participants, ensuring a verifiable and transparent election process.
Moreover, the adoption of blockchain technology could address logistical challenges and streamline the electoral process in Türkiye. Real-time vote tallying, enabled by blockchain, could expedite the announcement of election results, reducing the potential for disputes and uncertainty. Additionally, remote blockchain voting could enhance accessibility, allowing citizens to participate in the electoral process from anywhere with an internet connection, thereby increasing voter turnout and engagement.
However, the implementation of blockchain technology in Türkiye's elections is not without its challenges. Addressing concerns surrounding voter privacy, ensuring inclusivity, and scaling the technology to accommodate large-scale elections are crucial considerations that must be carefully navigated. Furthermore, educating voters and stakeholders about blockchain and ensuring the usability of voting interfaces are essential steps towards successful adoption.
In conclusion, the adoption of blockchain technology in Türkiye's elections holds immense promise for enhancing the integrity, transparency, and accessibility of the electoral process. By leveraging the security and transparency features of blockchain, Türkiye can redefine its democracy and restore confidence in its electoral system. While challenges lie ahead, the potential benefits far outweigh the obstacles, making blockchain a compelling solution for Türkiye's electoral future.
#türkiye #Turkey #Election2024 #TurkishLira #ankara
At its essence, blockchain serves as a decentralized ledger, recording transactions across a network of computers. When applied to elections, each vote cast becomes a securely encrypted "block" in the chain, ensuring its integrity and immutability. This fundamental feature of blockchain technology could mitigate many of the challenges and criticisms that Türkiye's electoral system has faced in the past.
One of the primary advantages of implementing blockchain in Türkiye's elections is its unparalleled security. By decentralizing the voting process, blockchain makes it incredibly difficult for malicious actors to tamper with or manipulate the results. This not only safeguards the integrity of the electoral process but also bolsters public trust in the outcome.
Transparency is another key benefit that blockchain brings to the table. In Türkiye, where concerns about electoral fraud and manipulation have been raised in the past, the transparent nature of blockchain could provide much-needed reassurance to voters. Every vote cast would be recorded on the blockchain, visible to all participants, ensuring a verifiable and transparent election process.
Moreover, the adoption of blockchain technology could address logistical challenges and streamline the electoral process in Türkiye. Real-time vote tallying, enabled by blockchain, could expedite the announcement of election results, reducing the potential for disputes and uncertainty. Additionally, remote blockchain voting could enhance accessibility, allowing citizens to participate in the electoral process from anywhere with an internet connection, thereby increasing voter turnout and engagement.
However, the implementation of blockchain technology in Türkiye's elections is not without its challenges. Addressing concerns surrounding voter privacy, ensuring inclusivity, and scaling the technology to accommodate large-scale elections are crucial considerations that must be carefully navigated. Furthermore, educating voters and stakeholders about blockchain and ensuring the usability of voting interfaces are essential steps towards successful adoption.
In conclusion, the adoption of blockchain technology in Türkiye's elections holds immense promise for enhancing the integrity, transparency, and accessibility of the electoral process. By leveraging the security and transparency features of blockchain, Türkiye can redefine its democracy and restore confidence in its electoral system. While challenges lie ahead, the potential benefits far outweigh the obstacles, making blockchain a compelling solution for Türkiye's electoral future.
#türkiye #Turkey #Election2024 #TurkishLira #ankara
Indigenous Cryptocurrency Exchanges in Turkey Competing with Global Exchanges!
In the dynamic world of cryptocurrency trading, Turkey has experienced a significant shift in market dynamics. Paribu, Turkey's largest crypto exchange, has dethroned BtcTurk PRO to become the new market leader. This article explores the changing landscape of Turkey's crypto exchange market and the factors contributing to these shifts. #turkey #türkiye $BTC
Market Share Overview:
As of 2023, Paribu holds the lion's share of the Turkish crypto exchange market with a commanding 50.5% market share among the top four centralized cryptocurrency exchanges (CEXs). BtcTurk PRO follows closely behind with a 36.9% market share. The remaining market is shared by Bitci (12.0%) and Bitlo (0.7%), the smaller players in the Turkish crypto exchange scene.
Paribu's Rise to the Top:
In the previous year and up until the first quarter of 2023, BtcTurk PRO reigned as Turkey's largest crypto exchange, peaking with a 74.0% market share in September. However, Paribu emerged as the new market leader in April 2023, narrowly edging out BtcTurk PRO with a 48.6% market share. Since then, BtcTurk PRO has continued to lose ground to Paribu.
Bitci and Bitlo's Fluctuating Market Share:
While Bitci continues to rank below Paribu and BtcTurk PRO, it has experienced significant growth, increasing its market share by 11.1 percentage points compared to the previous year. However, Bitci's market share has been subject to fluctuations due to varying trading volumes. Similarly, Bitlo has more than doubled its market share since being tracked, but it still holds a minor fraction of the overall Turkish crypto exchange market.
Resilience in Trading Activity:
Despite a decline in crypto trading volumes in Turkey, the impact appears less severe compared to other countries such as India and Indonesia, which experienced significant drops of 82.3% and 76.6% year-on-year, respectively. Turkey's high inflation crisis has led to increased adoption and reliance on cryptocurrencies among its residents, resulting in more consistent trading activity.
Annual Trading Volume and Monthly Averages:
In 2022, Turkey's top crypto exchanges recorded a total annual trading volume of $106.89 billion, driven by strong performance in Q2 and Q3, despite the global crypto market downturn. However, in 2023, the average monthly trading volume decreased by 34.7% to $5.82 billion compared to the previous year's monthly average of $8.91 billion. Q2 of 2023 witnessed three consecutive months of decline in trading volume.
Paribu's Market Share Growth:
Paribu has experienced significant growth, increasing its market share from 34.1% at the start of 2022 to 50.5% in 2023. Paribu widened its market share gap with BtcTurk PRO, from 1.2 percentage points in April to 13.6 percentage points in June 2023. In 2023, Paribu's market share range expanded to between 42.7% and 59.6%, surpassing its previous range of 25.4% to 47.7% in 2022.
Trading Volume on Paribu:
In the first half of 2023, investors traded $16.54 billion worth of crypto on Paribu, a 39.9% decrease compared to the same period in the previous year. The total annual crypto trading volume on Paribu reached $43.24 billion in 2022, with a monthly average of $3.60 billion. In 2023, the monthly average trading volume on Paribu decreased to $2.76 billion.
BtcTurk PRO's Declining Market Share:
BtcTurk PRO's market share has fallen from 65.0% at the beginning of 2022 to 36.9% in 2023. Consequently, BtcTurk PRO has lost its dominance in the Turkish market and is now the second-largest crypto exchange in the country. BtcTurk PRO's market share range has decreased to between 34.6% and 53.4% in 2023, compared to the previous range of 51.0% to 74.0% in 2022.
Trading Volume on BtcTurk PRO:
BtcTurk PRO recorded the highest annual trading volume among Turkey's top crypto exchanges in 2022, amounting to $62.62 billion. However, the first half of 2023 saw a steeper decline of 55.9% year-on-year, with the total crypto trading volume decreasing to $16.52 billion. This marks a significant decrease from the $37.50 billion recorded in 2022.
Bitci's Growing Market Share:
Bitci has experienced substantial growth in market share, increasing from 0.9% at the start of 2022 to 12.0% in 2023. Although Bitci held a negligible share of the market last year, ranging from 0.1% to 2.4%, it has improved significantly this year, ranging from 3.4% to 12.0%.
Trading Volume on Bitci:
Bitci's trading volume has surged by 199.6% in 2023, reaching $1.68 billion, compared to $0.56 billion in the same period last year. The monthly average trading volume on Bitci has more than tripled from $0.08 billion in 2022 to $0.28 billion in 2023.
Bitlo's Market Share Growth:
Bitlo has made progress in capturing market share, increasing from 0.3% in October 2022 to 0.7% in June 2023. Although Bitlo's trading volume is significantly lower than other leading Turkish crypto exchanges, it holds a minor fraction of the market.
Trading Volume on Bitlo:
Bitlo has seen a slight increase in trading volume in 2023, with $0.17 billion traded so far this year and a monthly average of nearly $0.03 billion. This is slightly higher than the $0.02 billion monthly average recorded in Q4 of the previous year.
In Summary:
Turkey's crypto exchange market has experienced a reshuffling of positions, with Paribu surpassing BtcTurk PRO as the country's largest crypto exchange. Paribu's rise to the top can be attributed to its increased market share, while BtcTurk PRO has seen a decline in both market share and trading volume. Bitci and Bitlo have also made progress, with Bitci's market share growing significantly and Bitlo slowly gaining traction. Despite a decrease in trading volumes, Turkey's crypto trading activity has remained relatively stable due to the country's high inflation crisis and increased reliance on cryptocurrencies among its residents. #crypto #bitcoin
Market Share Overview:
As of 2023, Paribu holds the lion's share of the Turkish crypto exchange market with a commanding 50.5% market share among the top four centralized cryptocurrency exchanges (CEXs). BtcTurk PRO follows closely behind with a 36.9% market share. The remaining market is shared by Bitci (12.0%) and Bitlo (0.7%), the smaller players in the Turkish crypto exchange scene.
Paribu's Rise to the Top:
In the previous year and up until the first quarter of 2023, BtcTurk PRO reigned as Turkey's largest crypto exchange, peaking with a 74.0% market share in September. However, Paribu emerged as the new market leader in April 2023, narrowly edging out BtcTurk PRO with a 48.6% market share. Since then, BtcTurk PRO has continued to lose ground to Paribu.
Bitci and Bitlo's Fluctuating Market Share:
While Bitci continues to rank below Paribu and BtcTurk PRO, it has experienced significant growth, increasing its market share by 11.1 percentage points compared to the previous year. However, Bitci's market share has been subject to fluctuations due to varying trading volumes. Similarly, Bitlo has more than doubled its market share since being tracked, but it still holds a minor fraction of the overall Turkish crypto exchange market.
Resilience in Trading Activity:
Despite a decline in crypto trading volumes in Turkey, the impact appears less severe compared to other countries such as India and Indonesia, which experienced significant drops of 82.3% and 76.6% year-on-year, respectively. Turkey's high inflation crisis has led to increased adoption and reliance on cryptocurrencies among its residents, resulting in more consistent trading activity.
Annual Trading Volume and Monthly Averages:
In 2022, Turkey's top crypto exchanges recorded a total annual trading volume of $106.89 billion, driven by strong performance in Q2 and Q3, despite the global crypto market downturn. However, in 2023, the average monthly trading volume decreased by 34.7% to $5.82 billion compared to the previous year's monthly average of $8.91 billion. Q2 of 2023 witnessed three consecutive months of decline in trading volume.
Paribu's Market Share Growth:
Paribu has experienced significant growth, increasing its market share from 34.1% at the start of 2022 to 50.5% in 2023. Paribu widened its market share gap with BtcTurk PRO, from 1.2 percentage points in April to 13.6 percentage points in June 2023. In 2023, Paribu's market share range expanded to between 42.7% and 59.6%, surpassing its previous range of 25.4% to 47.7% in 2022.
Trading Volume on Paribu:
In the first half of 2023, investors traded $16.54 billion worth of crypto on Paribu, a 39.9% decrease compared to the same period in the previous year. The total annual crypto trading volume on Paribu reached $43.24 billion in 2022, with a monthly average of $3.60 billion. In 2023, the monthly average trading volume on Paribu decreased to $2.76 billion.
BtcTurk PRO's Declining Market Share:
BtcTurk PRO's market share has fallen from 65.0% at the beginning of 2022 to 36.9% in 2023. Consequently, BtcTurk PRO has lost its dominance in the Turkish market and is now the second-largest crypto exchange in the country. BtcTurk PRO's market share range has decreased to between 34.6% and 53.4% in 2023, compared to the previous range of 51.0% to 74.0% in 2022.
Trading Volume on BtcTurk PRO:
BtcTurk PRO recorded the highest annual trading volume among Turkey's top crypto exchanges in 2022, amounting to $62.62 billion. However, the first half of 2023 saw a steeper decline of 55.9% year-on-year, with the total crypto trading volume decreasing to $16.52 billion. This marks a significant decrease from the $37.50 billion recorded in 2022.
Bitci's Growing Market Share:
Bitci has experienced substantial growth in market share, increasing from 0.9% at the start of 2022 to 12.0% in 2023. Although Bitci held a negligible share of the market last year, ranging from 0.1% to 2.4%, it has improved significantly this year, ranging from 3.4% to 12.0%.
Trading Volume on Bitci:
Bitci's trading volume has surged by 199.6% in 2023, reaching $1.68 billion, compared to $0.56 billion in the same period last year. The monthly average trading volume on Bitci has more than tripled from $0.08 billion in 2022 to $0.28 billion in 2023.
Bitlo's Market Share Growth:
Bitlo has made progress in capturing market share, increasing from 0.3% in October 2022 to 0.7% in June 2023. Although Bitlo's trading volume is significantly lower than other leading Turkish crypto exchanges, it holds a minor fraction of the market.
Trading Volume on Bitlo:
Bitlo has seen a slight increase in trading volume in 2023, with $0.17 billion traded so far this year and a monthly average of nearly $0.03 billion. This is slightly higher than the $0.02 billion monthly average recorded in Q4 of the previous year.
In Summary:
Turkey's crypto exchange market has experienced a reshuffling of positions, with Paribu surpassing BtcTurk PRO as the country's largest crypto exchange. Paribu's rise to the top can be attributed to its increased market share, while BtcTurk PRO has seen a decline in both market share and trading volume. Bitci and Bitlo have also made progress, with Bitci's market share growing significantly and Bitlo slowly gaining traction. Despite a decrease in trading volumes, Turkey's crypto trading activity has remained relatively stable due to the country's high inflation crisis and increased reliance on cryptocurrencies among its residents. #crypto #bitcoin
Turkey's Remarkable Renewable Energy Surge in 2023. ⚡🔋🇹🇷
In a groundbreaking revelation, Energy and Natural Resources Minister Alparslan Bayraktar unveiled Turkey's extraordinary surge in electricity capacity in 2023, with a remarkable 99.5% driven by renewable energy sources.
⚡ Renewable Dominance:
Bayraktar emphasized the monumental shift, with an astonishing 99.5% of the 2,858 megawatt increase in electricity capacity attributed to renewables. This underlines Turkey's commitment to a sustainable energy landscape.
⚡ Carbon Neutrality Goals:
Highlighting a bold pledge to achieve carbon neutrality by 2053, Bayraktar underscored the pivotal role of renewable energy. The total renewable energy capacity now stands at an impressive 59,236 megawatts.
⚡ Energy Transformation:
The energy transformation aligns seamlessly with the 2053 carbon neutrality objectives, positioning renewable energy as the primary driver of this transformative change.
⚡ Production and Capacity Share:
In 2023, Turkey generated 326.3 terawatt-hours of electricity, with renewables contributing 42% to production and holding 56% of the total installed capacity. Ambitious goals include pushing the renewable capacity share to 65% and production to 55% by 2035.
⚡ Diverse Renewable Portfolio:
The electricity capacity distribution boasts contributions from various renewables, including wind (11,803.3 MW), solar (11,315.6 MW), hydro (23,650.2 MW), and geothermal (1,691.3 MW).
This monumental shift not only showcases Turkey's commitment to sustainable practices but also sets a powerful precedent for nations striving to embrace renewable energy and achieve ambitious environmental goals. Turkey's journey stands as a beacon, illuminating the path towards a greener and more sustainable future for the entire world.
#Turkey #energy #türkiye #Turkish
In a groundbreaking revelation, Energy and Natural Resources Minister Alparslan Bayraktar unveiled Turkey's extraordinary surge in electricity capacity in 2023, with a remarkable 99.5% driven by renewable energy sources.
⚡ Renewable Dominance:
Bayraktar emphasized the monumental shift, with an astonishing 99.5% of the 2,858 megawatt increase in electricity capacity attributed to renewables. This underlines Turkey's commitment to a sustainable energy landscape.
⚡ Carbon Neutrality Goals:
Highlighting a bold pledge to achieve carbon neutrality by 2053, Bayraktar underscored the pivotal role of renewable energy. The total renewable energy capacity now stands at an impressive 59,236 megawatts.
⚡ Energy Transformation:
The energy transformation aligns seamlessly with the 2053 carbon neutrality objectives, positioning renewable energy as the primary driver of this transformative change.
⚡ Production and Capacity Share:
In 2023, Turkey generated 326.3 terawatt-hours of electricity, with renewables contributing 42% to production and holding 56% of the total installed capacity. Ambitious goals include pushing the renewable capacity share to 65% and production to 55% by 2035.
⚡ Diverse Renewable Portfolio:
The electricity capacity distribution boasts contributions from various renewables, including wind (11,803.3 MW), solar (11,315.6 MW), hydro (23,650.2 MW), and geothermal (1,691.3 MW).
This monumental shift not only showcases Turkey's commitment to sustainable practices but also sets a powerful precedent for nations striving to embrace renewable energy and achieve ambitious environmental goals. Turkey's journey stands as a beacon, illuminating the path towards a greener and more sustainable future for the entire world.
#Turkey #energy #türkiye #Turkish
Fitch Ratings Raises Turkey's Growth Forecast. 🇹🇷
- Fitch Ratings, an international credit rating agency, has increased its medium-term potential growth forecast for Turkey's economy from 3.9% to 4.1%.
- This change is part of Fitch's report titled "Weakening Potential Growth in Emerging Markets as China Slows Down," where the organization lowered the average potential growth forecast for 10 emerging economies to 4% from the previous estimate of 4.3%.
- The main factor behind this decrease in growth forecasts is the expected decline in China's supply-side growth potential.
- In line with this, China's potential growth estimate for 2027 was lowered from 5.3% to 4.6%, while Russia, South Korea, and South Africa also saw reductions in their potential growth estimates.
- However, India and Mexico's economies had their potential growth forecasts raised, from 5.5% to 6.2% and from 1.4% to 2%, respectively.
- Turkey was one of the countries with an increased potential growth forecast, now standing at 4.1%.
- Fitch Ratings also raised potential growth estimates for Poland, Brazil (except for Brazil), and Indonesia.
- The agency noted that, except for Brazil and Poland, recent growth forecasts are lower than pre-COVID-19 estimates for the 10 emerging economies, attributing this to worsening demographic trends and disruptions due to the pandemic.
- It was also mentioned that revisions in forecasts for capital stock and productivity growth played a role in these adjustments.
This update from Fitch Ratings suggests a positive outlook for Turkey's economy in terms of its potential for growth in the medium term.
#Fitch #FitchRatings #Turkey #türkiye #rating
- Fitch Ratings, an international credit rating agency, has increased its medium-term potential growth forecast for Turkey's economy from 3.9% to 4.1%.
- This change is part of Fitch's report titled "Weakening Potential Growth in Emerging Markets as China Slows Down," where the organization lowered the average potential growth forecast for 10 emerging economies to 4% from the previous estimate of 4.3%.
- The main factor behind this decrease in growth forecasts is the expected decline in China's supply-side growth potential.
- In line with this, China's potential growth estimate for 2027 was lowered from 5.3% to 4.6%, while Russia, South Korea, and South Africa also saw reductions in their potential growth estimates.
- However, India and Mexico's economies had their potential growth forecasts raised, from 5.5% to 6.2% and from 1.4% to 2%, respectively.
- Turkey was one of the countries with an increased potential growth forecast, now standing at 4.1%.
- Fitch Ratings also raised potential growth estimates for Poland, Brazil (except for Brazil), and Indonesia.
- The agency noted that, except for Brazil and Poland, recent growth forecasts are lower than pre-COVID-19 estimates for the 10 emerging economies, attributing this to worsening demographic trends and disruptions due to the pandemic.
- It was also mentioned that revisions in forecasts for capital stock and productivity growth played a role in these adjustments.
This update from Fitch Ratings suggests a positive outlook for Turkey's economy in terms of its potential for growth in the medium term.
#Fitch #FitchRatings #Turkey #türkiye #rating
Turkey's 2024 Minimum Wage Estimates Announced. 🫰🇹🇷
The minimum wage in Turkey is expected to be around 16,500 TL for 2024. This estimate corresponds to an average of 575 dollars.
#TurkishLira #Turkey #türkiye #inflation
The minimum wage in Turkey is expected to be around 16,500 TL for 2024. This estimate corresponds to an average of 575 dollars.
#TurkishLira #Turkey #türkiye #inflation
Protocol for the Establishment of Solar Power Plant (SPP) Signed in Van. ☀️🔋⚡
An important step has been taken for the establishment of a solar power plant (SPP) in Van. This protocol, realized in collaboration between Van Metropolitan Municipality, the Ministry of Environment, Urbanization and Climate Change, and the Directorate of Provinces (İller Bankası), was signed by Governor Ozan Balcı and the General Director of İller Bankası, Recep Türk.
The investment is planned to be 38.5 megawatts in size, with an approximate value of 1 billion Turkish Lira (32 million Euros). The establishment of the SPP aims to provide an additional income of 300 million Turkish Lira annually to the Van Metropolitan Municipality. With this income, public investments will be made in Van, and services will be improved.
A portion of the 300 million Turkish Lira worth of electricity acquired by the Van Metropolitan Municipality from the national electricity distribution company will be provided from the established SPP. In addition to this step, among the attendees of the signing ceremony were Governor Ozan Balcı, Van Members of Parliament Kayhan Türkmenoğlu and Burhan Kayatürk, Van Metropolitan Municipality Secretary General Ali Özvan, and VASKİ (Van Water and Sewerage Administration) General Manager Ülker Cem Kaplan.
Governor Ozan Balcı expressed his gratitude to everyone involved in the project and wished the investment to be beneficial for Van, its residents, and the country. He emphasized that this significant step is a major milestone in meeting Van's energy needs and striving for a sustainable future.
#VAN #Turkey #türkiye #SPP #energy
An important step has been taken for the establishment of a solar power plant (SPP) in Van. This protocol, realized in collaboration between Van Metropolitan Municipality, the Ministry of Environment, Urbanization and Climate Change, and the Directorate of Provinces (İller Bankası), was signed by Governor Ozan Balcı and the General Director of İller Bankası, Recep Türk.
The investment is planned to be 38.5 megawatts in size, with an approximate value of 1 billion Turkish Lira (32 million Euros). The establishment of the SPP aims to provide an additional income of 300 million Turkish Lira annually to the Van Metropolitan Municipality. With this income, public investments will be made in Van, and services will be improved.
A portion of the 300 million Turkish Lira worth of electricity acquired by the Van Metropolitan Municipality from the national electricity distribution company will be provided from the established SPP. In addition to this step, among the attendees of the signing ceremony were Governor Ozan Balcı, Van Members of Parliament Kayhan Türkmenoğlu and Burhan Kayatürk, Van Metropolitan Municipality Secretary General Ali Özvan, and VASKİ (Van Water and Sewerage Administration) General Manager Ülker Cem Kaplan.
Governor Ozan Balcı expressed his gratitude to everyone involved in the project and wished the investment to be beneficial for Van, its residents, and the country. He emphasized that this significant step is a major milestone in meeting Van's energy needs and striving for a sustainable future.
#VAN #Turkey #türkiye #SPP #energy
