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Hafize Gaye Erkan Became the Rising Force in Forbes' 2024 List. 🏦💪🏻♀️
Forbes, the epitome of recognizing global influence, has spotlighted the remarkable Hafize Gaye Erkan in its list of women to watch in 2024. While Güler Sabancı reigns supreme, Erkan's exclusion from the top 100 doesn't diminish her growing impact on the financial world.
Forbes Recognition:
Forbes acknowledges Erkan's ascending influence, positioning her among the women poised to redefine the financial landscape in 2024.
Economic Challenges:
At the helm of the Central Bank of Turkey (TCMB), Erkan faces a formidable challenge — tackling prolonged high inflation in Turkey. This test of leadership thrusts her into the spotlight, where her strategies will be scrutinized on a global scale.
Goldman Sachs Background:
Erkan's journey includes a pivotal chapter at Goldman Sachs, imprinting her with invaluable financial expertise gained in one of the world's leading investment banks.
Renewing Confidence in TL:
A key focus for Erkan is the rejuvenation of consumer and investor confidence in the Turkish Lira (TL). Her mission is clear: reverse the downward trend and foster trust in the national currency.
Tackling Inflation:
Erkan's leadership arrives at a critical juncture as Turkey grapples with persistent inflation. Forbes underscores her pivotal role in navigating economic challenges and steering the country toward stability.
In the dynamic economic landscape, Hafize Gaye Erkan emerges as a notable figure, seamlessly blending her global financial experience with a commitment to address Turkey's economic hurdles. As she takes the reins of the TCMB Presidency, the world watches keenly for her strategies to combat inflation and restore confidence in the national currency. Forbes' recognition solidifies Erkan as a woman poised to make a significant impact in the financial realm throughout 2024.
#HafizeGayeErkan #TCMB #CBRT #Forbes #Turkey
Forbes, the epitome of recognizing global influence, has spotlighted the remarkable Hafize Gaye Erkan in its list of women to watch in 2024. While Güler Sabancı reigns supreme, Erkan's exclusion from the top 100 doesn't diminish her growing impact on the financial world.
Forbes Recognition:
Forbes acknowledges Erkan's ascending influence, positioning her among the women poised to redefine the financial landscape in 2024.
Economic Challenges:
At the helm of the Central Bank of Turkey (TCMB), Erkan faces a formidable challenge — tackling prolonged high inflation in Turkey. This test of leadership thrusts her into the spotlight, where her strategies will be scrutinized on a global scale.
Goldman Sachs Background:
Erkan's journey includes a pivotal chapter at Goldman Sachs, imprinting her with invaluable financial expertise gained in one of the world's leading investment banks.
Renewing Confidence in TL:
A key focus for Erkan is the rejuvenation of consumer and investor confidence in the Turkish Lira (TL). Her mission is clear: reverse the downward trend and foster trust in the national currency.
Tackling Inflation:
Erkan's leadership arrives at a critical juncture as Turkey grapples with persistent inflation. Forbes underscores her pivotal role in navigating economic challenges and steering the country toward stability.
In the dynamic economic landscape, Hafize Gaye Erkan emerges as a notable figure, seamlessly blending her global financial experience with a commitment to address Turkey's economic hurdles. As she takes the reins of the TCMB Presidency, the world watches keenly for her strategies to combat inflation and restore confidence in the national currency. Forbes' recognition solidifies Erkan as a woman poised to make a significant impact in the financial realm throughout 2024.
#HafizeGayeErkan #TCMB #CBRT #Forbes #Turkey
🚀 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 🇹🇷📊
CBRT President Hafize Gaye Erkan said that inflation will decrease in the second half of 2024.🇹🇷💰
In a recent address, CBRT Governor Hafize Gaye Erkan shed light on key developments shaping Turkey's economic landscape.
Here are the highlights:
An upswing in term deposit requests suggests a timely shift to the Turkish Lira.
Recognizing the pivotal role of investor confidence in influencing financial conditions and exchange rates.
As of November 17, gross international reserves soared past $134 billion, marking the highest level in the last 9 years. Notably, Western fund inflows played a significant role in this surge.
Emphasis on the goal to sustain the momentum in reserve increase, underlining a commitment to long-term economic stability.
Striving for exchange rate stability, bolstering current account transactions, and fostering continuous reserve growth.
The policy agenda includes a concerted effort to bring inflation down to single digits at the earliest.
Governor Erkan underscores that every policy decision is geared towards societal well-being.
While early signals of the monetary tightening process are emerging, the tangible effects are anticipated to be more pronounced in 2024.
In a nutshell, these insights provide a glimpse into Turkey's economic strategy, with a focus on resilience, sustainability, and fostering a positive trajectory for the nation's financial landscape.
#CBRT #TCMB #HafizeGayeErkan #TurkishLira #Turkey
In a recent address, CBRT Governor Hafize Gaye Erkan shed light on key developments shaping Turkey's economic landscape.
Here are the highlights:
An upswing in term deposit requests suggests a timely shift to the Turkish Lira.
Recognizing the pivotal role of investor confidence in influencing financial conditions and exchange rates.
As of November 17, gross international reserves soared past $134 billion, marking the highest level in the last 9 years. Notably, Western fund inflows played a significant role in this surge.
Emphasis on the goal to sustain the momentum in reserve increase, underlining a commitment to long-term economic stability.
Striving for exchange rate stability, bolstering current account transactions, and fostering continuous reserve growth.
The policy agenda includes a concerted effort to bring inflation down to single digits at the earliest.
Governor Erkan underscores that every policy decision is geared towards societal well-being.
While early signals of the monetary tightening process are emerging, the tangible effects are anticipated to be more pronounced in 2024.
In a nutshell, these insights provide a glimpse into Turkey's economic strategy, with a focus on resilience, sustainability, and fostering a positive trajectory for the nation's financial landscape.
#CBRT #TCMB #HafizeGayeErkan #TurkishLira #Turkey
Turkey's Credit Rating Outlook Gets a Boost: Minister Şimşek's Response. 🇹🇷💰
In a recent development, Standard & Poor's (S&P) raised Turkey's credit rating outlook from "stable" to "positive." Minister of Treasury and Finance Mehmet Şimşek expressed confidence in the government's Medium Term Program, stating that the implemented measures are yielding positive responses.
S&P confirmed Turkey's credit rating as "B" and highlighted policy adjustments in response to recent economic challenges. The Central Bank of the Republic of Turkey (CBRT) was noted for rebuilding its foreign exchange reserves, while interest rate hikes since June contributed to a reduction in twin deficits.
The statement also projected a lower-than-targeted 2023 budget deficit and a narrowing current account deficit due to a substantial decrease in imports. Additionally, if the balance of payments improves, foreign exchange reserves increase, and dollarization decreases in the next year, there is potential for a one-level credit score upgrade.
Minister Şimşek, in a social media statement, emphasized that the government would persist in implementing the Medium Term Program with patience and determination. The goals include achieving price stability, a permanent decrease in the current account deficit, fiscal discipline, and reserve accumulation to propel the country toward sustainable high growth.
As Turkey navigates economic challenges, this positive outlook from S&P reflects ongoing efforts to address issues and instill confidence in the nation's economic trajectory.
#Standard&Poor's #S&P #Turkey #CBRT
In a recent development, Standard & Poor's (S&P) raised Turkey's credit rating outlook from "stable" to "positive." Minister of Treasury and Finance Mehmet Şimşek expressed confidence in the government's Medium Term Program, stating that the implemented measures are yielding positive responses.
S&P confirmed Turkey's credit rating as "B" and highlighted policy adjustments in response to recent economic challenges. The Central Bank of the Republic of Turkey (CBRT) was noted for rebuilding its foreign exchange reserves, while interest rate hikes since June contributed to a reduction in twin deficits.
The statement also projected a lower-than-targeted 2023 budget deficit and a narrowing current account deficit due to a substantial decrease in imports. Additionally, if the balance of payments improves, foreign exchange reserves increase, and dollarization decreases in the next year, there is potential for a one-level credit score upgrade.
Minister Şimşek, in a social media statement, emphasized that the government would persist in implementing the Medium Term Program with patience and determination. The goals include achieving price stability, a permanent decrease in the current account deficit, fiscal discipline, and reserve accumulation to propel the country toward sustainable high growth.
As Turkey navigates economic challenges, this positive outlook from S&P reflects ongoing efforts to address issues and instill confidence in the nation's economic trajectory.
#Standard&Poor's #S&P #Turkey #CBRT
TCMB's Monetary Policy and Expectations: Foreign Analyst Insights. 🇹🇷💸
Turkish Central Bank (TCMB) is approaching the end of its tightening cycle, according to foreign experts, with expectations set on the upcoming Monetary Policy Committee (MPC) meeting.
Societe Generale's Marek Drimal notes TCMB's significant 500 basis point increase in the policy rate to 40% in the last meeting, indicating a substantial step toward establishing the necessary monetary tightness for disinflation.
Drimal suggests the pace of monetary tightening could slow, and the tightening cycle might conclude soon, possibly leading to a 50% reduction in tightening speed in the December meeting.
Predicting another 250 basis point increase in the policy rate to 42.50%, Drimal foresees TCMB might make an additional 250 basis point hike in January, reaching 45%.
In Touch Capital Markets' Piotr Matys mentions the possibility of TCMB officially stating that interest rates are sufficiently high accompanying the expected rate hike.
While noting a lucrative carry trade opportunity in nominal terms for the Turkish Lira (TL), Matys highlights that, in real terms, TL might not be attractive enough for carry trade investors yet.
Matys suggests the attractiveness of TL for carry trade investors could change as Turkey's inflation peaks in the first half of the year and begins to decline, potentially aligning with the Fed starting interest rate cuts in the second half of 2024.
According to AA Finans' economist survey, experts anticipate a 250 basis point increase in the one-week repo auction interest rate (policy rate) to 42.50% in the upcoming TCMB MPC meeting.
#dyor #TCMB #CBRT #Interest #SocieteGenerale
Turkish Central Bank (TCMB) is approaching the end of its tightening cycle, according to foreign experts, with expectations set on the upcoming Monetary Policy Committee (MPC) meeting.
Societe Generale's Marek Drimal notes TCMB's significant 500 basis point increase in the policy rate to 40% in the last meeting, indicating a substantial step toward establishing the necessary monetary tightness for disinflation.
Drimal suggests the pace of monetary tightening could slow, and the tightening cycle might conclude soon, possibly leading to a 50% reduction in tightening speed in the December meeting.
Predicting another 250 basis point increase in the policy rate to 42.50%, Drimal foresees TCMB might make an additional 250 basis point hike in January, reaching 45%.
In Touch Capital Markets' Piotr Matys mentions the possibility of TCMB officially stating that interest rates are sufficiently high accompanying the expected rate hike.
While noting a lucrative carry trade opportunity in nominal terms for the Turkish Lira (TL), Matys highlights that, in real terms, TL might not be attractive enough for carry trade investors yet.
Matys suggests the attractiveness of TL for carry trade investors could change as Turkey's inflation peaks in the first half of the year and begins to decline, potentially aligning with the Fed starting interest rate cuts in the second half of 2024.
According to AA Finans' economist survey, experts anticipate a 250 basis point increase in the one-week repo auction interest rate (policy rate) to 42.50% in the upcoming TCMB MPC meeting.
#dyor #TCMB #CBRT #Interest #SocieteGenerale
CBRT Governor Erkan:
We anticipate inflation to peak at around 70-75% in May 2024. Our inflation projections are as follows:
- 65% by the end of 2023
- 36% by the end of 2024
- 14% by the end of 2025.
#CBRT #TCMB #inflation
We anticipate inflation to peak at around 70-75% in May 2024. Our inflation projections are as follows:
- 65% by the end of 2023
- 36% by the end of 2024
- 14% by the end of 2025.
#CBRT #TCMB #inflation
Goldman Sachs and Bank of America made positive evaluations for Turkish banks. 🇹🇷🏦
In the wake of the Turkish Central Bank's interest rate hike decision, Goldman Sachs and Bank of America have re-evaluated Turkish banks, updating their target prices. Here's a summary of their assessments:
Goldman Sachs Insights:
The Central Bank's 500 basis point increase in the policy rate signals a potential end to the interest rate hike cycle.
Goldman Sachs economists predict an additional 250 basis point increase in the policy rate during the December meeting, completing the rate hike cycle at 42.50%.
Despite a challenging macro environment, cautious optimism persists, considering improved macro conditions could enhance banks' operational outlook.
The report indicates a positive adjustment in earnings forecasts for Turkish banks, leading to an average increase of around 5% in stock prices.
Bank of America's Evaluation:
Describing the ongoing dynamics in the Turkish banking system as a "Great normalization," the report emphasizes the simplification of regulations affecting growth dynamics, asset allocations, and key interest rates over the past two years.
Manageable quality of assets risk is noted in the Turkish banking system. Bank of America expects Turkish private banks to offer a compelling value, anticipating an above 30% return on equity for these banks.
While Goldman Sachs maintains a cautious stance on Turkish banks, anticipating potential improvements, Bank of America sees a "Great normalization" in the Turkish banking system, emphasizing its positive dynamics. Investors may find opportunities amid these assessments, but careful monitoring of market trends remains crucial.
#GoldManSachs #Turkey #BankOfAmerica #BofA #CBRT
In the wake of the Turkish Central Bank's interest rate hike decision, Goldman Sachs and Bank of America have re-evaluated Turkish banks, updating their target prices. Here's a summary of their assessments:
Goldman Sachs Insights:
The Central Bank's 500 basis point increase in the policy rate signals a potential end to the interest rate hike cycle.
Goldman Sachs economists predict an additional 250 basis point increase in the policy rate during the December meeting, completing the rate hike cycle at 42.50%.
Despite a challenging macro environment, cautious optimism persists, considering improved macro conditions could enhance banks' operational outlook.
The report indicates a positive adjustment in earnings forecasts for Turkish banks, leading to an average increase of around 5% in stock prices.
Bank of America's Evaluation:
Describing the ongoing dynamics in the Turkish banking system as a "Great normalization," the report emphasizes the simplification of regulations affecting growth dynamics, asset allocations, and key interest rates over the past two years.
Manageable quality of assets risk is noted in the Turkish banking system. Bank of America expects Turkish private banks to offer a compelling value, anticipating an above 30% return on equity for these banks.
While Goldman Sachs maintains a cautious stance on Turkish banks, anticipating potential improvements, Bank of America sees a "Great normalization" in the Turkish banking system, emphasizing its positive dynamics. Investors may find opportunities amid these assessments, but careful monitoring of market trends remains crucial.
#GoldManSachs #Turkey #BankOfAmerica #BofA #CBRT
Blockchain expert Professor Dr. Fatma Özkul was appointed to the MPC of the Central Bank of Türkiye. 🇹🇷♀️🪙
President Recep Tayyip Erdoğan has appointed blockchain expert Prof. Dr. Fatma Özkul to the Central Bank's Monetary Policy Committee, as revealed in the Official Gazette on December 22. This strategic appointment underscores the increasing relevance of cryptocurrencies and blockchain within the global financial landscape.
About Prof. Dr. Fatma Özkul:
Born in Elazığ in 1978, Özkul embarked on her academic journey at Marmara University, culminating in a wealth of knowledge in Accounting and Finance. With a professorship earned in 2018, she spent 14 impactful years at Bahçeşehir University, where her contributions to academia earned her the "Best Finance and Economics Book of the Year" award for her seminal work, "Cryptocurrency Accounting."
Expertise and Contributions:
Prof. Dr. Özkul is distinguished for her profound insights into cryptocurrencies, blockchain technology, and associated accounting practices. Noteworthy studies include examinations of Bitcoin mining taxation, the evolution of accounting in the digital era, and financial controls in blockchain technology.
Role in Shaping Policies:
Aligned with Hazine ve Maliye Bakanı Mehmet Şimşek's recent statement on impending legal regulations for cryptocurrencies, Özkul's appointment to the Monetary Policy Committee positions her to play a pivotal role in shaping Turkey's policies on digital currencies and financial technologies.
Impact on Turkey's Vision:
Beyond its immediate implications, Özkul's appointment signals a substantial commitment to advancing Turkey's position in financial technologies and digital assets. Her expertise holds the potential to infuse a fresh perspective into both the cryptocurrency sector and Turkey's broader economic policies.
#TCMB #CBRT #FatmaÖzkul #Turkey #MPC
President Recep Tayyip Erdoğan has appointed blockchain expert Prof. Dr. Fatma Özkul to the Central Bank's Monetary Policy Committee, as revealed in the Official Gazette on December 22. This strategic appointment underscores the increasing relevance of cryptocurrencies and blockchain within the global financial landscape.
About Prof. Dr. Fatma Özkul:
Born in Elazığ in 1978, Özkul embarked on her academic journey at Marmara University, culminating in a wealth of knowledge in Accounting and Finance. With a professorship earned in 2018, she spent 14 impactful years at Bahçeşehir University, where her contributions to academia earned her the "Best Finance and Economics Book of the Year" award for her seminal work, "Cryptocurrency Accounting."
Expertise and Contributions:
Prof. Dr. Özkul is distinguished for her profound insights into cryptocurrencies, blockchain technology, and associated accounting practices. Noteworthy studies include examinations of Bitcoin mining taxation, the evolution of accounting in the digital era, and financial controls in blockchain technology.
Role in Shaping Policies:
Aligned with Hazine ve Maliye Bakanı Mehmet Şimşek's recent statement on impending legal regulations for cryptocurrencies, Özkul's appointment to the Monetary Policy Committee positions her to play a pivotal role in shaping Turkey's policies on digital currencies and financial technologies.
Impact on Turkey's Vision:
Beyond its immediate implications, Özkul's appointment signals a substantial commitment to advancing Turkey's position in financial technologies and digital assets. Her expertise holds the potential to infuse a fresh perspective into both the cryptocurrency sector and Turkey's broader economic policies.
#TCMB #CBRT #FatmaÖzkul #Turkey #MPC
April Survey Results of the Central Bank of the Republic of Turkey have been announced. 🇹🇷🏦
💸 USD/TRY Expectation:
The year-end USD/TRY expectation decreased from 40.53 in the previous survey to 40.01 in April.
The 12-month ahead exchange rate expectation decreased from 42.79 TL in the previous survey to 42.47 TL in this survey.
🎈 Interest Rate:
The year-end Consumer Price Index (CPI) expectation was 44.19% in the previous survey, while it slightly decreased to 44.16% in this survey.
The 12-month ahead CPI expectation was 36.70% in the previous survey, which decreased to 35.17% in this survey.
The 24-month ahead CPI expectation was 22.67% in the previous survey, which decreased to 22.05% in this survey.
🧊 Inflation:
The year-end CPI expectation was 44.19% in the previous survey, slightly decreasing to 44.16% in this survey.
The 12-month ahead CPI expectation was 36.70% in the previous survey, which decreased to 35.17% in this survey.
The 24-month ahead CPI expectation was 22.67% in the previous survey, which decreased to 22.05% in this survey.
⛰️ Growth Expectation:
The GDP growth expectation for 2024 is 3.3%
The GDP growth expectation for 2025 was 3.8% in the previous survey, which decreased to 3.7% in this survey.
The Central Bank's April survey results indicate changes in exchange rates, interest rates, inflation, and growth expectations, with particular attention drawn to the decrease in USD/TRY expectation and slight decrease in inflation expectations.
#CBRT #TCMB #DollarTL #TurkishLira #bitcoinhalving
💸 USD/TRY Expectation:
The year-end USD/TRY expectation decreased from 40.53 in the previous survey to 40.01 in April.
The 12-month ahead exchange rate expectation decreased from 42.79 TL in the previous survey to 42.47 TL in this survey.
🎈 Interest Rate:
The year-end Consumer Price Index (CPI) expectation was 44.19% in the previous survey, while it slightly decreased to 44.16% in this survey.
The 12-month ahead CPI expectation was 36.70% in the previous survey, which decreased to 35.17% in this survey.
The 24-month ahead CPI expectation was 22.67% in the previous survey, which decreased to 22.05% in this survey.
🧊 Inflation:
The year-end CPI expectation was 44.19% in the previous survey, slightly decreasing to 44.16% in this survey.
The 12-month ahead CPI expectation was 36.70% in the previous survey, which decreased to 35.17% in this survey.
The 24-month ahead CPI expectation was 22.67% in the previous survey, which decreased to 22.05% in this survey.
⛰️ Growth Expectation:
The GDP growth expectation for 2024 is 3.3%
The GDP growth expectation for 2025 was 3.8% in the previous survey, which decreased to 3.7% in this survey.
The Central Bank's April survey results indicate changes in exchange rates, interest rates, inflation, and growth expectations, with particular attention drawn to the decrease in USD/TRY expectation and slight decrease in inflation expectations.
#CBRT #TCMB #DollarTL #TurkishLira #bitcoinhalving
Igor - A Sustainable FinTech Pioneer Secures $8.5 Million Investment. 💰🏦🤑
Igor, a sustainable finance technology startup, recently secured a significant investment of $8.5 million in a funding round led by DOMiNO Ventures. The round included participation from corporate investors such as Aegean Ventures and Fikir Evi Research Development and Consultancy Inc., as well as several angel investors.
Core Services:
Igor focuses on providing innovative and integrated financial services through a single platform. The startup has developed a virtual and physical payment infrastructure, enabling users to make 24/7 payments and access all their bank accounts through a unified interface.
Sustainability Initiatives:
Igor goes beyond traditional financial services by offering solutions for calculating and neutralizing users' carbon footprints. The company, having applied for operational authorization from the Central Bank of Turkey last year, emphasizes climate awareness and aims to support access to green financial services.
Global Expansion Plans:
With the recent investment, Igor aims to expand its services globally in the second quarter of 2024. The company aligns its mission with promoting the importance of green fintech while broadening its sustainable financial solutions.
Founder's Vision:
Kamil Güçlü, former Group Deputy President of Oracle EMEA and co-founder of Igor, expresses the company's goal of making financial processes more accessible and sustainable. By encouraging active participation in the financial world and reinforcing environmental responsibility through green finance solutions, Igor envisions a positive change in the sector.
Industry Recognition:
The investment reflects the confidence of industry leaders, including DOMiNO Ventures, in Igor's potential to create positive transformations in both financial processes and environmental impact.
Looking Ahead:
Igor's commitment to balancing financial gains with positive global change positions it as a promising player in the evolving landscape of sustainable fintech.
#Igor #CBRT #TCMB
Igor, a sustainable finance technology startup, recently secured a significant investment of $8.5 million in a funding round led by DOMiNO Ventures. The round included participation from corporate investors such as Aegean Ventures and Fikir Evi Research Development and Consultancy Inc., as well as several angel investors.
Core Services:
Igor focuses on providing innovative and integrated financial services through a single platform. The startup has developed a virtual and physical payment infrastructure, enabling users to make 24/7 payments and access all their bank accounts through a unified interface.
Sustainability Initiatives:
Igor goes beyond traditional financial services by offering solutions for calculating and neutralizing users' carbon footprints. The company, having applied for operational authorization from the Central Bank of Turkey last year, emphasizes climate awareness and aims to support access to green financial services.
Global Expansion Plans:
With the recent investment, Igor aims to expand its services globally in the second quarter of 2024. The company aligns its mission with promoting the importance of green fintech while broadening its sustainable financial solutions.
Founder's Vision:
Kamil Güçlü, former Group Deputy President of Oracle EMEA and co-founder of Igor, expresses the company's goal of making financial processes more accessible and sustainable. By encouraging active participation in the financial world and reinforcing environmental responsibility through green finance solutions, Igor envisions a positive change in the sector.
Industry Recognition:
The investment reflects the confidence of industry leaders, including DOMiNO Ventures, in Igor's potential to create positive transformations in both financial processes and environmental impact.
Looking Ahead:
Igor's commitment to balancing financial gains with positive global change positions it as a promising player in the evolving landscape of sustainable fintech.
#Igor #CBRT #TCMB
Mehmet Şimşek outlines Turkey's economic priorities for stability and growth. 🇹🇷🏦
Mehmet Şimşek, Turkey's Treasury and Finance Minister, recently outlined a comprehensive strategy aimed at addressing pressing economic challenges while fostering stronger partnerships, particularly with the European Union (EU).
In his address, Şimşek stressed the urgency of stabilizing prices and reducing inflation to single digits, setting ambitious goals to achieve these targets by 2026. He emphasized the crucial role of structural reforms and traditional monetary policies in achieving these objectives.
One of the key pillars of Şimşek's vision is the revitalization of Turkey's relations with the EU. He highlighted the importance of updating the Customs Union, advancing visa liberalization, and collaborating on critical issues such as energy security, migration management, and business partnerships in third countries.
Şimşek underscored the mutual benefits of stronger Turkey-EU ties, urging the EU to strategically consider Turkey's economic significance and its potential contributions to the EU's transformation. He also emphasized the need for the EU to uphold its principles of rule-based systems and deepen the Single Market, opening the door for new members like Turkey.
Furthermore, Şimşek highlighted the constructive nature of recent discussions with top EU officials in Brussels, indicating a positive trajectory for Turkey-EU relations.
In conclusion, Şimşek reiterated the importance of evidence-based economic policies and expressed confidence in Turkey's economic program's effectiveness in reducing inflation. His roadmap offers a promising path towards stability, growth, and enhanced cooperation both domestically and internationally.
#MehmetŞimşek #Turkey #TCMB #CBRT
Mehmet Şimşek, Turkey's Treasury and Finance Minister, recently outlined a comprehensive strategy aimed at addressing pressing economic challenges while fostering stronger partnerships, particularly with the European Union (EU).
In his address, Şimşek stressed the urgency of stabilizing prices and reducing inflation to single digits, setting ambitious goals to achieve these targets by 2026. He emphasized the crucial role of structural reforms and traditional monetary policies in achieving these objectives.
One of the key pillars of Şimşek's vision is the revitalization of Turkey's relations with the EU. He highlighted the importance of updating the Customs Union, advancing visa liberalization, and collaborating on critical issues such as energy security, migration management, and business partnerships in third countries.
Şimşek underscored the mutual benefits of stronger Turkey-EU ties, urging the EU to strategically consider Turkey's economic significance and its potential contributions to the EU's transformation. He also emphasized the need for the EU to uphold its principles of rule-based systems and deepen the Single Market, opening the door for new members like Turkey.
Furthermore, Şimşek highlighted the constructive nature of recent discussions with top EU officials in Brussels, indicating a positive trajectory for Turkey-EU relations.
In conclusion, Şimşek reiterated the importance of evidence-based economic policies and expressed confidence in Turkey's economic program's effectiveness in reducing inflation. His roadmap offers a promising path towards stability, growth, and enhanced cooperation both domestically and internationally.
#MehmetŞimşek #Turkey #TCMB #CBRT
Turkish Crypto Landscape Shifts with Mehmet Şimşek's New Regulations. 🇹🇷🪙☠️
Turkey has taken a significant stride in the world of cryptocurrencies with the introduction of a groundbreaking law. Minister of Treasury and Finance Mehmet Şimşek, a key figure in economic policy, recently shared pivotal insights into the country's approach to crypto assets.
Mehmet Şimşek's Announcement:
In this legislative move, crypto assets are officially defined as "non-material assets expressing value or rights." Mehmet Şimşek's announcement also hinted at anticipated changes in the Capital Markets Board (SPK) law, shedding light on definitions for crypto asset service providers and storage services.
Regulatory Changes:
The focus of these regulations lies in scrutinizing the functionality of crypto platforms, with a distinct emphasis on regulating their operations. This shift indicates a strategic move towards fostering a secure and controlled crypto environment.
Legislative Progress:
Mehmet Şimşek's involvement in shaping crypto policies is not new. In October 2023, he addressed crypto matters in a presentation to the Grand National Assembly of Turkey Planning and Budget Commission. Additionally, AKP's Ömer İler disclosed an ongoing effort to draft comprehensive crypto regulations, poised for presentation in the parliament shortly.
Implications and Future Developments:
These regulatory changes signify Turkey's commitment to fortifying its stance on cryptocurrencies. The ongoing updates and developments that follow will be instrumental in navigating the intricacies of this evolving landscape.
As Turkey takes a bold step forward in regulating cryptocurrencies, the coming months promise more detailed insights and follow-ups on the unfolding scenario. The recent announcements underscore Turkey's proactive approach in addressing the challenges and opportunities presented by the dynamic realm of cryptocurrencies.
#TCMB #CBRT #TurkeyCrypto #Turkey #MehmetŞimşek
Turkey has taken a significant stride in the world of cryptocurrencies with the introduction of a groundbreaking law. Minister of Treasury and Finance Mehmet Şimşek, a key figure in economic policy, recently shared pivotal insights into the country's approach to crypto assets.
Mehmet Şimşek's Announcement:
In this legislative move, crypto assets are officially defined as "non-material assets expressing value or rights." Mehmet Şimşek's announcement also hinted at anticipated changes in the Capital Markets Board (SPK) law, shedding light on definitions for crypto asset service providers and storage services.
Regulatory Changes:
The focus of these regulations lies in scrutinizing the functionality of crypto platforms, with a distinct emphasis on regulating their operations. This shift indicates a strategic move towards fostering a secure and controlled crypto environment.
Legislative Progress:
Mehmet Şimşek's involvement in shaping crypto policies is not new. In October 2023, he addressed crypto matters in a presentation to the Grand National Assembly of Turkey Planning and Budget Commission. Additionally, AKP's Ömer İler disclosed an ongoing effort to draft comprehensive crypto regulations, poised for presentation in the parliament shortly.
Implications and Future Developments:
These regulatory changes signify Turkey's commitment to fortifying its stance on cryptocurrencies. The ongoing updates and developments that follow will be instrumental in navigating the intricacies of this evolving landscape.
As Turkey takes a bold step forward in regulating cryptocurrencies, the coming months promise more detailed insights and follow-ups on the unfolding scenario. The recent announcements underscore Turkey's proactive approach in addressing the challenges and opportunities presented by the dynamic realm of cryptocurrencies.
#TCMB #CBRT #TurkeyCrypto #Turkey #MehmetŞimşek
Central Bank of the Republic of Turkey increased interest rates by 500 basis points. 🆙⚡
Today, the interest rate decision by the Central Bank of the Republic of Turkey (CBRT) stirred excitement in the markets, and the anticipated decision was finally revealed. The Monetary Policy Committee (MPC) of the Central Bank announced its new decision regarding the policy rate, raising it by 5 points to 50 percent. This decision follows a period where the interest rate was kept steady at 45 percent in the previous meeting.
The meeting, chaired by CBRT Governor Fatih Karahan, resulted in a significant decision concerning the economy. In the upcoming days, the first Inflation Report of the year is expected to be released, shedding more light on Turkey's economic policies.
Meanwhile, financial developments such as the People's Bank of China maintaining its interest rate and offering zero-interest loans for Togg also drew attention. These news pieces may influence the volatility in global markets.
Future expectations are shaped by the anticipation of a gradual decline in inflation, while reaching the economic peak of the next decade is forecasted.
All these developments continue to be closely monitored by markets and economic observers, providing significant insights into Turkey's economic future.
#CBRT #TCMB #Turkey #türkiye #interestrate
Today, the interest rate decision by the Central Bank of the Republic of Turkey (CBRT) stirred excitement in the markets, and the anticipated decision was finally revealed. The Monetary Policy Committee (MPC) of the Central Bank announced its new decision regarding the policy rate, raising it by 5 points to 50 percent. This decision follows a period where the interest rate was kept steady at 45 percent in the previous meeting.
The meeting, chaired by CBRT Governor Fatih Karahan, resulted in a significant decision concerning the economy. In the upcoming days, the first Inflation Report of the year is expected to be released, shedding more light on Turkey's economic policies.
Meanwhile, financial developments such as the People's Bank of China maintaining its interest rate and offering zero-interest loans for Togg also drew attention. These news pieces may influence the volatility in global markets.
Future expectations are shaped by the anticipation of a gradual decline in inflation, while reaching the economic peak of the next decade is forecasted.
All these developments continue to be closely monitored by markets and economic observers, providing significant insights into Turkey's economic future.
#CBRT #TCMB #Turkey #türkiye #interestrate
Foreign Banks' Interest Rate Predictions for Turkey. 🇹🇷📉📈
Foreign financial institutions have been closely monitoring Turkey's economic landscape, particularly in anticipation of the Central Bank of the Republic of Turkey (TCMB)'s upcoming interest rate decision.
🔹Deutsche Bank:
Expects a probable 500 basis point increase in the TCMB's policy rate this month, revising their estimate upwards to 50% due to worsening inflation dynamics.
🔹Bank of America (BofA):
Suggests a potential 300-500 basis point hike in April, contingent upon February's inflation data, following a recent visit to Turkey.
🔹JPMorgan:
Forecasts a 500 basis point rate increase in April, citing February's inflation figures surpassing expectations.
🔹Morgan Stanley:
Adjusted their scenario, removing expectations for rate cuts from TCMB in late 2024. They now anticipate the first rate cut in Q1 2025.
🔹HSBC:
Predicts the benchmark interest rate to hold steady at 45% this year, but acknowledges risks for further increases. They anticipate potential rate cuts only from Q1 2025 onwards.
◽Recent Developments and Expectations:
The TCMB Para Politikası Kurulu is scheduled to convene on March 21st, with the interest rate decision announcement set for 14:00 local time on the same day.
February's inflation figures have surpassed expectations, fueling speculation of renewed tightening measures by the TCMB.
Different banks have varying outlooks on the timing and extent of future interest rate adjustments, though there's a consensus on the potential for further hikes in the near term.
Factors like inflation trends, the economic outlook, and global market conditions are expected to shape TCMB's policy decisions in the coming months.
#Turkey #türkiye #Interest #TCMB #CBRT
Foreign financial institutions have been closely monitoring Turkey's economic landscape, particularly in anticipation of the Central Bank of the Republic of Turkey (TCMB)'s upcoming interest rate decision.
🔹Deutsche Bank:
Expects a probable 500 basis point increase in the TCMB's policy rate this month, revising their estimate upwards to 50% due to worsening inflation dynamics.
🔹Bank of America (BofA):
Suggests a potential 300-500 basis point hike in April, contingent upon February's inflation data, following a recent visit to Turkey.
🔹JPMorgan:
Forecasts a 500 basis point rate increase in April, citing February's inflation figures surpassing expectations.
🔹Morgan Stanley:
Adjusted their scenario, removing expectations for rate cuts from TCMB in late 2024. They now anticipate the first rate cut in Q1 2025.
🔹HSBC:
Predicts the benchmark interest rate to hold steady at 45% this year, but acknowledges risks for further increases. They anticipate potential rate cuts only from Q1 2025 onwards.
◽Recent Developments and Expectations:
The TCMB Para Politikası Kurulu is scheduled to convene on March 21st, with the interest rate decision announcement set for 14:00 local time on the same day.
February's inflation figures have surpassed expectations, fueling speculation of renewed tightening measures by the TCMB.
Different banks have varying outlooks on the timing and extent of future interest rate adjustments, though there's a consensus on the potential for further hikes in the near term.
Factors like inflation trends, the economic outlook, and global market conditions are expected to shape TCMB's policy decisions in the coming months.
#Turkey #türkiye #Interest #TCMB #CBRT
