Mustafa Varank
Turkey's industry and technology minister on Tuesday announced a new support package worth 1.2 billion Turkish liras (approx. $183 million) for industrialists.
The package aims to reduce current account deficit and encourage production of high value-added outputs, Mustafa Varank said in a statement.
The industrialists will benefit from the package through the Technology and Innovation Grant Programmes Directorate TEYDEB 2.0, a new support system of the Scientific and Technological Research Council of Turkey (TUBITAK).
"We will provide 1.2 billion liras (approx. $183 million) in three years for projects that will be implemented through TEYDEB's project announced this year," Varank said.
Turkey's stock exchange rose 2.16 percent, or 2,004.88 points, to open at 94,689.43 points on Tuesday.On the second transaction day of the week, the banking and holding sector indices rose 4.99 percent and 1.15 percent, respectively.Among all sector indices, the banking sector index posted the best performance, while the construction sector index was the sole index to fall at the open, losing 2.55 percent.On Monday, Borsa Istanbul's BIST 100 closed at 92,684.55, down 2.38 percent, or 2,255.08 points, with a trading volume of 15.5 billion Turkish liras ($2.26 billion).Turkey will emerge from this economic siege victorious, says parliament speakerTurkish lira gained in value against foreign currencies as of the beginning of Tuesday.On Monday, Turkey's Central Bank has announced several measures to revalue Turkish liras and provide foreign exchange deposits liquidity to lenders.The U.S. dollar/Turkish lira exchange dropped to 6.5930 as of 9.30 a.m. local time (0630GMT) on Tuesday. It was 6.8710 at Monday's close.The euro/lira exchange rate also fell to 7.5980 by market open -- from 7.8560 at the previous close -- and one British pound traded for 8.5050 Turkish liras versus 8.5540 at the previous close.The price of Brent oil rose slightly to $72.86 per barrel as of 10.00 a.m. local time (0700GMT) Tuesday, compared to $72.69 on Monday -- climbing from around $66 at the beginning of 2018.
Turkey's Borsa Istanbul up at open
The exchange rate cannot be explained economically and Turkey will emerge from this economic siege victorious, Parliament Speaker Binali Yıldırım said on Tuesday while speaking to Turkish ambassadors during an address at the Çankaya Palace in capital Ankara.“Our people have seen the game. It is not a problem that we cannot overcome. We will emerge from this crisis successfully,” Yıldırım said.“The fluctuations of the exchange rate cannot be explained with Turkey’s economic indicators. The basis of these developments are political, not economic. Turkey is closed to economic impositions brought upon by political accounts,” he added.US-based group urges dialogue between US, TurkeyRelations between Ankara and Washington have been rocky since the Trump administration imposed sanctions on Turkey’s interior and justice ministers last week after Ankara refused to release American Pastor Andrew Brunson, who faces terrorism-related charges in Turkey.Last Friday, President Donald Trump doubled tariffs on aluminum and steel imports from Turkey.Turkish President Recep Tayyip Erdoğan in his turn said Turkey would turn toward new markets, new partners and alternative financial tools.Campaign launched in Senegal to support Turkish brands“If you pressure us through the dollar, we will look for other ways to carry out our works,” he said.Terming the recent U.S. tariffs on Turkey as an “economic war,” the Turkish president said: “We’ve seen your game and we challenge it.”The aim of the recent U.S. pressure is “to ensnare Turkey in every field from finance to politics,” the president noted.“We will not surrender,” Erdoğan asserted.Lebanese businesspeople come to support of Turkish lira
Turkey will emerge from economic siege victorious, says parliament speaker