Economy of the Middle East

The profit index the Central Registry Agency (MKK) compiled for Borsa Istanbul-listed companies increased by 149 percent in the first quarter of 2022 from a year ago.

The index, which advanced 33.5 percent in the October-December period of last year, also rose by 25 percent in January-March from the previous quarter.

Turkey's stock exchange Borsa Istanbul has elected Korkmaz Enes Ergun as its new CEO.

Ergun, who was elected at an ordinary general assembly of Borsa Istanbul on March 26, has 24 years of experience in the stock exchange and capital markets. He had previously served as the deputy general manager of Borsa Istanbul where he was responsible for quotation.

Borsa Istanbul's Managing Director Hakan Atilla has resigned, a statement said on March 8. 

The board of directors has accepted the resignation and the decision was notified to the Capital Markets Board (SPK).

The total volume of the investment funds in Turkey has exceeded 150 billion Turkish Liras ($22 billion), and the number of people and entities investing in them has reached 3.1 million, according to the Settlement and Custody Bank of Borsa Istanbul (Takasbank).

The Central Bank of Turkey (CBRT) on Saturday announced it posted a net profit of nearly 56.3 billion Turkish liras ($10.7 billion) in 2018.

The Borsa Istanbul stock exchange opened 559.78 points up on Aug. 7 to reach 109,105.09 points, its highest ever value.     

The Borsa Istanbul (BIST) 100 index, the benchmark index of Turkey's main stock exchange, hit a new record high on April 24 by surpassing its previous record at 93,398 points, which was set back four years ago. 

Steady growth over recent decades has brought Turkey to the threshold of becoming a high-income economy, prosperity has been broadly shared across income groups, and the size of the middle-class has doubled, according to a new World Bank report, "Turkey's Transitions: Integration, Inclusion, Institutions." However, challenges remain, the report stressed.