Economy of Turkey

Türkiye Wealth Fund (TWF) has signed a $100 million Murabaha financing agreement with Sharjah Islamic Bank (SIB).

This three-year term agreement marks the first Islamic finance transaction for the TWF.

Doğan Investment Bank acted as the financial adviser and coordinator for the transaction, the fund said in a statement.

Türkiye is a country that has attracted 262 billion dollars in investments since 2003, Burak Dağlıoğlu, president of the Presidential Investment Board, has said.

Vice President Cevdet Yılmaz has traveled to the U.K. to hold meetings with internatational investors. 

On Feb. 27, Yılmaz attended an event, titled "2024 Outlook on Investments and Private Capital Going Public in Türkiye and Environs" organized by the London Stock Exchange and Globalturk Capital where he met with international investors.

The Turkish construction sector may grow about 4.5 to 5 percent this year, according to the Association of Construction Material Producers (İMSAD).

The construction sector's growth rate remained above the GDP expansion in the past four quarters, the association said in its monthly report.

President Recep Tayyip Erdoğan has expressed optimism about Türkiye's economic performance, revealing that international capital inflows have surged and the country's total reserves have surpassed $145 billion.

The Turkish defense and aerospace industry's exports climbed to an all-time high of $5.55 billion last year.

The industry's export revenues increased by 27 percent in 2023 from 2022, capturing a 2.3 percent share in Türkiye's total exports last year.

In 2023, the country's exports hit a record $255.8 billion, rising from $254.2 billion in 2022.

The European Bank for Reconstruction and Development (EBRD) is providing a loan of $33.2 million to Borusan Lojistik to finance the company's capital expenditure, including measures to boost competitiveness.

The economic policies will continue to be implemented with determination in 2024, the Economy Coordination Board (EKK) has said.

Members of the board met on Dec. 28, chaired by Vice President Cevdet Yılmaz, to discuss the latest developments in the Turkish and global economy.

The latest data have shown that the Turkish Central Bank's gross reserves have climbed to a new all-time high.

The bank's gross reserves increased from $136.5 billion on Nov. 24 to $140.2 billion on Dec. 1.

Foreign currency reserves rose from $91 billion to $93.2 billion, while gold reserves climbed from $45.5 billion to $46.9 billion.

Confidence in the Turkish economy increased for a second month in a row in October, data from the Turkish Statistical Institute (TÜİK) have shown.

The economic confidence index advanced 1.2 percent from the previous month after rising 1.3 percent month-on-month in September.

Any index figure above 100 indicates an optimistic outlook about the general economic situation.