Financial crises

Banking sector’s profit leaped 57 percent last year

The combined net profit of Turkish banks showed a strong 57 percent increase in 2021 from the previous year to reach 92 billion Turkish Liras, data from the Banking Regulation and Supervision Agency (BDDK) have shown.

Local lenders' assets grew nearly 51 percent, or by 3.1 trillion liras, last year to 9.2 trillion liras, the regulator said in a statement on Jan. 31.

Bulgaria: There is No Bubble in the Real Estate Market. For Now

There is no bubble in the real estate market in Bulgaria yet, but obviously, the number of deals and house prices will continue to rise. This was summed up by experts during a discussion on real estate in Bulgaria. The reason for this is the large savings of the population, low-interest rates on loans and the desire to buy a better property.

Central Bank cuts benchmark rate to 15 pct

The Turkish Central Bank on Nov. 18 cut its benchmark one-week repo rate by 100 basis points from 16 percent to 15 percent in line with market expectations.

At its 11th Monetary Policy Committee meeting this year, the bank said recent increases in inflation had been driven by supply-side factors such as rising food and import prices, especially in energy, and supply constraints.

S&P affirms Turkey's credit rating, outlook stable

S&P on Oct. 22 affirmed Turkey's long-term foreign currency rating at "B+" and long-term local currency rating at "BB-," with a stable outlook.

The stable outlook considers the risks from Turkey's economic imbalances, but these are partly offset by the resilience of Turkey's private sector and the manageable stock of net general government debt, the global rating agency said.

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