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TURKEY: Consumer Confidence Rises to 20-Month High in February

TURKEY
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  • Turkey's adjusted consumer confidence index rose to 82.1 in February from 81.0 in January, according to the Turkish Statistical Institute, marking the highest for the series since June 2023. The sub-index for household financial situation expectations over the next 12 months grew 3.1% compared to the previous month, while the index measuring spending on durable goods for the same period was up 1%.
  • The President of the Kocaeli Chamber of Industry, Ayhan Zeytinoglu, said suppressing the exchange rate as part of the fight against inflation is not sustainable, Ekonomi report. Speaking at a monthly assembly meeting, Zeytinoglu said, “The fixed exchange rate policy has had negative effects on exports and production, and we have started to lose our export markets. It is not possible to get these markets back.” He also noted that Turkey needs to create a new investment climate in order to attract foreign capital.
  • The Borsa Istanbul Stock index remains relatively close to its recent lows following the slide yesterday on the back of headlines that the Istanbul Chief Prosecutor’s Office was expanding its investigation into business group Tusiad. Erdogan said statements by Tusiad amounted to “provocation.” 
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  • Turkey's adjusted consumer confidence index rose to 82.1 in February from 81.0 in January, according to the Turkish Statistical Institute, marking the highest for the series since June 2023. The sub-index for household financial situation expectations over the next 12 months grew 3.1% compared to the previous month, while the index measuring spending on durable goods for the same period was up 1%.
  • The President of the Kocaeli Chamber of Industry, Ayhan Zeytinoglu, said suppressing the exchange rate as part of the fight against inflation is not sustainable, Ekonomi report. Speaking at a monthly assembly meeting, Zeytinoglu said, “The fixed exchange rate policy has had negative effects on exports and production, and we have started to lose our export markets. It is not possible to get these markets back.” He also noted that Turkey needs to create a new investment climate in order to attract foreign capital.
  • The Borsa Istanbul Stock index remains relatively close to its recent lows following the slide yesterday on the back of headlines that the Istanbul Chief Prosecutor’s Office was expanding its investigation into business group Tusiad. Erdogan said statements by Tusiad amounted to “provocation.”