Latest news with #BorsaIstanbul
Bloomberg
3 days ago
- Business
- Bloomberg
Turkey Bank Shares Near Three-Month High on Rate Cut Expectation
Turkish bank shares rallied on Tuesday after the central bank provided more funding through its cheaper one-week repo rate, a move seen by markets as a sign that interest-rate cuts could be on the horizon. The Borsa Istanbul Banks Index rose as much as 4.9% to the highest in nearly three months after the central bank said 100 billion liras ($2.5 billion) were lent at its repo auction on Tuesday — almost ten times the past month's 11 billion liras daily average — at the 46% one-week rate. That's lower than the overnight rate it's been using for such operations and would lower the weighted average funding cost for the market.
Zawya
20-05-2025
- Business
- Zawya
Qatar, Turkey urged consider joint sukuk issuance and cross-listing on Borsa Istanbul and QSE
Ankara and Doha need to consider joint issuance of sukuks and their cross-listing on Borsa Istanbul and the Qatar Stock Exchange (QSE) to attract a broader investor base, according to a top official of Participation Banks Association of Turkiye (TKBB), a public entity with a mandate to represent the participation banking sector both nationally and internationally. Both Turkiye and Qatar should also prioritise Shariah-compliant debt market development, fintech, digital driven innovations, and sustainable Islamic finance; Ismail Vural, secretary-general, TKBB, said in a report of the Qatar Financial Centre (QFC). Turkiye has a well-established sukuk market, ranking fifth globally in sukuk issuance over the past five years, he said, quoting data from London Stock Exchange Group (LSEG). Enhancing co-operation in this area, he said, can create new opportunities for financing large-scale infrastructure, energy, and trade projects. "Joint sukuk issuances can provide a powerful financing tool, while cross-listing sukuk on both Borsa Istanbul and the QSE can attract a broader investor base," Vural said. Additionally, he said, regulatory harmonisation between the two countries would facilitate seamless cross-border sukuk deals, further strengthening the market. "To strengthen collaboration in Islamic finance over the next five years, Turkiye and Qatar may prioritise sukuk market development, fintech- digital driven innovations, and sustainable Islamic finance," according to him. Finding that fintech and digital Islamic banking are also set to play a crucial role in shaping the future of financial collaboration; he said blockchain-based Islamic finance solutions, such as smart contracts, can improve the efficiency and security of Shariah-compliant transactions. With two digital participation banks already operating in Turkiye, supporting digital-only Islamic banks and fintech startups will enhance access to mobile-based participation banking services and promote greater financial inclusion, he said. "Additionally, the development of seamless, Shariah-compliant cross-border digital payment systems will further deepen financial ties between Turkiye and Qatar," he added. Sustainable Islamic finance is emerging as a key priority, and stronger collaboration between Turkiye and Qatar can accelerate progress in this field, Vural said. Developing innovative Islamic banking products that integrate both Shariah principles and ESG (environment, social and governance) considerations will be vital for the future of the sector, according to him. Turkiye's participation banking sector, led by TKBB, has already placed sustainability at the centre of its strategy, taking significant steps to promote ESG-aligned financial practices. "Strengthening collaboration between Turkiye and Qatar in this area will further leverage Islamic finance for the achievement of SDGs (sustainable development goals) and drive meaningful progress in sustainable finance," he said. "By focusing on these strategic areas, Turkiye and Qatar can reinforce their leadership in Islamic finance, foster deeper economic co-operation, and promote sustainable growth within the sector," he added. The growing collaboration between the Islamic finance of Turkiye and Qatar has "significantly" strengthened sectoral ties and "is fostering financial integration and expanding opportunities for both economies", according to him. In this regard, he cited the signing of a MoU between TKBB and QFC in 2023. Aligned with Qatar's National Vision 2030, this cooperation presents significant opportunities. Turkiye's participation banks, with their expertise in export financing and SME or small and medium enterprises support covering 30 industrial sectors, play a crucial role in strengthening financial ties between the two countries, he said. Turk Eximbank, in collaboration with TKBB, has introduced a suite of participation-based financial products, including participation-based receivables insurance, sales financing with profit declaration, interest-free pre-shipment export financing, and interest-free financial leasing. "These tailored solutions will contribute to expanding Turkiye's foreign trade volume and enhancing the global competitiveness of Turkish exporters, including in the Qatari market," he said. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (
Zawya
30-04-2025
- Business
- Zawya
Turkey orders detentions over stock market manipulation charges, NTV reports
ISTANBUL - Turkish authorities ordered the detention of 15 people suspected of having conducted manipulative transactions on the Istanbul stock exchange, broadcaster NTV reported on Wednesday. The Istanbul prosecutors' office gave the order on charges they had set up an organisation to commit crime and market fraud, NTV said. Police were searching for the suspects in Istanbul, Ankara and also the southeastern province of Sanliurfa, NTV also said. Borsa Istanbul had made no statement on the matter. Reuters
Bloomberg
24-04-2025
- Business
- Bloomberg
Turkish Gold Contracts Trade at Huge Premiums as Buyers Pile In
A new wave of Turkish gold bugs is driving a widening gap between the price of the physical metal — a long-time investing favorite in the country — and newer digital instruments that track it. Gold certificates traded on the Borsa Istanbul exchange should in theory follow the price of the 0.01 grams of physical bullion they represent, but rose to a record 21% premium this week, according to local brokerage Gedik Yatirim AS. The cost gap is driven by a surge in investor interest since early March as global trade tensions drive gold prices higher, research analyst Burak Pirlanta said.
Gulf Today
29-03-2025
- Business
- Gulf Today
Turkey's central bank may do more to curb market volatility
Turkey's central bank said it would take additional actions if necessary to ensure the smooth functioning of financial markets, as it assesses risks to inflation from recent market developments. The detention of Istanbul mayor Ekrem Imamoglu, President Tayyip Erdogan's main political rival, which sparked biggest protests in Turkey in more than a decade last week, had caused strong market volatility and a major market sell-off. The Monetary Policy Committee (MPC) held an interim meeting to review financial market conditions last week and has implemented measures to support its tight monetary stance, the bank said in a statement. The bank suspended one-week repo auctions and hiked its overnight lending rate to 46 per cent in the interim meeting. In a research note, Goldman Sachs said it expected the central bank to raise its policy rate by 350 basis points 'to show its ability and willingness to implement its disinflation program'. The moves last week effectively raised its average cost of funding by 350 basis points, the Wall Street bank said, and allowed for more time for internal discussion with other stakeholders prior to raising the main repo rate. Turkish Finance Minister Mehmet Simsek and Central Bank Governor Fatih Karahan told international investors that they would do whatever was needed to tame market turmoil. On Monday, Istanbul stocks rebounded nearly 3 per cent while the lira held steady against the dollar. The Borsa Istanbul benchmark index ended last week down 16.6 per cent, its worst drop since the global financial crisis in October 2008. The index was up 2.45 per cent at 0802 GMT while the banking sub-index stands 2.7 per cent higher at 0802 GMT on Tuesday, after last week's more than 26 per cent tumble. The Treasury, central bank, the BDDK banking watchdog and capital markets board held a series of meetings with market actors over the weekend and announced several steps. The measures had begun with the central bank raising the upper band of the interest rate corridor by 2 points to 46 per cent in an interim meeting last week, pausing funding from the policy rate. While the central bank took a tightening step of close to 400 basis points, it also sold around $14 billion in foreign exchange. Additionally, it has started liquidity note issuance and TL-settled forward foreign exchange sales transactions. Also, short selling was banned for one month on the Istanbul stock market. Turkish stocks struggled to hold onto gains on Monday following last week's slump with tensions in the country running high after a court jailed Istanbul Mayor Ekrem Imamoglu pending a trial. The Borsa Istanbul benchmark index ended last week down 16.6 per cent, its worst drop since the global financial crisis in October 2008. The index was up 1.87 per cent by 1430 GMT, paring earlier gains of as much as 3.8 per cent in a volatile session which often saw it dip into negative territory. The banking sub-index reversed a rise of 4.25 per cent to stand 0.12 per cent higher, after last week's more than 26 per cent tumble. A Turkish court on Sunday jailed Istanbul Mayor Ekrem Imamoglu, President Tayyip Erdogan's main political rival, pending trial on corruption charges in a move that sparked the country's biggest protests in more than a decade. Imamoglu's detention last Wednesday roiled markets, sending the lira, stocks and bonds sharply lower, and prompted an outcry from the main opposition party, European leaders and hundreds of thousands of protesters, who criticise the actions against him as politicised and undemocratic.
