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Turkey Letter: 9 October 2018

Foreign Policy:

  • Lawyer Takes US Pastor’s Case to Turkey’s Highest Court
  • Turkey Seeks Answers from Saudi Arabia on Missing Journalist
  • Turkey Says Syrian Rebels Withdraw Heavy Weapons in Idlib
  • Turkey Will Not Leave Syria Until Syrian People Have an Election, Erdogan Says
  • Turkey Renews Mandate for Military Operations in Syria, Iraq

Economy and Energy:

  • Turkey Announces Exemptions to Forex Contracts Ban
  • Turkey’s Erdogan Tells Ministers to Stop Using U.S. Firm McKinsey
  • Turkey’s Steel Exports Up 12.5 Pct Annually
  • Turkey Inflation Surges to Nearly 25 Percent in Sept, Highest in 15 Years
  • Fitch Downgrades 20 Turkish Banks
  • Turkey’s PMI index points to further slowdown in manufacturing

Domestic Politics:

  • Referendum on EU Accession May Suit Turkey, Erdogan Says
  • Turkey Left the Worst Behind: Albayrak
  • Turkey Arrests Hundreds of Suspects in Money-Laundering Probe

FOREIGN POLICY:

Lawyer Takes US Pastor’s Case to Turkey’s Highest Court
The lawyer for an American pastor at the center of a spat between NATO allies Turkey and the United States petitioned Turkey’s highest court on Wednesday seeking his release from house arrest.
The Washington Post, Lawyer takes US pastor’s case to Turkey’s highest court, 3 October 2018


Turkey Seeks Answer from Saudi Arabia on Missing Journalist
A week after dissident journalist Jamal Khashoggi entered Saudi Arabia’s consulate in Istanbul for some routine paperwork, the mystery over his disappearance remains unresolved: Turkish officials allege he was killed in the compound; the Saudis say he left the building unharmed.
The Washington Post, Turkey Seeks Answer from Saudi Arabia on Missing Journalist, 8 October 2018


Turkey Says Syrian Rebels Withdraw Heavy Weapons in Idlib
Syrian rebels finished withdrawing all their heavy weapons from the front lines in the northwestern province of Idlib on Monday, Turkey’s state-run news agency said, quoting unnamed opposition figures and Turkish officials.
The Washington Post, Turkey Says Syrian Rebels Withdraw Heavy Weapons in Idlib, 8 October 2018


Turkey Will Not Leave Syria Until Syrian People Have an Election, Erdogan Says
“Whenever the Syrian people hold an election, we will leave Syria to its owners after they hold their elections,” Erdogan said at a forum in Istanbul.
Reuters, Turkey will not leave Syria until Syrian people have an election, Erdogan says, 4 October 2018


Turkey Renews Mandate for Military Operations in Syria, Iraq
Turkey’s parliament has voted to extend by another year a mandate that allows the military to intervene in Iraq and Syria when faced with national security threats.
The Washington Post, Turkey renews mandate for military operations in Syria, Iraq, 3 October 2018


ECONOMY AND ENERGY:

Turkey Announces Exemptions to Forex Contracts Ban
Turkey has announced exemptions to its ban on using foreign currencies in business agreements, including export-related contracts, capital market instruments and employment contracts involving foreigners, the Official Gazette said.
Reuters, Turkey Announces Exemptions to Forex Contracts Ban, 8 October 2018


Turkey’s Erdogan Tells Ministers to Stop Using U.S. Firm McKinsey
Turkish President Tayyip Erdogan said on Saturday he had ordered his ministers to stop receiving consulting services from U.S. firm McKinsey, after a government deal with it came under fire from the main opposition.
Reuters, Turkey’s Erdogan Tells Ministers to Stop Using U.S. Firm McKinsey, 6 October 2018


Turkey’s Steel Exports Up 12.5 Pct Annually
Turkey’s steel exports rose 12.5 percent year-on-year to reach 11.4 million tons in the first nine months of the year, a trade association said on Oct. 3. The Turkish Steel Exporters’ Association (CIB) revealed that the country earned $11 billion between January and September, up 34 percent compared to the same period last year.
Hurriyet, Turkey’s steel exports up 12.5 pct annually, 3 October 2018


Turkey Inflation Surges to Nearly 25 Percent in Sept, Highest in 15 Years
Turkish inflation surged to nearly 25 percent in September from a year earlier, official data showed on Wednesday, hitting its highest in 15 years and sharpening focus on whether the central bank will be able to deliver another hefty rate hike.
The New York Times, Turkey Inflation Surges to Nearly 25 Percent in Sept, Highest in 15 Years, 3 October 2018


Fitch Downgrades 20 Turkish Banks
Credit rating agency Fitch has downgraded the “long-term foreign-currency issuer default ratings” of 20 Turkish banks and viability ratings of 12 banks, citing mounting risks confronting the sector in the wake of the recent currency turmoil.
Hurriyet, Fitch downgrades 20 Turkish banks, 2 October 2018


Turkey’s PMI Index Points to Further Slowdown in Manufacturing
New orders and output in Turkey’s manufacturing sector have continued to slow down due to “hard activity conditions,” data from a closely-watched survey revealed on Oct. 1.Turkey’s Purchasing Managers’ Index (PMI) for the manufacturing sector contracted for the sixth consecutive month in September, dropping to 42.7 points.
Hurriyet, Turkey’s PMI index points to further slowdown in manufacturing, 1 October 2018


DOMESTIC POLITICS:

Referendum on EU accession may suit Turkey, Erdogan says
A referendum on accession to the European Union may suit Turkey, President Tayyip Erdogan said on Thursday, adding that he would discuss taking such a step with colleagues.
Reuters, Referendum on EU accession may suit Turkey, Erdogan says, 4 October 2018


Turkey Left the Worst Behind: Albayrak
On inflation Turkey has now turned the corner, Turkey’s treasury and finance minister said on Oct. 3. “We left the worst behind, September was the worst month for inflation expectations,” Berat Albayrak told news channel NTV.
Hurriyet, Turkey left the worst behind: Albayrak, 3 October 2018 


Turkey Arrests Hundreds of Suspects in Money-Laundering Probe
Turkish police detained 280 suspects in a money-laundering investigation into the transfer of about 2.5 billion lira ($419 million) worth of foreign currency to bank accounts abroad, state media said on Tuesday.
The New York Times, Turkey Arrests Hundreds of Suspects in Money-Laundering Probe, 2 October 2018