BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.
We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:
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OUR TAKE: We observe no major change in inflation expectations, as the positive surprise in February reading seems to be offset by increased depreciation pressure on TL, while 2020 GDP growth forecast has been cut for the first time since July 2019. Meanwhile, there seems to be a 50bps rate cut expectation from the CBT in next week’s meeting, 100bps over the next three months, and 175bps over the next twelve months. We currently plug in a 50bps rate cut in our forecasts in next week’s meetin...
According to Turkstat, retail sales volume registered a 9.6% y/y expansion in January 2020 in unadjusted terms; while the calendar-adjusted figure also increased by 9.6% y/y in January, which is a quite strong figure, albeit indicating a mild slow down compared to the 11.9% increase recorded in December 2019.
According to Turkstat, industrial production (IP-NSA) registered a 7.8% y/y increase in January 2020; whereas, the calendar-adjusted IP rose by 7.9% y/y in January, which is a quite strong figure, albeit indicating a mild slow down compared to the 9.0% increase recorded in December 2019.
DEPOSITS: Total non-bank FX deposits in the Turkish banking system increased by another US$2.7bn during the week of March 6, following the US$2.1bn increase in the previous week. We should note that both individual and corporate FX deposits have increased during last week. As such, non-bank FX deposits increased by US$8.3bn year-to-date and increased by US$27.5bn over a year ago.
