Risk of euro crisis ‘removed’ for now!
UN health agency aims to reduce deaths from tobacco use
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IMF Managing Director Christine Lagarde
EW YORK — The risk of crisis in the eurozone has been “removed” for now, IMF Managing Director, Christine Lagarde pointed out, as Greece rescue efforts showed signs of progress. “As we speak, it looks like it’s going through,” Lagarde, head of the International Monetary Fund, said in an interview with broadcaster Charlie Rose on the US public broadcaster PBS. Page 5
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“Our basic priority price stability”
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peaking at a meeting entitled “Monetary Policies”, Turkey’s Central Bank Governor Erdem Basci said that since the late February and beginning of March crude oil’s prices showed a fluctuated and horizontal track, as for other commodities, upward trend has not been experienced.According to the surveys’ results of Turkish Central Bank, while growth expectation was assessed as 4.8 percent in June, this decreased by 3.5 percent in February, Basci noted. Page 2
ISSN 1300-2260
March 2012 Year: 11 No: 114
The Government has revealed the new currency symbol of the Turkish Lira
“This is a signal of ‘power, prestige and independence” A
NKARA - This is a signal of ‘power, prestige and independence,’ says Turkish Prime Minister Tayyip Erdoğan. A new symbol was needed to solidify the lira’s prestige, the Central Bank governor adds. The newly-designed currency symbol for the Turkish Lira was revealed by the Turkish government at a ceremony in Ankara. Tülay Lale, the artist who designed the winning symbol, was given the grand prize at the event. “Money symbolizes power, prestige and independence just like the flag or (national) anthem,” said Prime Minister Recep Tayyip Erdoğan in his speech. He criticized former governments for a drop in the value of the currency, saying Central Bank Governor Erdem Başçı and his team were about to conclude an operation to raise the value of the lira again. “We are coming to the end of a crucial phase of this operation by adopting such a symbol for the lira and spreading its usage,” he said. Deputy Prime Minister Ali Babacan, who also heads the Economic Coordination Committee comprised of related cabinet members, said the new symbol was “a sign of 9.5 years of stability and success,” referring to the ruling Justice and Development Party’s governance during the period. Başçı said economy officials had
given priority to two significant features of the currency symbol and the Turkish economy when making the final
Deputy PM Ali Babacan (L), Prime Minister Recep Tayyip Erdoğan (C) and Central Bank Governor Erdem Başçı present the new symbol of the Turkish Lira at a ceremony in Ankara.
“Risky buildings to be dismantled in cities”
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inister Bayraktar said that with a bill which would be discussed in the Turkish Grand National Assembly in terms of the transformation of the risky buildings in the cities, towns and other settlement locations. “In this law, we aim to dismantle the risky buildings in the cities and towns including villages across Turkey. The law basically aims this process. Page 11
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meeting entitled “Tomorrow in Anatolia” was held in the southern province of Gaziantep. Speaking at the meeting that was held in the southern province of Gazianatep, Zafer Caglayan, Minister of Economy, told the economic developments which were achieved in the recent years and also described what kind of Turkey they would aim in the future.“Now our country is outlining a strategy for the year 2023. From now on we are designating a country after 12 years. In 2023, Turkey will be a country to achieve exports worth $500 billion. Turkey will have over $2 trillion gross domestic product (GDP). And so, per capita income will reach by $25 thousand,” Minister Caglayan recorded. Page 15
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inance professionals have criticized and reacted negatively to a decision by international rating agency Moody’s to review the credit ratings of leading Turkish lenders whose standalone credit assessments are currently above the country’s sovereign debt rating, calling the move “unusual” and “unfair.” “Rather than focusing on such reviews, international rating agencies should consider increasing Turkey’s rating to investment grade,” said Durmuş Yılmaz, former Central Bank governor and the chief economy adviser to Turkish President Abdullah Gül. Page 7
“Turkey grows two times higher than world economy”
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Turkey to enjoy over $2 trillion income
Professionals disagree with Moody’s
decision on the design, which had been simply the initials of “Turkish Lira” (TL). Page 5
Turkish Economy Minister Zafer Caglayan
Turkey to boost oil trade with Iraq
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PIC Chairman Canzis said that they were working on an important project to boost oil trade with Iraq. The investment company of Turkish Petroleum Corporation (TPAO), Turkish Petroleum International Co. Ltd. (TPIC) Chairman Mithat Cansiz said that they have been working a crucial project with Iraqi officials to expand oil trade and prevent border trafficking. Stressing that still transit trade with Iraq has been forbidden Cansiz continued, “Doing oil trade with Iraq almost impossible. However we, as TPIC, are working on a very good project to remove these anxieties.We have been connection with the side of Iraq about the project. Page 9
Turkish Minister of Environment and Urbanization, Erdogan Bayraktar
urkish Finance Minister Mehmet Simsek, “If Tu r k e y achieves 4 percent growth this year, it would be able to make a “soft landing.” Speaking at a symposium, Simsek said that Turkey grew two times higher than the world economy in 2011. Noting that Turkey’s macroecoTurkish Minister of Finance nomic balances Mehmet Simsek recovered significantly, Simsek said that there was also a serious recovery in financing balances. “Many structural reforms have been carried out in Turkey, so the powerful performance of Turkey is not a chance,” Simsek said. Page 7
February exports up 10 percent from last year
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STANBUL - Turkish exporters exported $1.4 billion in chemicals in February. Turkish exports in February witnessed a 10.4 percent increase from February 2011, hitting $11.2 billion, according to data released by the Turkish Exporters’ Assembly (TİM). “[This] is the highest export number we have ever achieved in the month of February, and it is a record,” said Turkish Economy Minister Zafer Çağlayan after the figures were announced. Çağlayan added that Turkish exporters were resilient and were able to adapt to conditions that may come their way referring to the debt crisis in Europe and seasonal factors. He praised them for finding alternative markets to make up for the losses in exports to Europe. “Export growth in Turkey was 18.5 percent in 2011 and we think that a 10 percent [year over year] increase in February, when theEuropean Union is in a debt crisis and when the euro has depreciated significantly against the dollar in [year over year] terms, is a major success,” Özgür Altuğ, chief economist at BGC Partners, said in a written note to investors. Page 5