Economic crises

The combined net income of Turkish banks increased by 32 percent in the first four months of 2024 from a year ago to 190.7 billion Turkish Liras ($5.94 billion), show data from the Banking Regulation and Supervision Agency (BDDK).

Total assets in the banking industry grew by 11.4 percent compared with the end of 2023 to reach 2.69 trillion liras as of April.

Credit rating upgrades by major rating companies show that "we are on the right track," Treasury and Finance Minister Mehmet Şimşek has said, referring to the economic program the government is implementing.

In real terms, adjusted to inflation, rent and home prices declined in February compared to January across Türkiye and the country's three largest cities, according to a report from Istanbul-based Bahçeşehir University's Economic and Social Research Center (BETAM).

Türkiye's 12-month cumulative current account deficit probably shrank further in February, according to Trade Minister Ömer Bolat.

"When the data for February is released, we will see the annualized current account deficit decline to around $32 billion," Bolat said.

Türkiye's short-term external debt stock stood at $174.4 billion at the end of December, indicating an increase of 17.2 percent compared to the end of 2022, the Central Bank has said.

The International Monetary Fund (IMF) has lifted its economic growth forecast for the Turkish economy for 2024 from a previous 3 percent to 3.1 percent.

In its updated World Economic Outlook report released on Jan. 20, the IMF kept its 2025 forecast for Türkiye unchanged at 3 percent.

Greece's economic outlook has improved notably, but significant challenges remain, the IMF said in a report released on Wednesday.

Greece plans to raise up to €10 billion from debt markets via short- and long-term bond issues next year, its debt agency PDMA said on Friday.

Outlining its 2024 strategy, PDMA said Greece plans to repay ahead of schedule more bailout loans and reduce the amount of T-bills in circulation.

The latest data have shown that the Turkish Central Bank's gross reserves have climbed to a new all-time high.

The bank's gross reserves increased from $136.5 billion on Nov. 24 to $140.2 billion on Dec. 1.

Foreign currency reserves rose from $91 billion to $93.2 billion, while gold reserves climbed from $45.5 billion to $46.9 billion.

Investor confidence will be further strengthened and foreign fund inflows into Türkiye will accelerate, Finance Minister Mehmet Şimşek has said.