TURKEY ECONOMY: YAPI KREDI BANK

February 25, 2008 at 3:14 pm | Posted in Economics, Financial, Globalization, Research | Leave a comment

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YKB – Foreign Liquidity

Constraints in 2008

Strategic Planning and Research

Yapi Kredi Bank

Ayçın Yelda Yücel (yelda.yucel@yapikredi.com.tr)

Mon 2/25/08

Ayçın Yelda Yücel (yelda.yucel@yapikredi.com.tr)

Dear All,

Attached is the analysis of foreign financing requirements of Turkey in 2008 prepared by Strategic Planning and Research, Yapi Kredi Bank.

Summary:

Turkey relies on FDI inflows and private sector borrowing for foreign financing. Even if we assume that FDI inflows (net) will be as much as USD 16 billion, in order to finance a current account deficit of USD 45 billion, private sector should be borrowing (net) USD 26 billion of loans, of which USD 21 billion (net) should come from the corporate sector. In gross terms corporate sector should borrow USD 48 billion from foreign sources in 2008, which is as much as the long-term borrowing obtained by this sector in 2007. Similarly, banking sector should borrow at around USD 9 billion in gross terms, which is almost as much as long-term borrowing of this sector in 2007 (namely, USD 10.4 billion). Therefore, the question is: Will the private sector, more specifically, the corporate sector be able to find those amount of loans given the credit conditions are tightened in the international markets in 2008?

If liquidity constraint will be effective this year, this might mean that the financing requirements are met from CBRT’s reserves, which may lead to a correction in the exchange rate.

Best Regards,

Yelda Yücel

Ayçın Yelda Yücel (yelda.yucel@yapikredi.com.tr)

Senior Economist

Strategic Planning and Research

Yapi Kredi Bank

Tel: 90 – 212 – 339 71 23

e-mail: yelda.yucel@yapikredi.com.tr

YKB – Foreign Liquidity Constraints in 2008

Ayçın Yelda Yücel (yelda.yucel@yapikredi.com.tr)

Mon 2/25/08

JAPAN IN THE GLOBAL ECONOMY: IIMA TOKYO

February 25, 2008 at 11:23 am | Posted in Asia, Economics, Financial, Globalization, Japan, Research | Leave a comment

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Update of IIMA Web site

Institute for International

Monetary Affairs (IIMA)

The Bank Of Tokyo-Mitsubishi UFJ, Ltd. Nihombashi Annex

3-2 Nihombashi Hongokucho 1-Chome, Chuo-ku

Tokyo 103-0021, Japan

admin (admin@iima.or.jp)

Mon 2/25/08

admin@iima.or.jp

Dear Guests of IIMA,

We are pleased to inform you that our website was updated on February 25, 2008.

The main new contents are as follows.

PUBLICATIONS

Newsletter No. 4, 2008/2/19

Regional Perspective of Philippine Bond Market“

Masato Miyachi, Senior Advisor, Office of Regional Economic Integration (OREI), Asia Development Bank

Newsletter No. 1, 2008/1/22

How should Japan Cope with the Increasingly Murky Global Economy?”

Toyoo Gyohten, President, IIMA

Please visit our website to find new useful information.

http://www.iima.or.jp/english.htm

Thank you.

Update of IIMA Web site

admin (admin@iima.or.jp)

admin@iima.or.jp

Mon 2/25/08

The “mission” of our Institute for International Monetary Affairs is to provide high quality information, and to present opinions or policies relating to international finance and monetary issues.

Toyoo Gyohten, President

IIMA founded on December 1, 1995 with Mr. Gyohten, President

The Bank Of Tokyo-Mitsubishi UFJ, Ltd. Nihombashi Annex

3-2 Nihombashi Hongokucho 1-Chome, Chuo-ku

Tokyo 103-0021, Japan

Tel: 81-3-3245-6934

Fax: 81-3-3231-5422

Email: admin@iima.or.jp (Key Address)

Mon 2/25/08


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