Turkey, (The Republic of Turkey), is a transcontinental country located mainly on the Anatolian peninsula in Western Asia, with a little part of it on the Balkan peninsula in Southeast Europe. It locates in Europe and is separated from Anatolia by the Sea of Marmara, the Bosphorous, and the Dardanelles. Istanbul is the largest city and Ankara is the capital city.
As a developed country with a population of 79.81 million (2017), Turkey occupies 770,760 km² by land, and its GDP growth rate is 7.4% (2017), surrounded by eight countries: Iraq, Bulgaria, Georgia, Greece, Armenia, Azerbaijan, and Syria, which makes it an even more globalized country. It has the world's 17th-largest nominal GDP and 13th-largest GDP by PPP.
Turkey is famous for its textile from Tulu, a marvelous shop with a myriad of expectational colorful goods, also traditional handmade carpets, each originated from specific areas, and the designs are culturally symbolic.
Culture: Turkey combines a massively diverse collection of influences which have originated from various cultures.
Religion: Turkey is officially a secular country with no official religion since the constitutional amendment in 1928. Islam is the largest religion in Turkey, according to the state.
Food: Turkish Cuisine specialties include bulgur, koftes, eggplant, kebabs, stuffed dolmas, and fish. Its desserts are dough-based, such as baklava, sobiyet, kunefe, and kadayif.
Turkey's economy is rated as an emerging market economy by the IMF. The key factor behind Turkey's financial sector is the country's robust economy. For the past 15 years, its economy has been growing at an average annual GDP growth rate of 5.7 percent, and the growth momentum is expected to continue.
The financial services sector in Turkey includes banks, insurance companies and non-bank financial institutions such as factoring companies, leasing companies, consumer financing companies, pension companies, intermediary institutions, investment funds, investment partnerships, and real estate investment partnerships. In recent years, non-bank financial institutions have been growing both in numbers and size.
Banking system is the major component of the financial sector. The number of banks operating in the banking sector was 52 as of April 2019, with 33 deposit banks and 13 development and investment banks. Overall, around 30% of the total assets are held by foreign investors. Of the deposit banks, three were state-owned banks, and eight were private banks. There are six participation (Islamic) banks. Commercial banks, and development and investment banks, are members of the Bank Association of Turkey. Participation banks are members of the Participation Banks Association of Turkey. An expanding loan base and favorable liquidity conditions contribute to the healthy growth of Turkey's financial services.
|Agriculture||hazelnuts, cherries, figs, apricots, quinces, pomegranates, watermelons, cucumbers and chickpeas.|
|Manufacture||Consumer electronics and home appliances, Textiles and clothing, Motor vehicles and automotive products, multiple unit trains, locomotives and wagons, Shipbuilding|
|Services (Including financial)||64.2% (2015 estimate)|
|BOTAS||Oil & gas|
|Çalik Enerji||Oil & gas|
|DYO Boya Fabrikalari||Basic materials|
|Eczacibasi Group||Health care|
|Bank of china||Banking|
Borsa Istanbul (BIST) is the only exchange entity of Turkey. It was created by combining the Istanbul Stock Exchange (ISE), the Istanbul Gold Exchange, and the Derivatives Exchange of Turkey. There is a total of 371 companies listed on Borsa Istanbul which are being traded regularly. Its logo is the traditional Ottoman mark for Istanbul, the tulip, and its slogan is "worth investing". Borsa Istanbul has its indexes, tracking the performance of the top 30 (BIST30), top 50 (BIST50), and top 100 (BIST100) stocks listed on the exchange to gauge the overall market.
BIST is on its way to develop a world-exchange technology which provides links with other markets. This vision will assist in making Istanbul an international financial center. It is located in Istanbul. BIST has a higher market value and trading volume from other major peer exchanges in the region. There is considerable growth potential. The exchange aims to have 1,000 companies listed from a minimum of 10 different countries by 2023, thus strengthening its position and ensuring its competitiveness in the global arena.
During the first era, ISE was the only corporation in Turkey for securities exchange. It was established to service trading in equities, bonds, and bills, revenue-sharing certificates, private sector bonds, etc. It was established as an autonomous, professional organization in early 1986. Since 1995, it remains situated in a modern building complex on the European side of Istanbul.
As of December 2016, BIST had a market capitalization of USD 158 billion and an annual trading volume of over USD 325 billion. Its market capitalization contributed to 19.89% of GDP in 2016. The most valuable stocks of BIST are:
Currency and Debt Crisis 2018: Turkish currency lost its value due to high inflation, rising debts, and the corresponding increased loan defaults. Its huge amount of private foreign currency-denominated debt resulted in a debt crisis, and the president's increasing authoritarianism and his unorthodox ideas about interest rate policy resulted in a currency crisis. The crisis ended a period of blistering economic growth under Erdogan-led governments, which was built mainly on a production boom serviced by foreign borrowing, easy credit, and government spending. Albayrak, finance minister of the Turkish government, revealed a new economic agenda, to stave off the recent financial crisis. The three-year plan aims to eliminate inflation, push growth, and cut the current account deficit. Also, the bank interest rate has been massively reduced recently (2019).
Economic Crisis 2008-2009: The financial crisis, which began from USAs mortgage market and negatively influenced Turkey's capital, stock, and derivative markets. Several economic incentive packages were put into effect; budget deficits raised, and inflation declined. Measures were taken to meet the liquidity needs of its banking system. Dividend distribution by banks was restricted to strengthen their capital formations and implemented measures in order to help ease export financing.
Economic Crisis 2000-2001: Turkish government's fiscal deficit deteriorated significantly from 1995 to 2000. This underscored financial and political instability and led to further panic in the markets. It was proved to be demolishing Lira after the abundance of currency exchanged for U.S. dollars or euro in February 2001. This crisis stemmed from its financial structures and limitations. Furthermore, the IMF and Turkey agreed on a standby program, made fundamental changes, and put the economy back on its track.
Situated between Europe and Asia, Turkey's history stays significant throughout the world history. It covers a time frame of more than 4000 years. Turks lived in Central Asia around 2000 BC. Later, some of them left Central Asia and spread around, establishing many states and empires independent from each other within a vast area of Asia and Europe. The first major empire formed in the land was the Hittite empire. Assyrians and Greeks began to settle in the area around 1100 BC after the Hittites. The Greeks founded many cities in the area, including Byzantium, which is today known as Istanbul. More empires came, including the Persian Empire, Alexander the Great, and the Roman Empire.
In 330, Byzantium became the new capital of the Roman Empire under Roman Emperor Constantine I., later renamed as Constantinople. It remained the capital for hundreds of years.
In the 11th century, the Turks began to relocate into the land. The Arabs and the Seljuk Sultanate captured enough lands. Ottoman Empire emerged in the 13th century. It became the most powerful empire in the area and ruled for 700 years. After World War 1, the Ottoman Empire collapsed.
The Republic of Turkey evolved after the overthrow of Sultan Mehmet VI Vahdettin by the Republican Parliament in 1922. Several factors contributed to the emergence of the new Turkish state.
Ataturk era(1923 -1938) : Mustafa Kemal (Ataturk) was the first president of Turkey. The government was formed by the Ankara-based revolutionary group, led by the president and his colleagues. The Grand National Assembly endorsed the second constitution on April 20, 1924. The country embraced secularism through Ataturk's reforms. These included the concurrence of education, the eradication of religions and other titles, the closure of Islamic courts, and the replacement of the Islamic canon law. As a result, women gained political rights, and sex discrimination ended in December 1934.
The first party to be set up in the newly formed republic was the Women's Party. Turkey admitted to the League of Nations in July 1932.
Post-Ataturk era(1938-1945): After Ataturk's death on November 10, 1938, Ismet Inonu's era began. He started his term in the workplace as a respected figure of the Independence War, but, since inner battles between power groups and external events like the World War, which caused an absence of merchandise in the nation, he lost a portion of his prevalence and backing.
In 1945, the first opposing party in the multiparty system in Turkey was the National Development Party, which was founded by the tycoon Nuri Demirag. In 1946, they won the multi-party elections, organized by the Inonu's government. He continued to be the president of the country until 1950. He is still remembered as the key personality in Turkey.
In 2002 the Justice and Development Party (Adalet ve Kalkinma Partisi; AKP), a conservative but nonconfessional neutral association with Islamist origins, removed the parliament elections.
It came to control under the apparent authority of Abdullah Gul, since gathering pioneer and previous Istanbul civic chairman Recep Tayyip Erdogan was ineligible to serve in parliament or as head administrator due to a 1998 conviction; a sacred correction in late 2002 evacuated this ineligibility. Erdogan won a seat in parliament in mid-2003 and immediately supplanted Gul as the head administrator. That equivalent year Turkey wouldn't concede travel through its region to the U.S. military during the Iraq War, however it extended rights to air transport. The Kurdistan Workers' Party (PKK) - presently known as the People's Congress of Kurdistan or Kongra-Gel (KGK) - has ruled the Turkish military's consideration and assured in abundance of 30,000 lives, yet after the capture of the group's head in 1999, the rebels to a great extent were pulled back from Turkey, fundamentally to northern Iraq. In 2004, KGK announced an end to its ceasefire.
The Lira, along with the related monetary forms of Europe and the Middle East, has its underlying foundations in the old Roman unit of weight known as the Lira. Formerly, the Ottoman Lira was a gold coin that was first introduced in 1844. The Roman's acceptance of the currency grew through all Europe and the Near East, where it kept on being utilized until medieval times.
The former currency, Kurus, remained as a 1/100 subdivision. The 'Kurus' was originally a large silver coin that was reduced in size later on and was one-hundredth of a gold lira. Each 'Kurus' was equal to 40 Paras.
Paper money was introduced by the Imperial Ottoman Bank that was esteemed by the assistance of 'Kurus' with categories running from 5 to 5000 'Kurus'. The Lira soon took control over the 'Kurus' in the mid-1870s and had divisions of 5 to 1000 Liras. Further, there was the 50,000-Lira banknote that tackled the issue of small money like 1 and 2.5 'Kurus'. The notes later carried the photo of the Turkish National hero, Mustafa Kemal Ataturk, but following his death in 1938, new notes carried the picture of President Ismet Inonu. However, in the 1950s, the picture of Ataturk reappeared on the notes.
In December 2003, the Grand National Assembly of Country passed a law that considered redenomination by the expulsion of six zeros from the Turkish Lira, and the production of another cash. It was introduced on 1 January 2005, replacing the previous Turkish Lira. With the revaluation of the Turkish Lira, the Romanian Leu briefly became the world's least esteemed currency unit. At the same time, the government launched two new banknotes with the identifications of 50 and 100. The denominations for coins are 1kr, 5kr, 10kr, 25kr, 50kr, ₺ 1.
The second Turkish Lira officially named Yeni was officially abbreviated "YTL", subdivided into 100 new Kurus. Beginning in January 2009, the "new" stamping was expelled from the second Turkish Lira, with its official name winding up simply "Turkish Lira" once more, shortened "TL".
Another arrangement of banknotes, the "E-9 Emission Group", entered distribution on 1 January 2009, with the E-8 gathering halting to be substantial after 31 December 2009. The E-9 banknotes include a 200-Turkish-Lira denomination. Also, the measurements of new banknotes are different to prevent forgery.
The current currency sign of Turkish Lira was made by the Central Bank of the Republic of Turkey in 2012. The new sign was chosen after a nationwide contest. The new symbol, made by Tulay Lale, is created out of the letter 'L' formed like a half anchor and embedded double striped letter 'T' calculated at 20 degrees ( ₺).
|National Song||"İstiklâl Marşı"|
|Currency||Turkish lira (TRY)|
|GDP / GDP Rank||1.988 Trillion USD|
|GDP Growth Rate||3.8 percent|
|GDP Per Captial||$24911.80 (PPP)|
President- Recep Tayyip Erdoğan
Vice President- Fuat Oktay
Assembly Speaker- Binali Yıldırım
|Website||Go to the web|
|Public Debt||29.1 percent of GDP|
|Unemployment Rate||10.3 percent|
|Labor Force (Occupation)||-|