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00:00 Despite the intensification of monetary policy, the Turkish economy avoids entering
00:06 into technical or artistic liquidity, and this is due to several factors.
00:11 So, in the beginning, we point out that the total local product in Turkey during the fourth
00:16 quarter of 2023 grew by 1% on a quarterly basis.
00:23 Even if we look at the third quarter of last year, there was an increase in the total local
00:28 product by 13%.
00:32 Therefore, today, Turkey avoided entering into technical liquidity after there were fears
00:39 of the state entering into artistic liquidity.
00:42 Of course, the reasons behind this come from the growth of family spending and also the
00:48 growth of investments in Turkey.
00:51 In this framework, we point out that there is an increase in consumer spending, specifically
00:56 in the increase in demand for car purchases in Turkey, and also through consumer borrowing,
01:02 using credit cards.
01:05 This came today with expectations of a new increase in wages in March, before the local
01:13 elections in Turkey.
01:15 Also in this framework, we point out that the Turkish economy throughout 2023, we notice
01:21 that it rose 4.5% and exceeded expectations.
01:26 Also, one of the factors that supported the Turkish economy, alongside the increase in
01:31 consumer spending, is the increase in exports.
01:34 If we look at the Turkish exports, we notice that in 2023, the percentage of the total
01:41 exports to the country is $255.8 billion, compared to $254 billion in 2022.
01:52 If we look at the exports in particular, in January of 2024, we notice that the historical
02:00 and statistical levels rose 3.6%, exceeding $20 billion annually.
02:10 Even if we look at the exports, we notice that for the exports of Turkey, there was a
02:16 22% increase to $26.2 billion, and also the lack of foreign trade decreased by 57%.
02:27 We are talking about January of 2024.
02:31 Also in this framework, if we look at the annual inflation rate in Turkey, of course,
02:37 it still records high levels, it rose to 64.86% in January of 2024, with the support of
02:47 the increase in housing prices and currency prices.
02:51 Of course, in this context, we notice that the Turkish center is still strengthening
02:56 its monetary policy.
02:58 We remind you that the strengthening began in June of 2023, and in February,
03:06 we remind you that the central bank fixed the interest rate at 45% and there are expectations
03:14 that the Turkish center will return and strengthen the monetary policy after the local elections
03:20 in Turkey in March.
03:23 [BLANK_AUDIO]