Weekly Economic Bulletin 14.09.2026 - 18.09.2026

Executive Summary

Market Dashboard

Official Indicators

TurkStat — Releases of September 14 and 17

In the foreign trade indices for July 2026 released by TurkStat on September 14, the terms of trade declined by 4 points to 91.3 from 95.3 in the previous month; the annual increase in the import unit value index (12.8%) exceeding the increase in the export unit value index (8.2%) is seen as a component of this deterioration in the terms of trade. In the August 2026 housing sales statistics released on September 17, total sales amounted to 127,410 units; first-hand sales fell by 4.5%, while second-hand sales declined by 19.4%. The share of mortgaged sales increased to 17.4% (22,131 units, +7.2%), while sales to foreigners remained limited at 1,938 units (1.5% share).

CBRT — Releases of September 17

In the weekly money and banking statistics for the week of September 11, 2026, released by the CBRT on September 17, total deposits were reported at TRY 33,456.9 billion and M3 money supply at TRY 32,071.2 billion. In the weekly reserve data released on the same day, total reserves declined to USD 178.724 billion. In the securities statistics for the week of September 7–11, non-resident investors recorded net purchases of USD 277.7 million in equities and USD 151.2 million in Government Domestic Debt Securities (GDDS), while posting a net sale of USD 5.8 million in private-sector bonds; the combined components indicate a net inflow of USD 423.1 million.

Ministry of Treasury and Finance, BRSA and CMB — Releases of September 15 and 17

In the August 2026 central government budget realizations released by the Ministry of Treasury and Finance on September 15, the budget recorded a TRY 12.9 billion surplus; the cumulative budget deficit for January–August reached TRY 1,308.1 billion. In two domestic borrowing auctions held on the same day (a 2-year fixed-coupon bond and a 4-year TLREF-indexed bond), total net sales amounted to TRY 83.3 billion. In the weekly banking-sector data announced by the Banking Regulation and Supervision Agency (BRSA) on September 17 (as of September 11), total loan volume rose by TRY 141.6 billion week-on-week to TRY 28,269.8 billion, while total deposits increased by TRY 307.7 billion to TRY 32,165.2 billion. During the same week, the Capital Markets Board of Türkiye (CMB) filed criminal complaints against 38 individuals on grounds of transaction-based market manipulation; it also imposed a trading ban on all TEFAS-traded funds managed by seven portfolio management companies, decided to liquidate 130 investment funds, and temporarily reduced the maintenance equity ratio for margin transactions to 20%.

Table 1 — Official data released during the week (September 14–18, 2026)

Regulatory Calendar

Economic Agenda

Credit Ratings

This week, Moody’s, Fitch, S&P, Scope and JCR had no scheduled or unscheduled rating action concerning Türkiye. S&P’s next review is scheduled for October 16, while Scope’s next review is scheduled for October 23, 2026.

Foreign Investor Flows

According to the weekly securities statistics announced by the CBRT on September 17, non-resident investors made net purchases of USD 277.7 million in equities and USD 151.2 million in Government Domestic Debt Securities (GDDS) during the week of September 7–11, while recording a limited net sale of USD 5.8 million in private-sector bonds; the combined result of the three items corresponds to a net inflow of USD 423.1 million. Cumulative net purchases since the beginning of 2026 reached USD 4.34 billion.

Companies

Alves Kablo announced that it was unable to repay its TRY 100 million commercial paper at maturity. Pusula Portföy Yönetimi reported that it had defaulted on redemption payments for participation units in certain investment funds; the company was also subject to the CMB’s trading-ban decision during the same week. Meanwhile, demand for NETGL’s secondary public offering reached 2.8 times the offering size.

Global Backdrop

Following its September 15–16 meeting, the U.S. Federal Reserve (Fed) raised its policy rate by 25 basis points to a target range of 3.75%–4.00%; this was the first rate increase recorded since 2023. The European Central Bank (ECB) had no monetary policy meeting this week; its next meeting is scheduled for October 28–29, 2026. In a separate development, following Iran-related sanctions imposed by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), Mahan Air announced that it would suspend its Türkiye flights from September 21.

Next Week’s Calendar

Table 2 — September 21–25, 2026

SENTENCE OF THE WEEK

Sources

This bulletin is for general information purposes only and does not constitute professional advice for any transaction or decision. The data are based on announcements by official institutions and the sources specified above.