World Bulletin / News Desk
The Turkish Republic of Northern Cyprus (TRNC) may economically benefit from Russia's sanctions on food imports from the European Union, a well-known Turkish Cypriot columnist has said, noting that Russia will be looking for alternative sources of food.
Writing for Kibris Postasi, columnist Akay Cemal claimed that part of Russia’s needs in agricultural products and fruits may be met by the TRNC, after Russia's announcement of counter-sanctions against the EU in response to EU sanctions against Russia for its occupation of Crimea from Ukraine.
The TRNC, which is unrecognized by any country except for Turkey, is unable to export any of its home-grown goods due to international embargoes. Turkish Cypriot producers looking to trade with the global market are usually left with no choice but to do so via the internationally recognized Greek Cypriot-controlled zone in the south, which is part of the EU.
Despite being recognized by Turkey, high prices in the TRNC often makes imports from the TRNC unprofitable for markets in Turkey.
However, according to Cyprus Mail, Russian sanctions on EU products will mean that Greek Cypriot citrus farmers will lose out on about €10.7 million in profits, particularly in an exclusive variation of orange called mandora, which is used in Russia to produce juice.
Greek Cypriot Farmers’ Union EKA general secretary Panicos Hambas last week said that the Russian sanctions on the Greek Cypriot export of citrus fruits could lead Turkish Cypriot farmers to export their own fruits to Russia via Turkey.
Due to the fact that Turkey is not in the EU, Turkey will not be affected by the Russian sanctions. In fact, Turkey expects to see an increase of exports to Russia to fulfill the demand. As a result, the TRNC may be able to supply the Russian market with mandora oranges if Turkish Cypriot farmers get them branded as products of Turkey.
Deficit decreased by 10.3 percent year-on-year to reach approximately $4.5B in March, according to TurkStat
BIST 100 index opens 0.15 percent higher, US dollar/Turkish lira rate stands at around 3.58
Net profit rose 28 percent to $4.8 billion while revenues edged up eight percent to $22.1 billion in the quarter ending March 31, Microsoft said.
The group reported a net loss of 68 million euros ($74 million) between January and March, compared with an 8-million-euro loss in the same period last year.
Exchange rate dipped to as low as 3.56 points for first time in 8 weeks
Sales progressed 7.0 percent to 13 billion euros ($14.2 billion), the aeronautics giant said. For 2017, it forecast the delivery of more than 700 commercial aircraft, up from 688 in 2016.
Late liquidity lending rate increases to 12.25 percent; overnight borrowing and lending rates unchanged
Nasdaq climbs above 6,000 points for first time in history
BIST 100 index hits new record high on Wednesday morning; US dollar/Turkish lira rate stands around 3.58
BIST 100 index starts Tuesday with a new record high; US dollar/Turkish lira rate stands at around 3.57
Borsa Istanbul's BIST 100 index exceeds 93,400 points during Monday transactions
The French vote was being closely watched as a bellwether for populist sentiment following the election of Donald Trump as US president and Britain's vote to leave the EU.
IFC CEO Philippe Le Houerou said the fund will "lower the risk for the private sector and attract new investors -- essentially creating a market where there was none."
BIST 100 index opens 0.67 percent higher, US dollar/Turkish lira rate stands at around 3.64