Turkey

Kursad Tuzmen, the State minister responsible for foreign trade, expects exports to reach $45bn and imports to stand at $64bn-$65bn by the end of this year, surpassing programme targets.

The positive atmosphere in the economy continued with another fall in interest rates.

Turkey's exports in August rose 29.1 per cent on last year to reach $3.89 billion despite the appreciating lira, according to the Turkish Exporters' Assembly (TIM).

The Small and Medium Industry Development Organisation (KOSGEB) will provide Ђ60,000 in grants to small- and medium-scale enterprises (SMEs) operating in the manufacturing industry in order to support their export activities.

Ibrahim Karaoglu, chairman of the Board of Directors of the Kocaeli Association of Active Industrialist Businessmen (KAAIB), addressed the problems facing the development of small- and medium-sized enterprises (SMEs).

Turkey's Export-Import Credit Bank announced a three per centage point cut in interest rates effective Friday, 15 August 2003.

Industrial output rose by 11.7 per cent in June when compared to the same month last year, above market expectations thanks to economic confidence.

The lira has firmed over 10 percent against the dollar since the start of the year. It traded at some 1,400,000 on Friday (8 August, 2003). As a result of the appreciation of Turkish lira against the dollar, exporters are suffering losses.

Mr. Tuluy Uluрtekin, formerly of the Saving Deposit Insurance Fund (SDIF), has been appointed chairman of the Board of Directors at Toprak Factoring AS. SDIF is the new share holder in Toprakbank

The presence of three cabinet ministers at a recent World Bank seminar on non-bank financial institutions was intended to underline the government's desire to develop Turkey's stunted financial services sector.