Erta Audit
Bulletin
October 5, 2026
Weekly Economic Bulletin 28.09.2026 - 02.10.2026
ISSUE 2026/9
September 28 – October 2, 2026 · Market close: October 2, 2026 (Friday)
Markets
The BIST 100 closed the week at 12,270.18 points, down 4.87% from the previous Friday. Gram gold fell 2.68% to TRY 6,550.69. Based on the CBRT foreign-exchange buying rates, USD/TRY rose 0.37% to 48.97, while EUR/TRY declined 0.91% to 55.08.
Reserves and foreign investor flows
The CBRT’s gross reserves fell by USD 3.2 billion to USD 171.2 billion in the week of September 25, marking a fifth consecutive weekly decline. During the same week, non-residents purchased USD 358.6 million of equities and sold USD 409.9 million of Government Domestic Debt Securities (GDDS).
Banking
According to BRSA data, the sector’s loan volume increased by TRY 164.6 billion week-on-week to TRY 28.4 trillion as of September 25; non-performing loans rose to TRY 887.8 billion (+TRY 11.3 billion). Money market funds contracted by TRY 468 billion over two weeks.
Public finances and confidence
The Ministry of Treasury and Finance (MoTF) planned TRY 630.7 billion of borrowing for October–December, while debt service for the same period amounts to TRY 676.6 billion. The Economic Confidence Index reached 101.3 in September, its highest level since June 2023. The mobile fuel-price adjustment mechanism for gasoline ended, and the Special Consumption Tax (SCT) was placed on a phased schedule.
USD/TRY (CBRT FX buying rate)
48.97
▲ 0.37%
Previous: 48.79
EUR/TRY (CBRT FX buying rate)
55.08
▼ 0.91%
Previous: 55.59
BIST 100
12,270.18
▼ 4.87%
Previous: 12,898.13
CBRT policy rate
37.0%
━ Unchanged
Monetary Policy Committee (MPC): September 10; next meeting October 22
Gram gold (TRY)
6,550.69
▼ 2.68%
Previous: 6,731.05
CBRT gross reserves (USD bn)
171.2
▼ −3.2 (1.83%)
Previous: 174.4 · Week of September 25
Arrows and colors indicate the direction of each indicator: ▲ green = increased · ▼ red = decreased · ━ gray = unchanged.
Source note. USD/TRY and EUR/TRY are the CBRT’s foreign-exchange buying rates dated October 2 and September 25. BIST 100 and gram-gold values for both dates are closing values taken from BloombergHT market summaries; each market is based on its own closing and measurement time, and gram gold refers to the Grand Bazaar close. The decline in EUR/TRY while USD/TRY rose indicates that the EUR/USD cross rate calculated from the two exchange rates fell by approximately 1.3% over the week. The CBRT reserve figure relates to the week of September 25; the previous value is for the week of September 18.
The Economic Confidence Index increased by 0.7% month-on-month to 101.3 in September (August: 100.6), reaching its highest level since June 2023. Among the sub-indices, consumer confidence rose to 91.9 (+1.3%), retail trade confidence to 111.3 (+1.1%), the real sector index edged up 0.1% to 102.5, services remained unchanged at 111.9, and construction declined 0.2% to 83.0.
In the August labour force data released on September 30, the unemployment rate fell by 0.3 percentage points to 7.8%; the number of unemployed declined by 106 thousand to 2.74 million, the employment rate increased by 0.1 percentage points to 48.4%, and youth unemployment (ages 15–24) fell by 1.1 percentage points to 13%. On the same day, August foreign trade data showed exports rising 8.1% to USD 23.467 billion and imports increasing 10.5% to USD 28.706 billion; the foreign trade deficit widened to USD 5.239 billion (+22.3%), while the export-to-import coverage ratio declined to 81.7% (August 2025: 83.5%). Excluding energy and non-monetary gold, the coverage ratio was 95.0%. The Services Producer Price Index for August rose 2.87% month-on-month and 33.29% year-on-year.
Commentary. The most notable monthly increases among the Economic Confidence Index sub-components were in consumer confidence (+1.3%) and retail trade confidence (+1.1%). In foreign trade, import growth (+10.5%) remained above export growth (+8.1%).
In the week of September 25, reserves declined to USD 171.2 billion gross (−3.2), USD 53.4 billion net (−2.5), and USD 39.9 billion net excluding swaps (−3.2). According to the Securities Statistics, during September 21–25 non-residents, adjusted for price and exchange-rate effects, purchased USD 358.6 million of equities while selling USD 409.9 million of Government Domestic Debt Securities (GDDS); the combined net movement in equities and GDDS was −USD 51.3 million. The CBRT’s total domestic-market figure was −USD 485.7 million. In the previous week (September 14–18), equities were −USD 109.8 million and the total domestic-market figure was −USD 558.4 million.
In the CBRT’s money and banking data, total deposits increased by 0.33% week-on-week (TRY 110.4 billion) to approximately TRY 34 trillion. Since the CBRT and BRSA deposit series differ in scope and classification, the amounts are not directly comparable. FX deposits adjusted for parity effects rose by USD 1.342 billion (individuals +USD 1.024 billion, corporates +USD 0.318 billion). Money market funds declined by TRY 456 billion in the week of September 18 and by TRY 12 billion in the week of September 25, falling by TRY 468 billion over two weeks to TRY 1.667 trillion.
Commentary. Gross reserves have declined for five consecutive weeks; net reserves excluding swaps correspond to approximately 23% of gross reserves. Non-resident equity and GDDS flows moved in opposite directions; the combined equity and GDDS figure was −USD 51.3 million.
On September 30, the Ministry of Treasury and Finance (MoTF) announced its domestic borrowing strategy for October–December: total borrowing of TRY 630.7 billion (October 414.8; November 110.4; December 105.5) and principal and interest payments of TRY 676.6 billion (October 436.6; November 122.7; December 117.3). Debt service for the period exceeds planned borrowing by TRY 45.9 billion.
In the weekly banking-sector bulletin published by the Banking Regulation and Supervision Agency (BRSA) on October 1 (as of September 25), total loans stood at TRY 28.4 trillion, sector deposits at TRY 32.675 trillion (+TRY 122.1 billion), consumer loans at TRY 3.485 trillion (housing 838.9; vehicle 42.4; personal 2,604.0 billion TRY), and individual credit-card receivables at TRY 3.463 trillion (installment 1.341; non-installment 2.122 trillion TRY). Shareholders’ equity increased by TRY 86.1 billion to TRY 6.142 trillion.
Commentary. October accounts for approximately 66% of quarterly borrowing and around 65% of quarterly debt service. According to BRSA data, non-performing loans rose by TRY 11.3 billion to TRY 887.8 billion.
CRITICALOfficial Gazette, October 1, 2026, No. 33387 — Presidency of the Republic
“Decision on the Redetermination of Special Consumption Tax Amounts Applied to Certain Goods” (Decision No. 11822). Effective date for gasoline amounts: date of publication (October 1, 2026). As the mobile fuel-price adjustment mechanism ended for fuel, the increase in the Special Consumption Tax (SCT) on gasoline was tied to a phased schedule: for 95-octane gasoline, SCT is TRY 7.90/litre for October, TRY 11.36/litre for November 1–30, and TRY 14.8277/litre from December 1 onward; for gasoline of 98 octane and above, the respective amounts are TRY 8.90, TRY 12.36 and TRY 15.5437 per litre. The October increase is TRY 3.53 of SCT per litre; including the VAT effect, the impact on the pump price is approximately TRY 4.2/litre.
Scope note. Among the principal tax, accounting, independent audit and financial regulations within the scope of monitoring, the key development of the week was the SCT regulation above.
No scheduled or unscheduled sovereign rating decision on Türkiye was published during the week. Moody’s: Ba3/Stable (no rating action was taken in the periodic review completed in July); S&P: BB−/Stable (affirmed in April); Fitch: BB−/Stable (affirmed in July). S&P’s next scheduled rating action is on October 16.
According to CBRT data, non-residents purchased USD 358.6 million of equities and sold USD 409.9 million of Government Domestic Debt Securities (GDDS) during the week of September 21–25; the combined total for equities and GDDS was −USD 51.3 million, while the CBRT’s total domestic-market figure was −USD 485.7 million. In the previous week (September 14–18), equities were −USD 109.8 million and the total domestic-market figure was −USD 558.4 million.
U.S. nonfarm payrolls increased by 29 thousand in September (expectation: 90 thousand); the unemployment rate was 4.2% (expectation: 4.1%), while the August increase was revised down from 162 thousand to 133 thousand. The December Brent crude contract rose 2.5% to USD 100.49 on October 1; in Anadolu Agency reporting, the increase was mentioned alongside uncertainty surrounding U.S.–Iran negotiations.
Interim payment (CMB, September 30). Investors who completed reconciliation procedures in funds managed by Tera, Pusula, Atlas and Hedef will receive interim payments to be offset against their receivables at the end of the liquidation. Those with net investments below TRY 1 million will receive the full amount; those above that threshold will receive up to TRY 1 million.
Order of liquidation (CMB, September 30, Decision No. 64/1770). In funds managed by A1 Capital, Bulls and Pardus, funds whose names include “money market” will be liquidated first, in descending order by number of investors. Funds excluded from liquidation but closed to trading may be reopened simultaneously on TEFAS and other channels; the date will be determined by the portfolio management companies.
Voluntary restitution (CMB, October 1). Separate restitution accounts were opened for 139 funds, together with one general equity restitution account, to allow those who obtained excessive gains to return them voluntarily; deposited amounts will enter only the liquidation assets of the relevant fund. The capital-markets activities of Tera Yatırım Menkul Değerler were suspended, and the licenses of three individuals were permanently revoked.
Outflows from money market funds (CBRT, October 1). Fund size declined by TRY 456 billion in the week of September 18 and by TRY 12 billion in the week of September 25; over two weeks, the total decrease amounted to TRY 468 billion, bringing fund size down to TRY 1.667 trillion.
Commentary. Outflows from money market funds were concentrated in the first week following the liquidation decisions; the pace slowed markedly in the second week. CBRT data show the amount of the outflow, but do not by themselves show where the money went.
Reading this week’s data from the perspective of a Sworn-in CPA, four issues stand out for company executives.
The Central Bank kept the policy rate unchanged at 37%. The Treasury will also borrow TRY 630.7 billion against TRY 676.6 billion of payments due in October–December; in other words, the public sector’s need to borrow from the market continues. For companies with loans coming up for renewal, I recommend scheduling maturity dates in advance and monitoring operating profit alongside interest expense.
Non-performing loans in the banking sector increased by TRY 11.3 billion this week to TRY 887.8 billion. Delays in collections may also affect corporate cash flows. I see value in reviewing the payment habits of your largest customers weekly and identifying overdue receivables at an early stage.
Following the fund liquidations, money market funds saw TRY 468 billion of outflows over two weeks, while the stock market declined 4.87% over the week. Executives investing company cash in funds need to know what the fund contains and how quickly the money can be accessed. I recommend consciously diversifying cash across term deposits, funds and cash holdings.
For 95-octane gasoline, SCT is TRY 7.90 in October, TRY 11.36 in November and TRY 14.83 per litre in December. Companies with large vehicle fleets or high transportation expenses should update their October–December budgets in line with these steps. Maintaining fuel invoices in an orderly manner also reduces risks that may arise in tax audits.
SENTENCE OF THE WEEK
“The strength of a balance sheet is not tested when liquidity is abundant; the real test begins when liquidity is withdrawn.”
This bulletin is for general information purposes only and does not constitute investment advice, tax advice or a legal opinion. The data have been compiled from the institutions and sources specified above.
Muhsin GÜNYELİ
Sworn-in CPA · Independent Audit Partner