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Turkish minister says bill prepared on TPAO privatization

The Turkish government had prepared a legislative proposal on the privatization of state oil company TPAO

Published: Updated:

Turkish Energy Minister Taner Yildiz said on Thursday the government had prepared a legislative proposal on the privatization of state oil company TPAO and would sent it to the cabinet of ministers.

He was speaking at an energy conference in Istanbul.

Meanwhile, Turkey’s lira and stocks firmed on Thursday, supported by expectations that continued pressure on the oil price would help tame inflation and lower the current account deficit, which is driven by energy imports.

Brent crude edged up on Thursday but remained below $65 per barrel, not far from a five-year low hit in the previous session, after comments by the Saudi Arabian oil minister who brushed aside calls to cut production spurring renewed fears of a global glut that has slashed oil prices by more than 40
percent since June.

Turkey’s lira and equities shrugged off a wider-than-forecast current account gap for October, a deficit of $2.03 billion compared to $1.90 billion, as forecast by a Reuters poll.

The lira TRYTOM=D3 firmed to 2.2605 against the dollar by 0829 GMT, from 2.2640 late on Wednesday, amid dollar weakness.

Istanbul’s main share index was up 1.03 percent at 84,984.72, outpacing broader emerging markets which was down 0.71 percent.

The benchmark 10-year government bond yield inched up to 8.48 percent from 8.44 on Wednesday.