What matters on Friday, December 9

The macroprudential policies,l implemented within the scope of the ‘liraization’ policy are forcing the banking sector to find new methods. Banks, which competing to achieve the TRY deposit rate goal for the end of the year, have zeroized their FX deposit interest rate now after they implemented deposit interest rates that exceeded commercial loan interest rates. Large-scale deposit banks reduced the USD deposit interest rate to 0.25% while the figure fell to 0.01% at some other banks. The decline in FX deposit interest rates saw 1.4 points in the last four months.

Trade Minister Mehmet Mus said the nature of globalization has changed and this has provided an opportunity to Turkey. Stressing that the circular economy has become prominent in the new period, Mus added: “The Turkish economy has reached its highest growth in the past 50 years. Exports have been the driving force of the growth.”

Turkey will host talks with a Russian delegation in Ankara today to seek a discount of more than 25% for the price of its gas imports from Russia, senior Turkish officials told Bloomberg. Turkey wants the discount to apply to 2023 payments and some previous payments made in 2022 retrospectively, said officials who spoke on condition of anonymity about the closed-door preparations. If Turkey can’t secure a discount at a desirable level, then it will seek deferrals for payments preferably until 2024, the officials said without elaborating. The Turkish government and the state gas importer Botas did not immediately comment. 

President of the Foreign Economic Relations Board of Turkey (DEIK) Nail Olpak said the business world prefers to work with large scale suppliers due to competition, however, the pandemic and the Russia-Ukraine war highlighted the risks of dependence on a single or limited source. “The chip crisis, vegetable oil crisis, and the latest grain crisis are among the new precedents. Within this frame, we’ve started to talk about safe trade, friend-shoring, and free trade,” Olpak added.

The minimum wage hike isn’t a structure that affects inflation that much, according to Central Bank Governor SahapKavcioglu. “An inflation of some 8.5% emerged in periods when the minimum wage was raised by over 30%,” Kavcioglusaid.


No important data will be released in the country.


>> The Istanbul Chamber of Industry (ISO) Turkey Manufacturing Export Climate Index, fell by 0.1 points from 47.9 to 47.8 in November, compared to the previous month. Thus, the index has remained below the threshold of 50.0 for the fourth consecutive month.

>> Foreigners’ net equity acquisitions totaled USD 339.7m, hitting a 15-week high, while their net government debt securities and corporate bond outflow amounted to USD 36.3m and USD 1.2m in the week ending on December 2, according to the Central Bank.

>> Residents’ FX deposit accounts dropped from USD 204.89bn to USD 203.86bn in the week ending on December 2, compared to the previous week, according to the Central Bank.

>> Residents’ FX deposit accounts declined by USD 2.35bn in the week ending on December 2, compared to the previous week, according to parity-adjusted data from the Central Bank.

>> The Central Bank’s international net reserves surged by USD 3.61bn from USD 19.5bn to USD 23.11bn in the week ending on December 2, compared to the previous week. The bank’s total reserves rose from USD 122.6 to USD 124.98bn in the same period.

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