What matters on Monday, October 17

Critical data this week will the interest rate decisions from the Central Bank at home and European Central Bank abroad. It won’t be surprising if the Central Bank’s Monetary Policy Committee (PPK) cuts interest rates by a point again this week. We will see opposite moves on the European side.

President Recep Tayyip Erdogan stated on Saturday that the death toll after an explosion in a state-owned coal mine in Bartin on Friday has reached 41. Earlier, Interior Minister Suleyman Soylu said 58 of the 110 people working in the mine when the blast occurred were rescued or got out by themselves, according to Reuters. Soylu also said one miner was discharged from the hospital while 10 were still receiving treatment in Bartin and Istanbul. Authorities said Turkish prosecutors have launched an investigation into the cause of the incident, but initial indications were that the blast was caused by firedamp, a term referring to methane in coal mines. Energy and Natural Resources Minister Fatih Donmez said a fire in the mine was largely contained but fire isolation and cooling efforts were ongoing after the incident, which took place 350 meters below ground. Donmez also added that coal production has been halted until the necessary procedures are completed in the mine.

The Bartin mine explosion will also be on the agenda of the Parliament this week. Energy and Natural Resources Minister Fatih Donmez will speak to Parliament about the explosion on Tuesday. Parliament will also discuss the Presidential Resolution to extend the duty term of Turkish troops deployed in Lebanon within the scope of the United Nations Interim Force in Lebanon (UNIFIL), for another year. Moreover, it will start to discuss the legislative proposal for amendment of the Law on Industrial Zones on the same day.

Today, the central government budget for 2023 will be submitted to the Parliament’s Speaker’s Office. The Parliament’s Planning and Budget Commission will also continue to discuss the Income Tax Law and the legislative proposal for amendment of some laws and decree-laws.

The presentation of the 2023 budget will be made to the Parliamentary Planning and Budget Commission by Vice President Fuat Oktay on Friday.

The Republican People’s Party (CHP) Chairman Kemal Kilicdaroglu will meet with mayors in Sivas on Friday, as well. 

Discussions about the omnibus proposal regarding the economy, which concerns numerous economic segments, including registry amnesty, loan debts of the students, natural gas and electricity support up to TRY 1,000 to employees, and the liquidation of debts under TRY 2,000, will continue this week. The bill will be brought to the Parliament next week. 

President and AK Party Chairman Recep Tayyip Erdogan will deliver a speech to party members at AK Party’s Parliamentary Group meeting on Wednesday at 11.45 a.m. Moreover, other political parties will also organize group meetings in Parliament this week.


The short-term external debt stock surged by 13.6% to USD 138.1bn in August, compared to the end of 2021, according to the Central Bank.

The Treasury and Finance Ministry will release the central government’s budget balance figures for September (11.00 a.m.).


>> On the cover: Airport operator TAV Airports Holding’s (TAV) Executive Board Member Franck Mereyde is on our cover this week. Reaching a broader geography, the service companies of TAV set the benchmark for the entire business and add to growth, according to Mereyde. You can read the details on pages 8-9.

>> Professor Ilter Turan examines ‘The enigmas of authoritarianism’ on page 10.

>> Q&A: Gursel Baran, Chairman of the Ankara Chamber of Commerce (ATO). P. 11.

>> Chief Economist Gunduz Findikcioglu: Populism and democracy incorporated. Pp. 12-13.

>> Our Tourism Columnist Fehmi Kofteoglu addresses what happens at the Turkey Tourism Promotion and Development Agency (TGA) on page 14.


>> Project-based government support will be given to four projects with an estimated fixed investment of TRY 18.52bn, according to the Presidential Decree published in the Official Gazette. Carmaker Toyota’s Sakarya production plant is among the projects that will receive support.

>> Defense Minister Hulusi Akar and Ukrainian Infrastructure Minister Oleksandr Kubrakov visited the Joint Coordination Center in Istanbul established to coordinate Kyiv’s grain exports. Ankara, along with the UN, brokered the July 22 agreement between Moscow and Kyiv allowing for the resumption of Ukrainian grain exports from Black Sea ports blockaded due to the Russia-Ukraine war. “During these three months, a total of 345 vessels shipped 7.7 million tons of grain from Ukrainian ports,” Hulusi Akar said.

>> Turkey and Qatar signed 11 new agreements during the 8th meeting of the Turkey-Qatar Supreme Strategic Committee. The agreements cover areas including diplomacy, media, culture, and disaster and emergency management.

>> President of the UEA, Mohammed Bin Zayed Al Nahyan, called President Recep Tayyip Erdogan to discuss bilateral relations and exchange views on bilateral matters, including cooperation in investments, trade, energy, transportation, infrastructure, and technology, according to the Communication Directorate. The presidents also agreed on expanding bilateral cooperation to include the fields of military and defense industry.

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