USD/TRY exceeded 9.20 following the recent three appointments at the Central Bank and increasing interest rate cut expectations. The Bank’s Monetary Policy Committee will convene this week on October 21. The economy world and markets estimate the policy rate to be reduced by 100-150 basis points. USD/TRY, which has continued to break record for seventh successive days, rose to 9.27 this morning.
The Economic Coordination Committee, which was formed with a Presidential Decree published in the Official Gazette on June 30, convenes today under the presidency of Vice President Fuat Oktay. Recent economic developments as well as the central government budget for 2022 will be discussed at the meeting. The 2022 central government budget was submitted to the Parliament with President Recep Tayyip Erdogan’s signature on October 15. Budget talks will start on October 20 in the Parliament’s Planning and Budget Commission with the presentation of Vice President Oktay.
Following the restrictions imposed on fertilizer export on October 12, exports of ammonia and sulfuric acid, raw material for fertilizer, have been restricted. Chickpea, sulfuric acid and ammonia products have been included in the list on commodities subject to registered exports, according to the communique of Trade Ministry published in the Official Gazette.
The net international investment position (IIP) posted USD 292.3 bn deficit in August, compared to a USD 393.1bn deficit in the end of 2020, according to the Central Bank.
The Central Bank will release Residential Property Price Index (RPPI) for August (2.30 pm). The RPPI surged by 31% on an annual basis and 2.8% on a monthly basis in July.
The Ministry of Treasury and Finance will reissue 2-year (700 days) maturity fixed coupon bond, and issue 5-year (1,911 days) maturity TLREF indexed government bond.
IN OUR MAGAZINE THIS WEEK:
>> On the cover: Annika Klar, the new general manager of Hannover Fairs Turkey, is on our cover this week. Klar told the TR MONITOR team about the company’s operations and future strategies. You can read the details on pages 14-15.
>> Professor Ilter Turan: The unraveling of Lebanon. P. 10.
>> Q&A: Prof.Dr. Haluk Gorgun, CEO and Chairman of the Board of Directors of ASELSAN. P.11.
>> Diplomacy: U.S. should accept Turkey’s F-16 purchase: Business leaders. P. 12.
>> Viravira.co to heave in global waters. P. 16.
>> Zeynep Gurcanli: Syria deadlock deepens. P. 18.
>> Tourism: What’s going on while trying to recover? P. 19.
>> Energy: Decline in costs to continue in renewable energy: Amasyali. P.22-23.
>> Do not miss Time Out alternatives for the week!