The Central Bank will announce the first inflation report of the year today. The inflation report is a text prepared four times a year to inform the public about the success of the inflation targeting program used by the Central Bank for 20 years and to announce the steps that the Bank has taken and will take. We will see what the Bank, which caused the excessive depreciation of TRY and the jump in inflation with its new economic policy, will say in the inflation report.
Azerbaijan Gas Supply Company has started additional natural gas supplies to Turkey from the Turkgozu entry point in Ardahan. The amount, which will daily reach 5 million cubic meters at most, will be supplied temporarily. On the other hand, SOCAR Enerji Ticaret AS, a subsidiary of Azerbaijan’s state oil company SOCAR, will supply Turkey with 4 million cubic meters of natural gas in February. The company won the bid on the spot pipeline gas capacity reserve issued by the Energy Market Regulatory Authority (EPDK) yesterday.
Natural gas flows from Iran to Turkey will resume in 10-15 days, according to President Recep Tayyip Erdogan. Speaking in a televised interview with NTV, President Erdogan said that Turkey isn’t in debt to Iran and such accusations are lies.
Touching on the interest rate decisions, President Erdogan added: “The high-interest rate environment forms vulnerability in the medium-long term and impedes the country’s development. That’s why we want to use our resources such as production, employment, growth, and exports in a low-interest-rate environment.
Former Republican U.S. Senator Jeff Flake officially became U.S. ambassador to Turkey yesterday at a critical time for the NATO allies, after presenting his letter of confidence to President Tayyip Erdogan, according to Reuters. He takes office as NATO members and other Western states mull responses to Russia in the event of military action against Ukraine. Ankara is close to Kyiv and Moscow and has offered to mediate the crisis.
The Central Bank will release the summary of the Monetary Policy Committee (PPK) meeting held on January 2020 (2.00 pm).
The Central Bank and the Banking Regulation and Supervision Agency (BDDK) will release weekly money and banking statistics (2.30 pm).
President Recep Tayyip Erdogan will chair the National Security Council (MGK) meeting (3.00 pm).
READ SELECTED ARTICLE FROM OUR MAGAZINE:
Russia and the U.S. have locked horns over Ukraine. Both sides are taking pains to persuade each other and everyone else that they do not want to go to war. Professor Ilter Turan analyses the dangers that may stem from the Ukraine dispute.