What matters on Thursday, March 10

Russian Foreign Minister Sergei Lavrov and his Ukrainian counterpart Dmytro Kuleba arrived in Antalya yesterday. The parties will convene with Foreign Minister Mevlut Cavusoglu at the Antalya Diplomacy Forum today for the first potential talks between the top diplomats since Russia launched its invasion of Ukraine.

Brent crude, which saw USD 131 per barrel after U.S. President Joe Biden announced a ban on Russian oil and other energy imports including natural gas, dropped by 15% to USD 107 per barrel yesterday. The news that the oil supply will increase played a role in the sharp drop. Brent crude is traded at USD 114.79 per barrel this morning. 

The sharp decrease also paved the way for the cancellation of the gasoline and diesel fuel price increase by TRY 0.79 and TRY 2.25 per liter, respectively, that were supposed to be implemented today by the Energy Oil Gas Supply Stations Employers’ Union (EPGIS).

Israeli President Isaac Herzog visited Turkey yesterday at the invitation of President Tayyip Erdogan, the most senior Israeli visit since 2008 as the regional rivals work to mend years of strained ties. “Our common goal with Israel is to revive the political dialogue between our countries based on common interests, respect for mutual sensitivities,” President Erdogan said in a joint press conference.

President Erdogan will hold a phone call with the U.S. President Joe Biden at 6.30 PM, according to the Presidential Directorate of Communication


The unemployment rate remained unchanged at 11.4% in January, as compared to December 2021, according to the Turkish Statistical Institute (TurkStat).

Construction Cost Index (CCI) climbed by 79.91% in January, compared to the same month last year, according to TurkStat. The CCI rose by 15.24% in January month-over-month.

The Central Bank and the Banking Regulation and Supervision Agency (BDDK) will release weekly money and banking statistics (2.30 pm).


>> Transport and Infrastructure Minister Adil Karaismailoglu announced that a vessel that carries 6,099 tons of sunflower seed oil departed the Yeysk port on the Black Sea. The ship is estimated to arrive in the Mersin Port on March 15. Karaismailoglu also said three more vessels loaded with sunflower seed oil departed from the Port of Rostov and are planned to arrive in Turkey on March 17. The Directorate-General of Maritime Affairs also stated that six more Turkish vessels that waited in Russian ports have departed.

>> The Turkish Industry and Business Association (TUSIAD) President Simone Kaslowski emphasized the importance of self-sufficiency in energy and agriculture as a result of the Russia-Ukraine war. “Turkey has resources. The region where Turkey is located has a big potential in terms of energy and agriculture. We mutually need to raise awareness of this. The business world needs to realize opportunities in these fields,” Kaslowski said in a meeting with Turkish Enterprise and Business Confederation (TURKONFED) President Orhan Turan and the Mayor of Mersin Vahap Secer.

>> Trucks that travel from Thrace and Anatolian regions to Istanbul have been banned from the entrance as of today until the second announcement due to the predicted heavy snow.

>> The national flag carrier Turkish Airlines has cancelled some 205 flights set to operate today as heavy snow is predicted in Istanbul.

>> Turkey reported more than 33,000 coronavirus cases yesterday. Some 33,243 new coronavirus cases and 143 deaths due to COVID-19 were reported in the last 24 hours by the Health Ministry.


>> No base effect decline in inflation until November

Our Eco Analysis Columnist Alaattin Aktas analyses the future of inflation in Turkey.

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