All eyes are on the Central Bank’s interest rate decision today. The Monetary Policy Committee (PPK), which lowered the policy rate by 50 basis points to 8.5% last month following the twin quakes on February 6, is expected to keep the rate unchanged.
Muslims around the world welcomed the Muslim fasting month of Ramadan yesterday evening. Millions of Muslims offered their first Tarawih, the special evening Ramadan prayer, which will continue throughout the holy month. Ramadan is believed to be a time of intense spirituality when the believers are surrounded by angels, the gates of heaven are open, and Allah’s blessings and mercy are abundant. Muslims in Turkey will fast for 29 days, beginning today, according to the Directorate of Religious Affairs.
While the Western sanctions on Russia get tighter, the measures pressure Turkey’s exports to this country. The transit road transport of embargoed products from Turkey to Russia hasn’t been possible since the beginning of March after Poland closed its Belarus border to third-country trucks excluding the EU. Russia can’t be selected as the destination country on the system for the T1 certificate needed for transit transportation. However, transit exports continue through ‘alternative channels’, according to daily EKONOMI. Most of the hike in bilateral trade between Turkey and Russia following Russia’s invasion of Ukraine stemmed from transit exports. Sector representatives said the annual transit exports of Turkey to Russia hover around USD 3bn.
The Turkish Industry and Business Association (TUSIAD) delegation held talks at Silicon Valley under the presidency of TUSIAD President Orhan Turan. As part of the talks, the TUSIAD delegation convened many investors and entrepreneurs in addition to the TUSIAD Silicon Valley Network members. “We must complete digital infrastructure investments. We must equip our business world and the entire society with the competence of the digital era. Our resources must be invested in R&D, technology, science, innovation, and education,” Turan said. “For these purposes, we place a special emphasize on regular talks with professionals, entrepreneurs, and investors working in Silicon Valley and seeing technology trends and investment environment on the spot,” he added.
President and AK Party Chairman Recep Tayyip Erdogan stated that his entire cabinet, including Vice President Fuat Oktay, will be deputy candidates. Erdogan also announced that the lowest retirement pension will rise to TRY 7,500. Touching on the meeting with Turkey’s former Deputy Prime Minister and Finance Minister Mehmet Simsek, he added: “Simsek has some commitments abroad. There may be a meeting again.”
In the meantime, the Nation Alliance representatives have applied to the Supreme Election Board for the presidential candidacy of Republican People’s Party (CHP) Leader Kemal Kilicdaroglu.
Meanwhile…
>> The overnight index swap of USD/TRY tested 423% on Tuesday night in London. The rate hovered around 11% on the previous day. The sharp rate fluctuation isn’t surprising, according to market specialists.
>> TRY 32bn was spent for urban transformation in the last 12 years, according to Suna Kotan, Deputy General Manager of the Directorate General for Infrastructure and Urban Transformation Services at the Environment, Urbanization, and Climate Change Ministry.
>> 72% of 206 port facilities are in the first-degree seismic zone in Turkey, according to The Port Operators Association (TURKLIM) Chairman Aydin Erdemir. He said the Turkish ports must benefit from strategic investment incentives so that they can be resilient against disasters.
>> Koc Holding held its 59th General Assembly meeting. Honorary Chair and Board Member Rahmi Koc said the holding company will allocate a substantial amount of financial resources for Turkey’s recovery process through its projects. Koc also stated that the holding company has invested TRY 86bn over the past five years, including an investment of TRY 40.5bn in 2022.
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