President Recep Tayyip Erdogan arrived in Brussels to attend the NATO leaders’ summit that will continue today. President Erdogan is expected to hold meetings with the leaders of some NATO member states on the sidelines of the summit. Erdogan is also expected to convene with U.S. President Joe Biden to discuss the Russia-Ukraine crisis and other regional issues. The summit, with a particular focus on the ongoing Russia-Ukraine war, will review the steps the alliance will take to strengthen its defense and deterrence capacity. During the summit, the leaders will also discuss the steps and decisions needed to shape NATO’s future prior to the Madrid summit, which will be held to adopt a new strategic concept in June.
On the economic side, following the Federal Reserve’s and the Central Bank’s interest rate decisions, an upward trend continued in the markets. The markets welcomed the fact that the Russia- Ukraine crisis hasn’t escalated further. Acquisitions will accelerate in the global markets, where the risk appetite will increase when a ceasefire or a peace agreement is achieved. However, Borsa Istanbul’s BIST 100 Index has already gotten to this point, continuing acquisitions, according to Murat Barisik, Research Director of Ata Yatirim. “We estimate that acquisitions on the Borsa Istanbul will gradually continue to 2,250 points in the short term in case it closes above 2,200 points,” said Barisik. The increase is led especially by companies in the manufacturing and aviation industries. “2,165 points, which is the 5-day average, will be the support level in case of possible withdraws and profit sales,” Barisik added. The volatility may increase due to external and internal developments. Ata Yatirim suggests adding export companies with a solid basis and story to portfolios such as TAV Airport, Birlesik Magazalar AS (BIM), Arcelik, Migros, Turk Telekom, and Sisecam.
The first payments for the FX-Protected TRY deposit accounts (KKM) have started. The share of FX in deposits has dropped by 10 points since December 2021, according to the Treasury and Finance Ministry. The total amount of the KKM has reached TRY 591bn including TRY 270bn backed by the Treasury and TRY 321bn backed by the Central Bank (FX/gold). The Ministry also stated that the number of KKM account owners has exceeded 1 million. 97% of them are comprised of real persons while the number of legal persons has totaled 28,934.
The Financial Services Confidence Index (FSCI) dropped by 8.1 points to 165.3 in March, compared to the previous month, according to the Central Bank.
The Central Bank will hold its first Investor Meeting of the year via videoconference.
The Central Bank will release the summary of the Monetary Policy Committee meeting held on March 17 (2.00 pm).
The Parliament will discuss the legislative proposal for the amendment of the Law on Customer Protection (2.00 pm).
The Central Bank and the Banking Regulation and Supervision Agency (BDDK) will release weekly money and banking statistics (2.30 pm).
Borsa Istanbul will organize its General Assembly Meeting.
Minister of Energy and Natural Resources Fatih Donmez will attend the International Energy Agency (IEA) Ministerial Meeting.
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Our Geo-politics columnist Professor Ilter Turan adresses if ‘the war in Ukraine is a window of opportunity for Turkey.’