What matters on Thursday, May 12

Today, the Treasury and Finance Minister Nureddin Nebati convenes with sector representatives from various industries such as food, major appliances, building materials and furniture in Istanbul as part of the fight against inflation, according to a statement from the Treasury and Finance Ministry. A comprehensive evaluation will be made of the recent price movements. Moreover, the results of the work that has been carried out by the Treasury and Finance Ministry for those who implement exorbitant prices will be shared. The statement also emphasized that Nebati is expected to demand support from sector representatives in the fight against inflation. 

President Recep Tayyip Erdogan attended the AK Party’s extended provincial heads meeting, where he talked about the price surge. Stressing that their goal is to control price hikes and raise income, Erdogan said Turkey faces problems caused by shocks in the global economy. “Deterioration in the supply chain raised inflation. The outlook that emerged before problems caused by financial developments has not been eliminated and appears as price hikes,” Erdogan noted. “Turkey has been fighting for a long time against the ‘attack’ through foreign exchange (FX) rates and interest rates in addition to opportunists’ unbalanced pricing. Thus, our nation faces a high cost of living. We know the problems experienced by citizens,” Erdogan added. Touching on the economic program, Erdogan said: “The first leg of our economic program is not to abandon being among the top 10 economies in the world. The second stage is employment. The third one is to control the price surge and raise income.” He also asked the nation to be patient and support them.

The Biden administration has asked congressional leaders to approve the sale of advanced weapons and other equipment for Turkey’s fleet of F-16 jet fighters, according to The Wall Street Journal. The announcement by U.S. officials is expected to set “up a showdown with lawmakers over a proposal to sell more of the aircraft to Ankara as it seeks to recalibrate ties with Washington,” the newspaper read.

The EU Foreign Policy Chief Josep Borrell hailed Turkey’s efforts to reach a cease-fire between Russia and Ukraine. Borrell told German daily Frankfurter Allgemeine Zeitung that the EU is unlikely to become a mediator in resolving the Russia-Ukraine conflict. “The Russians would not accept that, just as we Europeans would not accept Russia as a mediator. China cannot be a mediator either, as they leaned towards Russia,” he said. Borrell underlined the importance of Turkey’s role and its efforts to facilitate peace talks between Kyiv and Moscow. “Turkey is doing a very good job here. It has good relations with both sides. But of course, the best (mediator) would be the United Nations,” he said.


The Central Bank will release weekly money and banking statistics (2.30 p.m.).


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