What matters on Thursday, October 14

President Recep Tayyip Erdogan received the Central Bank (CB) Governor Sahap Kavcioglu yesterday. Following the meeting, new executives have been appointed to the CB with a Presidential Decree published in the Official Gazette. Taha Cakmak and Prof. Dr. Yusuf Tuna have been appointed the Deputy CB Governor and Member of the CB Monetary Policy Committee (PPK) respectively, while CB Deputy Governors Prof. Dr. Semih Tumen and Dr. Ugur Namik Kucuk as well as PPK member Prof. Dr. Abdullah Yavas have been dismissed. The PPK with new members will convene on October 21 for the interest rate decision, while the CB Governor Kavcioglu will announce the inflation report on October 28.

The decision pave the way for USD/TRY to break another record midnight. USD/TRY, which saw 9.10 during the day, hit 9.18 in overseas transactions following the appointments. USD/TRY is traded at 9.13 this morning.

Two Turkish-German scientists were awarded Greece’s Empress Theophano Prize for saving millions of lives with the development of the first vaccine against the coronavirus, according to the Empress Theophano Foundation. “It is a great pleasure for me to present the Empress Theophano Prize to two wonderful scientists, Ugur Sahin and Ozlem Tureci, who have made their way in life and science together,” said Greek President Katerina Sakellaropoulou, who presented the prize, which is given to individuals or organizations for their contribution to the understanding and strengthening of the notion of the modern European identity.


The Producer Price Index of Agricultural Products (Agriculture-PPI) rose by 23.35% in September, compared to the same month of the previous year, according to the Turkish Statistical Institute (TurkStat). Agriculture-PPI rose by 1.46% on a monthly basis.

Private sector’s total outstanding loans received from abroad increased by USD 50m to USD 173.4bn in August, compared to the end of 2020, according to the Central Bank.

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 attend the Defense Industry Executive Committee meeting (2.00 pm).

The Parliament’s General Assembly will continue to discuss the legislative proposal on Tax Procedure Law and amendment of some laws.

Exemption requirements in exclusive distributorship contracts

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