What matters on Tuesday, February 15

President Recep Tayyip Erdogan paid an official visit to the UAE yesterday at the invitation of the Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan. The two leaders discussed issues such as the development of Turkey-UAE relations and cooperation. Turkey and the UAE signed 13 agreements in the fields including the defense industry, health, climate change, industry, technology, culture, agriculture, trade, economy, land and maritime transport, youth, disaster management, meteorology, communication, and archive. Today, Erdogan will also visit the Expo 2020 Dubai, where Turkey’s national day will be celebrated.

Deposit accounts and converted gold accounts of legal persons residing in Turkey and non-resident Turkish citizens have been included in the FX-protected TRY deposit accounts support and withholding advantage, according to the Official Gazette. Moreover, the FX-protected TRY deposit or participation accounts to be opened by non-resident Turkish citizens in return for FX to be transferred will be able to benefit from the reduced withholding support.

The total amount of the FX-protected TRY deposit accounts has reached TRY 349bn as of February 11, 2022, according to Treasury and Finance Deputy Minister Mahmut Gurcan. “TRY 169bn of this amount is supported by the Central Bank while TRY 180bn is supported by the Treasury. TRY 103bn of the total amount was transferred by legal entities,” said Gurcan.


The Producer Price Index of Agricultural Products (Agriculture-PPI) rose by 52% in January, compared to the same month last year, according to the Turkish Statistical Institute (TurkStat). Agriculture-PPI increased by 14.83% on a monthly basis.

The seasonally-adjusted unemployment rate dropped by 0.5 points to 11.2% in the fourth quarter (Q4) of 2021, compared to the previous quarter, according to TurkStat.

The total number of paid employees in the manufacturing, construction, and trade-services sectors surged by 8.4% in December 2021, compared to the same month of 2020, according to TurkStat.

The Ministry of Treasury and Finance will release central government’s budget balance statistics for January.

The Ministry of Treasury will reissue 11-month (343 days) maturity zero coupon treasury bill and directly sell a 2-year lease certificate.


>> Account owners are cornered

Savings have been like a cat that is cornered for a while. Now we’re holding on to them, but they will escape soon. The barrier that account owners are using to cage in their savings will be destroyed…

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