What matters on Tuesday, January 31

The six-party opposition roundtable formed by the leaders of the Republican People’s Party (CHP), Democrat Party, DEVA Party, Gelecek Party, IYI Party, and Saadet Party, has announced the Common Policies Text, also called the election manifesto of the presidential candidate. The document consists of nine main titles with over 2,300 objectives, policy proposals, and projects towards various fields such as law, justice, jurisdiction, public administration, economy, finance, employment, social policies, foreign policy, defense, and security.  Here are the outstanding items of the Common Policies Text:

>> Inflation will be reduced to a single-digit level permanently within two years.

>> Per capita income will be doubled in USD terms at least after the end of the next five years.

>> Exports will be raised to USD 600bn at the end of the next five years.

>> The independence of the Central Bank will be guaranteed.

>> The obligation to change 40% of export revenues will be removed.

>> ‘Informatics and innovation’, ‘Agriculture and Food’, ‘Tradespeople and trade’ ministries will be established.

>> The share of high technology in exports will be raised to 10%.

>> The tourism strategy and master plan will be prepared.

>> The usage of tax amnesty as money laundering will be prevented.

An insurance premium deduction of 5% will be made for employers towards employees, who work at the same place following their retirement within the scope of the victims of the delayed pension age (EYT). The deduction corresponds to TRY 500 in line with the current salaries. The regulation is expected to enter into force in February.

The monthly food expenditure required for a healthy, balanced, and sufficient diet for a family consisting of four people (hunger limit) amounted to TRY 8,864 in January, according to a survey conducted by the Confederation of Turkish Trade Unions (TURK-IS). Thus, the hunger limit exceeded the minimum wage. In addition to food expenditures, the amount needed to secure the necessities of life, such as housing (electricity, water, heating, etc.), clothing, transportation, education, health, etc. (poverty line) totaled TRY 28,874. The monthly cost of living for a single employee rose to TRY 11,556.


Tourism revenues climbed by 53.4% to USD 46.2bn in 2022, as compared to 2021, according to the Turkish Statistical Institute (TurkStat).

The Services Producer Price Index (S-PPI) rose by 78.2% in December, year-over-year, according to TurkStat. The S-PPI increased by 1.41% on a monthly basis.

Exports surged by 12.9% to USD 254.17bn and imports jumped 34% to 343.71bn in 2022, compared to the previous year, according to TurkStat.

The Central Bank will release the monetary and banking statistics for December (2.30 p.m.).


>> ​​​​​ Turkey’s benchmark stock index slipped 1.84% to end yesterday at 5,096.29 points. Starting the day at 5,201.07 points, Borsa Istanbul’s BIST 100 index lost 95.54 points from last week’s close of 5,191.83. The index’s lowest value during the day was 5,096.29, while its daily high was 5,232.63. The daily trading volume was TRY 76bn.

>> The banking sector’s net profit jumped 366.37% from TRY 92.4bn to TRY 433.45bn in December, compared to the same month of the previous year, according to the Banking Regulation and Supervision Agency (BDDK).

>> The total asset size of the banking sector increased by TRY 5.12tr to TRY 14.34tr in December, year-over-year, according to BDDK.


>> Expensive export and cheap import records were broken

Daily EKONOMI Editorial Coordinator and Columnist Talip Aktas examines Turkey’s foreign trade statistics.

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