What matters on Tuesday, March 22

Despite the Russia-Ukraine war, Borsa Istanbul’s BIST 100 Index continues to positively differentiate due to good management, according to Baris Urkun, Research and Corporate Finance Manager of Ahlatci Yatırım. Urkun said that new initial public offerings (IPO) and listed companies with high inflation and low valuation on the stock exchange, where domestic investors have become dominant after the share of foreign investors has fallen to some 30%, support BIST 100 index’s upward movement. “We estimate that USD/TRY will continue below the threshold of 15.00. It will be important which instruments investors will choose following the first payments into the FX-protected TRY deposit accounts (KKM) made on March 21,” Urkun said, stressing that USD/TRY was expected to hover around 14.30-15.00 under these circumstances. 

The date of December 20, 2021 has been removed from the communiqué with an amendment in the to KKM system that states it was opened on December 21, 2021. Thus, real persons can be included in the KKM system by converting their FX deposit accounts as long as the KKM system continues. In other words, account owners, who were previously able to convert their FX deposit accounts dated December 20, 2021 into the KKM won’t be subject to this date limitation. 

The country’s economic indicators have stabilized with the support of the KKM, according to Treasury and Finance Minister Nureddin Nebati. “The KKM system will complete three months on March 23. We’ll see if there are outflows. There is no reason for investors to exit from the KKM, which has a low impact on the Treasury,” Nebati said stressing that there is no room for TRY, which stands at its lowest level, to further devaluate. The Treasury and Finance Minister also added that the government has carried out the most recent technical work for cryptocurrency regulation and collected opinions of relevant institutions. 

Health Minister Fahrettin Koca shared the map indicating the number of COVID-19 cases by provinces corresponding to per 100,000 people of the population for the week ending March 11 on social media. The number of daily coronavirus cases dropped in all provinces in the week ending on March 11, compared to the previous week. In line with the latest data, some 14,933 new coronavirus cases and 80 deaths due to COVID-19 were reported in the last 24 hours by the Health Ministry. Turkey fell to 12th place among 192 states with the highest number of COVID-19 cases (per 14.7 million in total), according to the Coronavirus Resource Center at John Hopkins.


President Recep Tayyip Erdogan will attend the ceremony to be held for the World Water Day (2.00 pm).

President Erdogan will receive Prime Minister of the Netherlands Mark Rutte (4.30 pm).

The Parliament will discuss the legislative proposal on amendment of the Law on Protection of Consumers. 

The Foreign Minister will deliver a speech at the 48th Session of the Council of Foreign Ministers (CFM) of the Organization of Islamic Cooperation (OIC).

The Treasury and Finance Ministry will directly sell a 2-year lease certificate and reissue 10-year (3,612 days) semiannually CPI-indexed government bond.


>> Turkey’s second largest export partner is the U.S: TAIK President

Turkey’s second largest export partner is the U.S., according to the Turkey-U.S. Business Council (TAIK) President Mehmet Ali Yalcindag. “A 29% increase in annual trade volume and a 45% increase in Turkey’s exports to the U.S. is a serious success. The latest data show that we can achieve a trade volume of USD 40bn at the end of the year.” Yalcindag added.

Leave a Reply

Your email address will not be published.