What matters on Tuesday, September 28

Turkey will ratify the Paris Climate Agreement in October when the Parliament is back in session, and before the UN Climate Change Conference (COP26) is held in Glasgow in November according to President Recep Tayyip Erdogan. “We will prepare and carry out all our medium and long-term development programs under the guidance of the structural transformation required by the green development revolution,” said President Erdogan following the cabinet meeting, which was held three weeks after with increasing corona virus cases, excessive price increases, face-to-face education, and vaccination agendas.

Among many topics he mentioned in front of the cameras, was the announcement of The Scientific and Technological Research Council (TUBITAK)’s postdoctoral research fellowship program on behalf of Aziz Sancar, who was awarded the 2015 Nobel Prize in Chemistry. President Erdogan said students to be in this program will be selected by Sancar in person and he will work with them at his own laboratory.

Today, The Treasury and Finance Minister Lutfi Elvan and the Central Bank Governor Sahap Kavcioglu will attend a symposium. Their statements will be important following the Monetary Policy Committee (PPK) meeting. The Central bank, meanwhile, will release the PPK summary on Thursday.

The Central Bank Governor Sahap Kavcioglu points out the Federal Reserve’s decisions and the Federal Reserve Chair Jerome Powell’s statements as the reason of more than half of the surge in USD/TRY in September, according to an article written by T24 columnist Baris Soydan. Kavcioglu also forecasts a cash inflow of nearly USD 50bn to the reserves within a year thanks to the measures.

USD/TRY, which broke another record and approached to 8.90 yesterday, hovers around 8.86-8.87 this morning.


The Central Bank’s official reserve assets rose by 11.3% to USD 117.8bn in August, compared to the previous month. Foreign exchange reserves increased by 10.6% to USD 69.3bn, while gold reserves declined by 2.4% to USD 40.6bn in the same period.

Trade Minister Mehmet Mus will attend the 6th Session of the Turkey-France Joint Economy and Trade Committee (JETCO) and the signature ceremony of the JETCO Protocol (12.00 pm).


>> A rollercoaster ride ahead in energy prices: Kearney.

>> FX rate increase raises inflation.

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