The Central Bank, which held the Ordinary General Assembly meeting yesterday, didn’t include the information about the cost of the FX-protected TRY deposit accounts (KKM) borne by the bank in its activity report. The bank also didn’t distribute the profit and loss and profit appropriation statements at the meeting, which paved the way for criticism. The Central Bank Governor Sahap Kavcioglu left the question about the amount of the bank’s KKM payments unanswered. Kavcioglu said the implementations within the frame of the liraization strategy didn’t bring an additional cost burden. The Central Bank’s net profit totaled TRY 72bn last year, according to its activity report. The bank will transfer TRY 40bn to the Treasury. TRY 30bn of the TRY 39.3bn which will be allocated as reserve funds, will be used as the earthquake donation.
The clothing sector representatives eliminated their supply concerns towards the international purchase groups after the earthquake. The meeting held with exporters such as Inditex, H&M, Tommy Hilfiger, Calvin Klein, Ralph Lauren, and Tom Tailer resulted in the following message: “We should focus on sustainability in the medium- and long-term collaborations as we do in production.” President of the Turkish Clothing Manufacturers’ Association (TGSD) Ramazan Kaya told daily EKONOMI that the brands, which annually make a USD 10bn ready wear purchases in total, want to proceed with them.
Turkey needs a policy change in the economy no matter who comes to the power after the election, according to Dr. Tolga Uysal, Founding Partner of Deriva Danismanlik. Speaking in an interview with daily EKONOMI Uysal said USD/TRY may jump towards 25.00 after the election.
All eyes are on the minimum wage after the lowest retirement pension has been increased to TRY 7,500. Labor and Social Security Minister Vedat Bilgin stated that the minimum wage will be raised in July.
Reuters reported that Turkish and Iranian officials said the deputy foreign ministers of Syria, Turkey, Iran, and Russia will meet in April in Moscow, building on contacts between Ankara and Damascus after years of hostilities during the Syrian war. Assad this month ruled out any meeting with Turkish President Tayyip Erdogan until Turkey is ready to withdraw its military from northern Syria, deemed occupying forces by the Syrian president. The situation on the ground in Syria would be discussed on April 3-4 in Moscow, a senior Turkish official said. “This meeting is expected to be a continuation of the ministerial-level meetings that began during the normalization process,” the official added.
>> No important data will be released.
>> Borsa Istanbul’s BIST 100 Index ended yesterday at 4,811 points, decreasing 3.73% from the previous close. Analysts said 4,950 points will be the support level and 5,050-5,200 points will be the resistance level for the BIST 100 index, in technical terms.
>> The number of investment incentive certificates prepared by the Industry and Technology Ministry jumped 95% to 1,183 in February, compared to the same month last year, according to daily EKONOMI. The fixed investment amount climbed by 74% to TRY 44.4bn in the same period.
>> Turkey’s installed electricity power has reached 104,000 megawatts as of today, according to Energy and Natural Resources Deputy Minister Abdullah Tancan. 65% of the country’s total installed power consists of local and renewable energy resources. 54.5%, meanwhile, consists of renewables alone.
>> The Culture and Tourism Ministry will provide a TRY 5.48m support for 93 projects in the movie sector.
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Our Eco Analysis Columnist Alaattin Aktas addresses the possibility of certain restrictions on foreign currency inflows from abroad after the election.