What matters this morning

United Arab Emirates (UAE) has been one of the countries that has drawn attention at most in softening and restoration process of the Turkish foreign policy since the end of 2020. Now the country has taken another step to normalize relations with UAE as it will join the Gastech Conference to be held on September 21-23 at Dubai World Trade Center. Deputy Minister of Energy and Natural Resources Alparslan Bayrak will represent the country at the event and deliver a speech.

President Recep Tayyip Erdogan convened with UAE National Security Advisor as well as International Holding Company (IHC) Chairman Sheikh Tahnoun bin Zayed al-Nahyan to discuss bilateral relations and regional issues, according to the Presidential Communications Directorate. The IHC CEO Syed Basar Shueb said they evaluate investment opportunities in the sectors such as healthcare, manufacturing, and food processing.

On the economy side, the Financial Stability Committee gathered under the presidency of Treasury and Finance Minister Lutfi Elvan. The committee discussed the outlook of the country’s financial sector outlook, risks, and opportunities as well as macro precautionary measures at the meeting. In this context, the Ministry may announce new restrictive measures towards personal loans.

On the money market side, USD/TRY, which saw 8.52 and fell to 8.38 last week, is traded at 8.42 this morning, while EUR/TRY reaches 9.97.

Spot gold, which is under pressure prior to the Consumer Price Index to be announced in the U.S., can’t exceed USD 1,800 per ounce as USD Index reaches 93.0. The yellow metal is traded at USD 1,793 this morning.  

Oil prices show an upward trend after it was announced that tropical storm Nicholas has strengthened into hurricane. Brent crude rose by 0.6% to USD 73.95 per barrel. 


The Producer Price Index of Agricultural Products (Agriculture-PPI) surged by 24.69% in August, compared to the same period of the previous year, according to the Turkish Statistical Institute (TurkStat). Agriculture-PPI rose by 1.77% on a monthly basis.

House sales dropped by 17% to 141,400 units in August, compared to the same period of the previous year, according to TurkStat. 801,995 houses were sold in January-August, down 21.7% on a yearly basis.

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