What matters this morning

The Presidential Cabinet meeting was held yesterday under the presidency of President Recep Tayyip Erdogan. While expectations were focused on the cabinet reshuffle, there were no signs from the meeting. Instead, with a migdnight Presidential Decree last night, the Central Bank’s Deputy Governor was dismissed. Central Bank Deputy Governor Murat Cetinkaya was replaced with Mustafa Duman. The management change was made just before the 89th Ordinary General Assembly Meeting of the Central Bank to be held today…

Following the cabinet meeting President Erdogan shared the coronavirus risk map. Accordingly, 41 more provinces have fallen into the red category since March 1, indicating high risk, while the number of total provinces in this category has reached 58, corresponding to 80% of total population. Saturday closures will be back in cities in the red category, including Istanbul. Café and restaurants will continue to keep open with 50% capacity until 7 pm. For the holy month of Ramadan starting on April 13, the cafes and restaurants will only serve with take away and home delivery services.   

USD/TRY, which climbed over 8.20 yesterday and tested over 8.28 in first minutes of the day, is traded currently at 8.27. EUR/TRY sees above 9.73.

Oil prices slightly increased after Ever Green containership blocking the Suez Canal was freed. Possible oil output cuts can be extended at tha OPEC+ meeting to be held this week. Brent crude reached USD 65 per barrel.

Gold prices continue to fall due to increase in USD and the U.S. Treasury yields. Spot gold fell to USD 1,704 per ounce.


Turkish Statistical Institute (TurkStat) released Services Producer Price Index (S-PPI) for February. Accordingly, S-PPI increased by 20.16% in February, compared to the same month of the previous year, while the index sees 0.01% rise on monthly basis.

The 89th Ordinary General Assembly Meeting of the Central Bank for 2020 will be held today (2.00 pm). The Board’s and Auditing Committee’s reports for the 2020 accounting year and proposal regarding profit distribution will be discussed at the meeting. Moreover, elections will be held for positions in the Board and Auditing Committee which will become vacant by the end of April.

The National Security Council (MGK) meeting will be held under the presidency of President Recep Tayyip Erdogan (3.00 pm).

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