What matters this morning

Is summer really coming? 

Or we can ask the question as: Are Germans coming to Turkey, their second holiday destination after Spain, this summer? Although temperatures still indicate a winter, the geography Turkey is in has officially entered the spring season and summer is just around the corner. However, will it be a real summer for the tourism sector, which suffered the most last year due to pandemic? 

Speaking to daily DUNYA, Norbert Fiebig, President of the German Travel Association (DRV) said that it is important for tour operators to offer holiday alternatives in Turkey due to its popularity among Germans. Last year, Germany and Turkey have agreed on ‘safe corridor’ arrangements for various holiday destinations and was able to provide holiday facilities. If this can also be applied this year insofar as circumstances permit, it can yield positive results, according to Fiebig. “People look forward to being able to travel. East Mediterranean, Turkey and Greece are already seeing high demand among already limited reservations,” he said adding that reaching 50% of 2019 figures will be a success.  

In TR Monitor’s latest issue, veteran tourism journalist Fehmi Kofteoglu also reported a research by Post Office revealing that Turkey became the “most advantageous” country for British tourists due to the devaluation of the lira. British tourist saves GBP 135 in a 500-GBP expense, it showed. Potential for the sector seems to be there waiting but all these depend on the progress in vaccination, especially when the daily number of cases exceeding 40,000 taken into consideration. 

Travelling Turkey can be cheap for foreigners but the prices in the country keep increasing according to the latest inflation data announced this morning. Consumer Price Index (CPI) increased by 1.08%, slightly higher than expectations, on a monthly basis. Annual inflation reached 16.19% while it rose for the sixth consecutive month and reached its highest level since July 2019.

Considering other developments today, USD/TRY started the week with an upward move at 8.19-8.20. EUR/TRY stands at just above 9.60.

Oil prices started to decline following the OPEC+’s decision on phasing out oil output cut by March. Brent crude fell to USD 64.25, while U.S. crude oil dropped to USD 61. Spot gold started the week at around USD 1,725.


President Recep Tayyip Erdogan will hold an evaluation meeting at 3.00 pm. 

The AK Party’s Central Executive Board Meeting will be held at 6.00 pm. 

Have a nice week!

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