What matters this morning

Some encouraging steps…

President Erdogan received European Commission President Ursula von der Leyen and President of the European Council Charles Michel yesterday. The main agenda items of the meeting were collaboration on migration, revision of the March 18 European Union-Turkey Statement, visa liberalization within the scope of people-to-people contacts, kicking off the high-level dialogue processes, strategic partnership as well as the Eastern Mediterranean and Cyprus issues.

There were some optimistic messages such as the works on modernization of the Customs Union (CU) can start in a close future. The EU parties stated their intention to further increase bilateral trade and they will consider the existing challenges of the current CU. Moreover, they will also work to further strengthen the public-private partnership by focusing on the green and digital transformation.

On the political side EU particularly emphasized on the East Mediterranean issue. As Charles Michel said, EU’s strategic interest underlies mutual benefit and relations with Turkey as well as security and stability in the East Mediterranean. It’s worthy here to note that Michel met with the U.S. Ambassador to Turkey David Satterfield prior to the meeting with President Erdogan. Apparently, the U.S. and EU agree to rebuild positive relations with Turkey based on mutual interests especially in terms of the Eastern Mediterranean. While the parties took encouraging steps, the Eastern Mediterranean seems to reshape the future of EU-Turkey relations… Meanwhile, there were no concrete statements regarding visa liberalization or the accession process. Seemingly, EU leaders restarted ‘phased, proportionate and reversible’ cooperation with Turkey.

Looking at the other developments of the day, assets of 377 people under the title of Fethullahist Terrorist Organization (FETO), Islamic State of Iraq and Levant (ISIL), PKK Terrorist Organization (PKK-KCK) and Revolutionary People’s Liberation Party- Front (DHKP-C) have been frozen in accordance with the Law No. 6415 on the Prevention of Financing of Terrorism, with a decision of the Ministry of Treasury and Finance published in the Official Gazette.

USD/TRY stands at 8.10-8.15 in the fourth consecutive day. USD/TRY appreciated at 8.18, while EUR/TRY is traded at 9.73.

Oil prices slightly increased and saw USD 62.86 with the expectations on strengthening of global economic growth and with the impact of the report indicating decline in crude oil stocks in the U.S. Spot gold is traded at USD 1,740.


Turkish Statistical Institute (TurkStat) released Rates of Real Profits Created by Means of Financial Investment for March. Accordingly, the maximum monthly real profit was driven in USD by 4.11% and 7.25% according to domestic producer price index (D-PPI) and consumer price index (CPI), respectively.

President Erdogan will give a speech at the AK Party Group Meeting (12.00 pm).

Ministry of Treasury and Finance will release cash realizations (5.30 pm).

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