Mutual efforts to restore relations with Egypt have become more concrete. The parties kick off exploratory talks today. Delegates of the two countries will convey in Cairo, where normalization of bilateral relations will be discussed with Egyptian officials.
The talks will be led by Deputy Foreign Minister and Ambassador Sedat Onal and his Egyptian counterpart Hamdi Sanad Loza in Cahiro on May 5-6, according to a statement from the Ministry of Foreign Affairs.
The exploratory talks will focus on the necessary steps to be taken towards the normalization of relations between the parties both in bilateral and regional context. Turkey and Egypt have recently released statements on bilateral ties, suggesting a restoration of relations after more than seven years of political estrangement.
The two countries exchanged positive signals on establishing contacts and dialogue, including the possibility of holding talks to demarcate their maritime borders in the Eastern Mediterranean. We will see how the approach will affect economic activity between Turkey and Egypt.
Looking at the developments in the money market today, USD/TRY saw 8.34 this morning, the highest level observed yesterday. EUR/TRY, meanwhile, slightly exceeded 10.00.
Oil prices increased nearly by 1% since the decline in crude oil exceeded expectations in the U.S. Accordingly, brent crude surged to USD 69.33, the highest level since March 8. The U.S. crude oil rose to USD 66.12 while gold prices stand at USD 1,777.
The Central Bank will release results of the ‘Expectation Survey’. In the previous survey, the inflation was expected at 13.12% for the end of the year, while the inflation expectation stood at 11.26% for the next 12 months.