What matters this morning

Today is the Commemoration of Ataturk, Youth and Sports Day, celebrated on May 19 to remember the Founder of the Republic Mustafa Kemal Ataturk’s landing at Samsun on May 19, 1919, which is regarded as the beginning of the Turkish War of Independence in the country’s history. Following Ataturk’s wish, the government declared May 19 to be Youth and Sports Day and made it an official holiday in 1938. The day received its present name, the ‘Commemoration of Atatürk, Youth and Sports Day’, in 1981, at the 100th anniversary of Ataturk’s birth.

It is actually very meaningful to remember such a day at today’s circumstances, where the country is fighting against the worst of all times economic crisis while losing lives everyday due to a pandemic. Additionally, the country is facing signs of corruption at government level through a series of videos over two weeks that fling accusations of rape, drug dealing and suspicious deaths against officials close to President Erdogan. The source of these videos is another issue, Sedat Peker, who was found guilty in 2007 of organized criminal activity and is wanted again by the Turkish police. All need investigations, the accusations are thought to be main theme of Erdogan’s speech today at AK Party group meeting.

In the meantime, the domestic markets and the national statistics offices will be closed today due to the official holiday. However, USD/TRY increased by 0.44% to 8.39, while EUR/TRY reached 10.27 at the international markets.

Spot gold continuing to increase due to the impact of global inflation pressures keeps its seat on the top of the last three months, which is traded at USD 1,872. On the other hand, brent crude dropped by 1.14% to USD 67.93 per barrel.

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