What matters this morning

President Recep Tayyip Erdogan held a video conference with the U.S.-based companies yesterday. Executives from firms operating in different sectors including Netflix, Microsoft, Boeing, Amazon, Kellog, PepsiCo, Cisco, Procter &Gamble, Johnson&Johnson, Baker Hughes and CITI attended the meeting.

“President Biden’s statement on the 1915 events has placed an additional burden on our ties, but I believe the meeting we will hold at the NATO summit will be the sign of a new era,” said President Erdogan.

Erdogan said that the country’s Foreign Direct Investment Strategy Paper will soon be shared by domestic and foreign investors and the incentive system will se simplified so that investors can take advantage of them easier.

Erdogan also stated that he expected the U.S. to be more constructive, adding that the U.S. tariffs on aluminum and steel remain a problem.

“We need a sincere and respectful approach based on common interests and values in order for to achieve USD 100bn bilateral trade volume goal,” he added.

Turkey aims to ensure normalization by conducting an intensive vaccination campaign in June, according to the president. The number of daily coronavirus cases totaled 8,738 in the last 24 hours. 28.4 million people have been vaccinated so far, while 12.1 million people have received the second dose as of this morning, according to the Health Ministry.

On the money market side, USD/TRY saw 8.48 on Tuesday and hovered around 8.46 yesterday and slightly fell to 8.44 this morning. EUR/TRY increased by 0.13% to 10.32, compared to yesterday’s closure levels.

Spot gold declined yesterday after it reached USD 1,912 per ounce, its highest level since January 8. The yellow metals slightly exceeded USD 1,900 this morning. Brent crude, meanwhile, continues to remain above USD 68 per barrel.


The Banking Regulation and Supervision Agency (BDDK) and the Central Bank will release weekly money and banking statistics (2.30 pm).

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