What matters this morning

Prior to the Biden-Erdogan meeting to be held on the sidelines of the upcoming NATO summit, the U.S. has lowered the COVID-19 alert status of 90 countries, including Turkey from level four indicating ‘do not travel’ to level three ‘reconsider travel’. Germany and Switzerland have also removed Turkey from ‘high-risk’ country lists.

On the other hand, the Ministry of Environment and Urbanization has initiated cleaning works for the mucilage covering the surface of the Marmara Sea within the scope of the 22-item action plan announced on Sunday. AK Party also requested a Parliamentary inquiry to identify the crux of the mucilage problem and to specify solution recommendations. The number of wastewater treatment plants increased by 707 to 1,170 in 2020, compared to 2002, according to the motion submitted to the Parliament and signed by 67 AK Party deputies, including AK Party Istanbul Deputy Mustafa Demir. The problem is much more serious than a thick layer has to be cleaned on the surface and needs collaborative approach from all governmental levels. Hopefully it will not take that long to take concrete steps as it was the case in combatting coronavirus.

In monetary developments today, USD/TRY hovers around 8.59-8.60 while EUR/TRY stands at 10.47 with restricted fluctuations. The money market focuses on the U.S.’ inflation data to be released tomorrow and the interest rate decision of the European Central Bank as well as its Asset Purchase Program.

Spot gold, which continues to fluctuate below USD 1,900 per ounce, is traded at USD 1,892 this morning. Oil prices hit 2-year high by USD 72,55 after the return of Iranian oil to the markets expected to be slow.


The amount of collected cow’s milk increased by 1.8% to 889,725 tons in April, compared to the same month of the previous year, according to the Turkish Statistical Institute (TurkStat).

Chicken meat production rose by 1.4% while egg production dropped by 1% in April, compared to the same month of the previous year, according to the Turkish Statistical Institute.

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