What matters this morning

Today is the Maritime and Cabotage day, which celebrates the adoption of Cabotage Law, which was regarded as a victory for the Turkish Independence War on the seas as it ended foreign dominance in trade across Turkish seas, back in July 1, 1926.

On the 95th anniversary of the Maritime and Cabotage day, the Turkish Shipowners Association, published its annual report analysing the current structure of the Turkish maritime transportation industry and its fleet. The ‘Turkish Shipping Outlook Report 20/21’ provides facts and figures about the Turkish maritime merchant fleet and includes valuable opinions by academics for industry players and its readers. The report also provides an overview for 2021 and beyond, as well as evaluating 2020.

The Turkish Shipowners Association, which was founded in 1939, contributes to the Turkish maritime transportation in order to enhance its global competitive power and helps the country to be among the most effective states in the global maritime transportation.

In the meantime, onshore, the Central Bank has raised the reserve requirement ratios of foreign exchange (FX) deposits and participation funds by 2 points for all maturity brackets. The decision will enter into force on July 19. The bank has also decreased the upper limit of the facility for holding FX for TRY reserve requirements from 20% to 10% in order to improve the effectiveness of the monetary transmission mechanism. The decision will be terminated on October 1. In line with expectations, the provision of TRY reserve requirements will increase by TRY 13.2bn while the FX reserve requirements will rise by around USD 2.7bn with these decisions.

USD/TRY is traded at 8.68 with a slight decrease while EUR/TRY hovers around 10.30-10.33.


The Istanbul Chamber of Industry (ICI) Turkey Manufacturing Purchasing Managers Index (PMI) increased from 49.3 to 51.3 in June, compared to the previous month.

The Istanbul Chamber of Commerce will release the retail and wholesale prices for June (12.00 pm). Retail prices rose by 1.67% while wholesale prices increased by 2.27% in Istanbul in May.

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

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