What matters this morning

The Cabinet convenes under the presidency of President Recep Tayyip Erdogan today. Health Minister Fahrettin Koca is expected to make a presentation at the meeting, which will include current stage of the pandemic and inoculation as well as other agenda items such as coming holiday period of the Muslims’ Eid al-Adha, tourism, economic developments, security and foreign policy. President Erdogan is expected to announce the duration of the eid holiday following the cabinet meeting.

The Ministry of Treasury and Finance will hold two bond auctions this week, while it will directly sell two lease certificates and one bond. Moreover, the Central Bank Monetary Policy Committee will meet on July 14 to set the interest rate.

At the last week before a possibly one week holiday period, USD/TRY which has hovered around 8.70 for a month, is traded at 8.65-8.66 while EUR/TRY stands at 10.28.

Oil prices started the week with a decrease as concerns over slowdown in global growth outdid the tightening expectations in supply. Brent crude fell to USD 74.91 per barrel.

Gold prices are also on the decline as USD slightly appreciated. Spot gold decreased to USD 1,804 per ounce. Investors wait for the inflation data to be released this week in the U.S. and the speech of the Chair of Federal Reserve Jerome Powell in order to set the direction of gold prices.


The unemployment rate declined by 0.6 points to 13.2% in May, compared to the previous month, according to the Turkish Statistical Institute (TurkStat).

House sales doubled from 59,000 to 134,731 in June, compared to May, according to TurkStat.

The Ministry of Treasury and Finance will reissue the 2-year (700 days) maturity fixed coupon bond.

The Parliament’s Plan and Budget Committee will discuss the legislative proposal on amendment of some laws and statuary decrees.


>> On the cover: This week on our cover, you can read about Anadolu Efes, the fifth biggest brewer in Europe and 10th globally. Anadolu Efes CEO Can Caka tells us the global growth path of the company on pages 13 and 15.

>> Professor Ilter Turan looks into ‘Turkey’s Afghanistan gambit’. You can read the details on page 10.

>> Q&A: Ali Faruk Goksu, Urban Planner, Founding Partner of Kentsel Strateji. P. 11.

>> Startup: IdeaSoft’s App Store hopes to raise the bar in e-commerce connectivity. P. 16.

>> Zeynep Gurcanli: A Middle East without Turkey? P. 22.

>> Dr. Sibel Zengin: Turkey-U.S. 2021: A no-win relationship. P. 24.

>> Do not miss Time Out’s alternatives for the week.

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