Turkey is approaching a nine-day holiday period. Most people have already left big cities for seaside resorts by combining their annual leaves with the coming holiday period of the Muslims’ Eid al-Adha, which President Recep Tayyip Erdogan announced as from midnight on July 16 to midnight on July 25. Travelers on highways and bridges will be exempt from paying tolls during the upcoming holiday.
Erdogan also held a phone call with his Israeli counterpart Isaac Herzog. “We both emphasized that Israeli-Turkish relations are of great importance for security and stability in the Middle East. We agreed on the continuation of a dialogue in order to improve relations between our countries,” said Herzog on his Twitter account.
Another development relating foreign affairs came from the U.S. Answering the questions about the U.S.’ withdrawal from Afghanistan at a daily news conference, John Kirby, Press Secretary for the U.S. Department of Defense (Pentagon) said the U.S. continues constructive talks with Turkey about the security of the Kabul Airport.
Money markets also seem to be in the holiday mood with foreign exchange rates keeping the same course for nearly two weeks. USD/TRY, which hovered around 8.65-8.75 in that period, is traded at 8.61 this morning after a slight decline started last Friday. EUR/TRY, meanwhile, sees below 10.24.
Expectations on further decrease in the U.S. crude oil stocks and the oil supply barely meeting the demand have supported oil prices upward, while concerns over the rising number of coronavirus cases have prevented prices to further increase. Brent crude rose by 0.45% to USD 75.50 per barrel after it dropped by 0.5% yesterday.
Gold prices rose by the support of tendency towards the yellow metal prior to the Consumer Price Index data in the U.S. Spot gold is traded at USD 1,811 per ounce.
The Industrial Production Index surged by 40.7% in May, compared to the same month of the previous year, according to the Turkish Statistical Institute (TurkStat).
Retail sales volume with constant prices rose by 27%, while retail turnover with current prices increased by 49.2% in May, compared to the same month of the previous year, according to TurkStat.
The total turnover Index Including manufacturing, construction, trade and services sector surged by 78.4% in May, compared to the same month of the previous year, according to TurkStat.
The private sector’s total outstanding loans received from abroad rose by USD 2bn to USD 175.6bn as of May, compared to the end of 2020, according to the Central Bank.
The Ministry of Treasury will reissue the 10-year (3,605 days) CPI indexed government bond as well as directly selling the 2-year (728 days) lease certificate.