UNSG Guterres to Meet Erdogan Ahead of Putin, Zelensky Meetings

LOCAL NEWS

• UN Secretary-General Guterres will be kicking off his mediation mission to end the Moscow-Kiev conflict with a visit to Erdogan on Monday ahead of his meetings with Putin & Zelensky this week. – Business Standard
• The CBRT's reserve requirement change on 23.4.2022 will increase the banks' reserve requirement while increasing their credit costs to contain loan growth and encourage conversion to TRY. The CBRT increased the RR by 0.5%, creating an additional burden of TRY 16-17bn.
  • However, application excludes SMEs, exports, investments, tradesmen, agriculture, corporate credit cards, loans extended to the public sector and TL loans made by financial institutions in TRY. The costs of affected companies using business loans will increase by 2%. Changes effective from calculation date of 27 May, with maintenance period starting 10 June – Dunya
• Zelensky says the likelihood of further peace talks in Turkey depend on Putin, but that he wants substantive talks to continue. Erdogan argued that peace talks in Turkey offer the most reliable method to resolve the crisis. - Sabah
• Ukraine’s Presidential Spokesperson Arestovych said Ukraine & Turkey will jointly produce Bayraktar drones in Kiev and will be in the sky by year-end as the conflict with Russia continues. – Dunya

Data:

• 0800BST: April Real sector confidence SA, 107.7 vs 108.2 prior
• 0800BST: April Real Sector confidence NSA, 109.7 vs 108.5 prior
• 0800BST: April Capacity Utilization, 77.8% vs 77.3% prior