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Automotive Sector Seen Losing Another $1bln in H2

TURKEY
  • Dunya writes today that the fall to parity in EUR/USD has had a negative impact on Turkish exporters, with losses increasing in many sectors that export to the EU and import raw materials in dollars. The automotive sector is seen suffering in particular, and is expected to lose $1 bln due to FX across the second half of this year.
  • Data released this morning shows outstanding long-term loans received from abroad by private sector $163.6b as of May, down by $5.4b from end-2021, according to Bloomberg figures. Elsewhere, the June central government budget balance has swung to a deficit of TRY 31.1bln, from a prior surplus of TRY 144bln.
  • The CBRT rate decision follows later this week on Thursday, with the bank seen keeping policy rates unchanged at 14.00%.
  • President Erdogan hosts a meeting with cabinet later today at the Presidential palace.
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