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CBRT Raise Remuneration on Free FX Reserve Accounts; T-2 Days Until Elections

TURKEY
  • The Turkish central bank has raised the remuneration rate on foreign-currency free reserve accounts by 25bps to 4.75% from 4.5%, central bank data showed on Friday. Turkish lenders receive this rate for the free FX reserves they hold at the central bank.
  • Kemal Kilicdaroglu has issued a statement on Twitter accusing Russia of attempting to influence the outcome of the May 14 elections by disseminating disinformation. Kilicdaroglu tweeted: "Dear Russian Friends, You are behind the montages, conspiracies, Deep Fake content and tapes that were exposed in this country yesterday. If you want the continuation of our friendship after May 15, get your hands off the Turkish state. We are still in favor of cooperation and friendship."
  • Talks between Russia, Ukraine, UN and Turkey to extend Ukraine’s grain-export deal are headed toward a resolution, state news agency Anadolu reported citing Turkey’s Defense Minister. Talks that took place in Istanbul for an extension of the grain deal earlier this week were “positive,” Defense Minister Hulusi Akar said.
  • Turkey's retail sales rose 28.551% y/y in March versus revised +21.7% in February, according to data released by the Turkish Statistical Institute this morning. The monthly figure rose 7.3% versus -6.5% in February.
  • President Erdogan addresses supporters at rallies in Istanbul on the last business day before Sunday’s elections while main opposition leader Kemal Kilicdaroglu speaks at a rally in Ankara this evening.
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