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Central Bank Doubles Daily Rediscount Loan Limit

TURKEY
  • The daily limit for rediscount loans for exports and FX-generating services has been raised to TRY3bln ($112m) from TRY1.5bln, the central bank said in statement. "We prioritize access to financing for our exporters who contribute to the current account balance... We will continue to support practices to increase the share of SMEs in rediscount loans," Governor Erkan said. In July, the limit was raised from TRY300m to TRY1.5bln.
  • Turkey's retail sales rose 31.0% y/y in July versus a revised +29.3% in June, according to the Turkish Statistical Institute. The monthly figure rose 2.7% versus +0.2% prior.
  • A Hurriyet Columnist wrote the following on the Turkey Investment Conference scheduled to take place in New York on Sep 19: “The event will be hosted in a hall with a capacity for 150 people, and there seems to be significant interest from American businesspeople.”
  • According to Bloomberg, President Erdogan will speak on the need for a new constitution in Ankara at 1200BST/1400 local time before chairing a cabinet meeting.
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