CHP Holds Major Rally Calling For Early Elections

LOCAL NEWS

• CHP holds major rally in the Mersin province calling for snap elections over Ankara’s failed economic policies and a depreciating lira.
  • Kilicdaroglu vowed to bring peace, democracy & justice to Turkey if he comes to power in 2023.This is the first rally of many planned in the coming weeks
• On Saturday Erdogan said he hopes that the lira and inflation will stabilize soon, but continued to reiterate his stance on lowering interest rates – saying he would never compromise on the matter due to interest rates being an ailment that makes the poor poorer.
  • Erdogan also said Turkey would follow China’s growth model, replacing the made in Turkey brand with “made in Türkiye” as Turkey seeks to boost its export capabilities to draw in more foreign currency
• Cost of living increases by 50.18% in Istanbul according to new study published by Istanbul’s municipal planning agency. Rental prices have skyrocketed 71.43% y/y, while LNG & flour have risen 102 & 109%. Eggs, red meat & bread have risen 35-40%
• Defence Industry Chief Ismail Demir says Turkey is actively working with Russia across the defence sphere, including on the development of an engine for Ankara’s new generation TF-X fighter jet.
  • Rosboronexport has said it remains willing to work with Turkey in the development of the jet itself, but talks remain in negotiation stage

Data

• 1130GMT: effective exchange rate, 60.37 prior