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CHP Vows Protests, Despite Risks; VP Oktay Says TRY Weakness 'Manageable'

TURKEY

LOCAL NEWS

  • CHP says it is adamant that it will hold nationwide rallies to protest government's economic policies and call for early elections on 4 Dec, despite pressure from Govt and denial of permissions from various governors' offices
  • Vice President Oktay says lira depreciation has been "manageable and limited effect" of the budget balance as a whole following a budget meeting on Saturday, saying this volatile period will pass.
    • Oktay backed the current economic stance, saying Turkey will not surrender politically via the economy and that speculative attacks on the currency have been mostly alleviated
  • Erdogan orders an investigation into the lira's recent slump, citing possible currency manipulation.
    • The state supervisory council (DDK) has been tasked with the matter and told to identify institutions that bought large amounts of foreign currency to identify possible manipulation and publish a report
  • Germany says the ECHR will decide on its response to Osman Kavala's continued imprisonment after Turkey failed to comply with its ruling for his release. Amnesty international has called for infringement proceedings that could see Turkey expelled from the ECHR
  • DEVA party leader Babacan says Erdogan's alliance partner from the far right nationalist MHP party Bahceli is effectively a state appointed official leading the Turkish government.
    • Saying the current situation is seeing Erdogan lean more on the nationalist elements than before
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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