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Commission Set to Determine Minimum Wage

TURKEY
  • Eyes of millions of employees are on today’s minimum wage commission meeting, Cumhuriyet report, where representatives of Turk-Is, TISK and the Ministry of Labour are expected to determine the 2023 minimum wage. The wage is expected to be increased to 8,000-9,000 liras (currently the minimum wage is 5500 liras).
  • Ekonomim report that Istanbul Mine Exporters Union President Cetinkaya said they couldn’t raise product prices to avoid market losses even though costs have increased by 20% in the last year in dollar terms. “The USDTRY exchange rate should be a minimum of TRY 22 to compensate for the losses, and TRY 25 for profitability,” Cetinkaya said.
  • Turkey's adjusted consumer confidence fell to 75.64 in December from a year-high of 76.63 in November, according to the Turkish Statistical Institute.
  • President Erdogan will chair a Defense Industry Executive Committee meeting in Ankara at 1100 GMT/1400 local time. There are no other tier 1 data releases left on the docket ahead of Thursday’s CBRT rate decision.
  • See the full MNI CBRT Preview including sell-side analyst views here: https://roar-assets-auto.rbl.ms/files/49327/MNICBR...

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