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Credit Conditions Expected to Tighten Further Over Q3

TURKEY
  • Negotiators and diplomats from Russia, Turkey, Ukraine and the United Nations meet in Istanbul today in an attempt to progress talks on a possible grain export corridor from Ukraine through the Black Sea.
  • A possible agreement could see Turkey taking a guarantor role, responsible for ensuring the veracity of grain trade in and out of Ukraine while also providing security for vessels.Unemployment rate data out this morning showed the adjusted unemployment rate dropping to 10.9% in May, from 11.2% in April.
  • Dunya reports that Turkish banks have tightened conditions for business loans across Q2 and expect this trend to continue across the third quarter. Despite the headline view, the piece adds that bank loan trends surveys show an expectation of an increase in loan demand among enterprises over the same period.
  • Hurriyet interview finance minister Nebati, who stats that anti-inflation teams across the country have now inspected around 320,000 companies so far against excessive pricing. Inspections have been focused on industries with high price increases including food, automotive, furniture, cement, beverages, construction materials, plastics, paper and fertilizer.
  • Nebati also commented on the flagship FX-protected deposit accounts scheme, which has now reached 1.07 trillion liras, of which 515b liras was converted from FX deposits.
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