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Dollarization Rose Following Launch of TRY-Protected Accounts

TURKEY
  • Erdogan has pledged the income of Turkish citizens will increase, with the President stating that the government are working to contain the cost of living by making supermarkets “change” their pricing habits, according to Hurriyet. Elsewhere this weekend, Erdogan reaffirmed his opposition to Finland and Sweden joining NATO “unless our conditions are met”.
  • Russia have reached an agreement with Turkey for the passage of Ukrainian grain through Odessa, which would involve Turkish ships escorting grain-carrying vessels to the Black Sea for export around the world, according to Izvestia. It’s thought the details will be finalised and agreed upon at a meeting of Russian and Turkish defence and foreign policy officials on Wednesday.
  • Dunya reports that explicit and implicit dollarization in Turkey has reached 72% - with the share of TRY deposits as a proportion of total bank deposits dropping to 28% from 37.4% before the TRY-protected accounts were launched. The piece adds that the currency-protected TL deposits accounts therefore increased the dollarization of deposits in the banking sector.
  • Finance minister Nebati said that Turkey are not considering either a cut or a raise to interest rates in the short-term, with the government expecting year-end inflation at 48-49%, according to a presentation to lawmakers seen by Milliyet.
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