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Erdogan Again Hints at May Election Date

TURKEY
  • President Erdogan again hinted that elections will be brought forward to May from the originally scheduled June date, leaving the country’s political opposition with less than five months to name a contender, Bloomberg report. “In 2023 we will achieve the path late Menderes opened on May 14, 1950” Erdogan said during the speech. A similar date was brought up by the opposition following Erdogan’s remarks on Saturday. “It seems that the election will be held on May 14,” CHP leader Kemal Kilicdaroglu said during a TV interview. The May 14 date would avoid the Eid break and school holidays, making it more likely that there would be a high turnout.
  • Turkey’s budget deficit/GDP ratio is seen at 1% for 2022, down from 1.1% in the previous year, Treasury and Finance Minister Nebati announced this morning. The 2022 budget deficit is TRY 139.1b, while the primary budget surplus stands at TRY 171.8b.
  • The CBRT rate decision takes focus this week (Jan 19), where the central bank is expected to keep rates at 9.00% having previously indicated it has reached the end of its cutting cycle with rates now in single-digits.
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