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Erdogan Establishes Price Stability Committee to Rein in Inflation

TURKEY
  • Local reports this morning focused on a Presidential decree describing the establishment of the Economy Coordination Board - a committee dedicated to working on measures for price stability under the supervision of the Treasury and FinMin. Moves comes as Core CPI holds either side of 17% having accelerated throughout 2020.
  • Balkan Insight write that the Biden-Erdogan meeting is unlikely to yield any quick fixes in US-Turkey relations, with a real rapprochement only possible after the Turkish Presidential & Parliamentary elections in 2023.
  • The more transmissible Delta variant has been detected in Turkey, with the Health Ministry reporting that 134 cases were found in Istanbul, and more across 26 other provinces.
  • A few data releases to digest Wednesday, with trade balance numbers for May inline with expectations and showing a 4.1bln deficit. The Turkish treasury also publish their 3m domestic borrowing plan 5pm local time / 1500BST.
  • Also worth watching, the Russian ForMin Lavrov is visiting Turkey and holds a joint presser with his Turkish counterpart, and Erdogan speaks in Ankara at 12pm local / 1000BST.
  • USD/TRY rangebound so far this week, with today's price action inside Tuesday's range, which was wholly inside the Monday price action. Friday's 8.6756 / 8.8002 low/high are the initial levels to watch.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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