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Erdogan Hints at May Elections

TURKEY
  • President Erdogan hinted on Saturday that Turkey’s upcoming elections could be held in May, a month earlier than scheduled, Bloomberg report. “We have five months, no stop for five months,” Erdogan said during a rally. A six-party opposition bloc is yet to declare its candidate, and a leading pro-Kurdish party, HDP, said on Saturday that it will soon declare its own candidate.
  • The Central Bank has announced a raft of new macroprudential measures as part of its liraization strategy. The bank said in a statement on Jan 7 that local banks in general have reached the 50% liraization target for 2022 and that the liraization target for the first half of 2023 has been set at 60%. As part new measures, the securities maintenance ratio has also been raised to 10% from 5%.
  • An expected capital increase will help Turkey's Ziraat Bank to spearhead President Erdogan's drive to boost economic growth and tackle chronic current account deficits this year, the CEO of the country's largest lender told Reuters.
  • Ekonomim report that automotive manufacturers are becoming increasingly worried about competitiveness as an increase to the minimum wage mounts on top of already rising energy costs. Sector representatives continue to stress the importance of access to credit.
  • President Erdogan will speak at a ceremony in the Sakarya province at 1000 GMT/1200 local time before chairing a cabinet meeting at 1300 GMT/1500 local time. Foreign Minister Cavusoglu will speak in Cape Town at 1200 GMT/1400 local time. There are no notable data releases today.
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