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Erdogan Holds Unscheduled Meeting With CBRT, Treasury Officials

TURKEY
  • Late yesterday, Haberturk reported an unscheduled meeting took place in the Presidential palace between President Erdogan, the CBRT governor Kavcioglu and economy minister Nebati. No details were forthcoming, but comes alongside the persistent rise in prices and weakening of the TRY.
  • Ekrem Imamoglu, a leading official in the opposition CHP party, could be facing prison as a court considers the charges that he insulted Turkey’s election authority. A prison sentence would sideline one of Erdogan’s potential future contenders for the Presidency.
  • Dunya writes that the Aegean Chamber of Industry has called for a hike to minimum wages, stating that wage hikes made across the first five months of this year have ‘melted down’ and a new hike is required.
  • NTV reports that Turkey are to increase electricity prices by 25% for industries and businesses, while raising prices by 15% for households. The rise in gas prices is starker, which rises by 30% for households and 10% for industry.
  • Manufacturing PMI crosses at 0800BST/0300ET after April’s 49.2 print. Elsewhere, Istanbul releases May inflation data at midday local (1000BST/0500ET). Turkey’s Erdogan addresses lawmaker at the same time.

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