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Erdogan – Nebati Spat Prompts Further Policy Questions

TURKEY
  • Russian foreign minister Lavrov is in Turkey today to hold discussions with his Turkish counterpart Cavusoglu, during which a grain export corridor from Ukraine, conditions for a ceasefire and Turkey’s incursion into Syria are the topics on the agenda. Ahead of the talks on Syria, Russian and Syrian fighter jets have staged joint air patrols across the Golan Heights. The foreign ministers hold a press conference at 1200 local time (1000BST/0500ET).
  • Cumhuriyet reports that finance minister Nebati’s AKP presentation over the weekend (in which he said that Turkey are not considering either a cut or a raise to interest rates) angered President Erdogan due to Nebati’s admission that the party “did not think about the low income citizens”. The piece reports that Erdogan gave his finance minister a speaking warning in response.
  • President Erdogan meets with his Venezuelan counterpart Maduro today, and will hold a joint press conference at 1845 local time (1645BST/1145ET).
  • Currency weakness persists, with USD/TRY rallying through the 17.00 handle early Wednesday to put the pair at the highest levels since December’s bout of volatility. In response to the currency volatility, a front page piece on the Cumhuriyet website asks “will the dollar continue to rise and will USD/TRY rise to 20.00 next?”
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