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Erdogan Promises Wage Increases; Election Rallies Continue

TURKEY
  • President Erdogan promised a further increase in wages of employees and retirees in the second half of the year, Hurriyet report. “In July, we will further relieve our employees and retirees with new increases that take into account both the inflation gap and the welfare share,” he said in a rally. In January, the government revised upward the increase in wages for active and retired civil servants by 30%.
  • Turkey's state oil and gas producer Turkiye Petrolleri AO is planning to build a refinery in the country’s southeast after finding a 1-billion-barrel reserve, Bloomberg reported yesterday evening. It is the country’s largest onshore discovery.
  • In an interview with Oksijen newspaper, IYI Party Economic Policy President Professor Bilge Yilmaz said they will solve the currency problem “with portfolio investments in the short term.” The IYI Party are part of the joint opposition alliance.
  • Weekly portfolio capital flows data will be published by the central bank at 1230BST/1430 local time. President Erdogan and leader of the opposition Kemal Kilicdaroglu will speak in election rallies this afternoon.
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