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Erdogan Sees Inflation Ebbing Away by March

TURKEY
  • Late yesterday, the Turkish President stated that inflation will slow markedly by March next year, with the recent pullback in oil prices having a direct impact on the cost of transportation and will slow prices elsewhere. The President added that Turkey is managing cost-induced inflation relatively well.
  • Elsewhere, Erdogan renewed his threats against NATO expansion, warning that Turkish parliament will not approve Swedish and Finnish accession to NATO if they don’t meet Turkey’s demands against terrorism. He also criticised Germany, France, the UK and Italy’s approaches to managing terror risk.
  • On funding rates, in a front-page piece, Dunya write that after the installation of macroprudential measures while keeping the headline policy rate low, the gap between market rates and the funding rate has widened to almost 20 points, a new all-time high.
  • The Turkish and American defense ministers discussed bilateral defense and security matters as well as Turkey’s request of purchasing F-16s this week, according to a statement from the Turkish defense ministry late yesterday. Although Biden endorses the purchase of F-16s, it still needs congressional approval. A recent vote in the House of Representatives has obliged Washington to prove that this sale is in the interest of the U.S. and that the planes won’t be used to violate Greek airspace.
  • House price indices are the sole data release today, with April’s Y/Y reading at 127% a new alltime high.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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