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Erdogan Submits Additional Budget Spending as Central Costs Soar

TURKEY
  • A meeting of the Turkish Economic Coordination Board has been convened for today in order to discuss the recent developments in the Turkish economy. The board consists of the finance, trade, industry and agriculture ministers. There is no released time for the meeting.
  • The Turkish government late yesterday submitted an additional budget to parliament in order to account for an anticipated rise in central government spending. The budget puts the rise in spending down to surging energy prices, as well as higher salary and pension spending due to inflation indexation. The submitted document calls for TRY 881bln in additional spending, while revenues are seen rising by TRY 1.1bln over the same period.
  • The new budget submission was not unexpected, after reports earlier in the month suggested the government would look to push the package through before the summer parliamentary recess.
  • Cumhuriyet reports that bakeries across the country are raising bread prices without formal government permission.
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