Erdogan Supports Low Rates Approach Sending TRY to New Lows Vs the USD

LOCAL NEWS

• Erdogan defends lower interest rates, sending TRY to a new low vs the USD.
  • Erdogan said Turkey has abandoned old policies based on high borrowing costs and a strong currency in the name of slowing inflation, and instead shifted to a new set-up that prioritizes greater investments, exports and strong job creation.
  • Also said there is a game being played by those using interest rates, the lira and inflation and that Turkey will crack down on "unfair, inexplicable price increases" by those using a weak lira as an excuse.
  • "We know quite well what we're doing with the current policy, why we're doing it, and the kind of risks it entails and what we'll achieve at the end"
• Defense Min Akar says Greece is playing the victim while conducting provocative, tension-increasing and aggressive discourse in its relations with Turkey. Says Greece is falsifying facts and misleading other states, while Athens violates international law
• Subsea gas pipes to be laid in the Sakarya gas field in spring 2022 according to Energy min Donmez. By then the country's fourth drillship capable of operating in harsh sea conditions will be in place and ready for operations.
  • The cumulative gas find in the field is currently 540bn cubic meters with scope for more on further exploration as Turkey seeks to reduce its reliance on imports

Events:

• 0900GMT: Erdogan Speaks in Ankara