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Erdogan Unveils New Tools to Combat Economic Weakness

TURKEY

Turkish President Erdogan announces a series of measures aimed at shoring up the domestic economy, including:

  • New tools against FX fluctuations
  • New Turkish instruments to offer FX-like returns
  • Government contributions to private pensions are to increase
  • The corporate tax rate is to drop by one percentage point
  • Withholding taxes on both government bonds and corporate dividends are to be canceled or reduced
USD/TRY is somewhat stable below the alltime highs posted earlier today at 18.363, but not meaningful reversal in price action.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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