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Erdogan Vows to Bring Inflation to Single Digits, Boost Export Value

TURKEY
  • President Erdogan has vowed to bring inflation down to single digits, Hurriyet report. “The first priority of our new economy administration is the resolution of this matter,” Erdogan said on June 17. Despite the global negative economic outlook, Turkey wants to achieve $265b worth of exports by the end of this year and $285b in export revenues by the next year, according to Erdogan. “Our goal for 2028 is to achieve $400b and more.”
  • President Erdogan and European Union Commission President Ursula von der Leyen discussed Turkey-EU relations in a phone call on Saturday, Anadolu Agency report. Erdogan stated that the way to successfully fight the challenges at the regional level is to strengthen the EU's cooperation with Turkey.
  • A second meeting of the Minimum Wage Determination Commission will take place today. The general expectation is that the minimum wage will be increased to TRY11000 from TRY8506.
  • Turkey's adjusted consumer confidence fell to 85.1 in June from 91.1 in May, according to figures from the Turkish Statistical Institute. There are no other economic releases on the docket today, with the CBRT rate decision and trade balance data the highlights later this week.
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