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TURKEY: Europe's Security Unimaginable Without Turkey, Erdogan Says

TURKEY
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  • Regarding Turkey’s EU membership bid, President Recep Tayyip Erdogan said, “Europe’s security without Turkey is unthinkable. We expect our European friends to face this truth and advance our full membership process with a visionary perspective,” according to Hurriyet.
  • Turkey's preliminary trade exports fell 1.5% y/y in February while imports rose 3.8% y/y, according to the Trade Ministry.
  • Alaattin Koseler, opposition mayor of Istanbul’s Beykoz district, has been formally arrested after being detained as part of an investigation into tender corruption, state-run Anadolu Agency reports. This marks the latest in a series of arrests and investigations into politicians and journalists as well as Istanbul Mayor Ekrem Imamoglu - who is expected to become the opposition’s presidential challenger this month at a meeting of his Republican People’s Party (CHP) on March 23, but will make an appearance before a prosecutor this week. Note that the presidential election is not due until 2028.
  • There are no major data releases scheduled for today, with domestic focus shifting to the CBRT rate decision on Thursday where the central bank is expected to deliver another 250bp rate cut following the downside surprise to February CPI data yesterday. Our full preview, with a summary of sell-side analyst views, will be released later today.
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  • Regarding Turkey’s EU membership bid, President Recep Tayyip Erdogan said, “Europe’s security without Turkey is unthinkable. We expect our European friends to face this truth and advance our full membership process with a visionary perspective,” according to Hurriyet.
  • Turkey's preliminary trade exports fell 1.5% y/y in February while imports rose 3.8% y/y, according to the Trade Ministry.
  • Alaattin Koseler, opposition mayor of Istanbul’s Beykoz district, has been formally arrested after being detained as part of an investigation into tender corruption, state-run Anadolu Agency reports. This marks the latest in a series of arrests and investigations into politicians and journalists as well as Istanbul Mayor Ekrem Imamoglu - who is expected to become the opposition’s presidential challenger this month at a meeting of his Republican People’s Party (CHP) on March 23, but will make an appearance before a prosecutor this week. Note that the presidential election is not due until 2028.
  • There are no major data releases scheduled for today, with domestic focus shifting to the CBRT rate decision on Thursday where the central bank is expected to deliver another 250bp rate cut following the downside surprise to February CPI data yesterday. Our full preview, with a summary of sell-side analyst views, will be released later today.