Expert Warns of 5x Increase in Covid Cases, Business Group Urges Caution on Rate Cuts

LOCAL NEWS

• Medical expert warns covid cases in Turkey have increased fivefold in two weeks, mostly due to the Delta variant and vaccine hesitancy.
  • Notes senior patients >65 vaccinated with two Sinovac jabs have also been getting ill and admitted to ICU.
  • Turkey's wide use of Sinovac is now becoming a problem as it becomes less effective over time
• Turkish Business Group Tusiad's President Kaslowski urges CBRT to be patient on rate cuts as Turkey enters "a critical period for 4-5 months."
  • Warns ""If we want rate cuts to be long lasting, we need to lower inflation structurally. Any rate cut step before that would return as higher interest rates, higher FX rates and expanding loss of welfare"
• Northern Cyprus calls on Greece to stop chasing empty dreams of a bizonal federation and see that there is no alternative to the two-state solution on the island.
  • TNRC President Tatar says "we will not give up our rights, our sovereignty, the guarantee of Turkey & Turkish soldiers"

Data:

• 0800BST: July Trade balance exp at -4.30bn vs -2.85bn prior