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FinMin Nebati Says Economy Will "Rapidly Improve" Without Raising Rates

TURKEY

LOCAL NEWS

  • Finmin Nebati says that Turkey’s economy will rapidly improve, despite the lira reaching a new all-time low in yesterday’s session – defending Erdogan’s unorthodox hypothesis on inflation/interest rates.
    • Nebati says the economy can improve without raising rates. Says there are some domestic manipulative attacks on the currency and the CBRT is addressing these with its interventions
  • Turkey moves to normalize ties with Armenia in a bid to please Biden by restarting charter flights to Yerevan. Cavusoglu said “we will mutually appoint envoys as part of normalization steps with Armenia and coordinate steps with Azerbaijan.”
    • This surprise overture is in line with a request from Biden to open borders with Armenia in October
  • Fitch downgrades 40 corporates this quarter, the most in a 3-month period for two years. The financial sector saw the most downgrades with 34 in Q4

Data:

  • 0700GMT: Nov Home Sales, 137.4k prior
  • 0700GMT: Nov Home Sales Y/Y, 14.9% prior
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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