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Fuel Taxes Hiked Almost 200%; Simsek Asks Public Offices to Reduce Spending

TURKEY
  • Turkey boosted its fuel taxes by almost 200% on Sunday, according to a decree published in the Official Gazette. The increase, which will affect different types of fuels including petrol and diesel, will help meet financing needs stemming from the February earthquakes and allow the Treasury Ministry to maintain strong cash reserves, according to a ministry statement.
  • Treasury and Finance Minister Mehmet Simsek has asked public offices to reduce their spending, Anadolu Agency reports. Simsek wants bureaucratic transactions to be reduced and state sources to be used effectively, according to the news agency. In addition, public offices should refrain from activities that would add burden on the budget and all costs, excluding ones related to the February earthquakes, should be re-evaluated.
  • There will be short-term portfolio investment inflows medium- and long-term FDI flows from the UAE and Qatar, Ekonomi report. Investors aim to establish Turkey-based production hubs and new supply chains, primarily in agriculture and food. Many investment deals are expected to be signed during President Erdogan’s 3-day Gulf tour, which begins today in Saudi Arabia. Erdogan will travel to Qatar tomorrow and his final stop will be the UAE where he will meet with President Sheikh Mohammed bin Zayed Al Nahyan on Wednesday.
  • Lira loan interest rates have risen rapidly in the past two weeks, according to Ekonomi. Since the June CBRT meeting, lira-denominated consumer loan rates have increased by 6.43ppts to 47.95% and lira-denominated commercial loan rates have risen by 10.13ppts to 25.23%. This is providing further evidence of the transmission of recent rate hikes, which remain in focus ahead of Thursday's decision.
  • Mehmet Simsek and central bank Governor Hafize Gaye Erkan are in India today for G20 meetings. There are no data releases today with the CBRT rate decision in focus later this week.
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