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FX-Protected Deposit Scheme Extended into End-2023

TURKEY
  • Dunya writes on the current difficulties facing banks, with banks pushed hold bonds due to the high short-term deposit rate, however artificially low loan rates have raised questions about how long this increase can last.
  • Acrimony between the central bank and the banking industry continues, with Dunya reporting that the CBRT have insisted that it will continue with the policies that have recently been criticised by industry.
  • The government have begun surveying industry to gauge required minimum wage rates due to be set in the new year. The ministry will take stock of not only industry requirements, but also worker demands as inflation expectations remain unanchored.
  • In an official Gazette statement this morning, Erdogan confirmed that the FX-protected deposit scheme will be extended into end-2023 – broadly inline with expectations.
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