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FX-Protected Deposit Scheme May Not Be Extended

TURKEY
  • Ekonomim cite the finance minister Nebati as stating that exporters’ concerns around the exchange rate are unfounded, with protracted weakness in the TRY working against the country’s inflation goal. Nebati also added that due to the ‘horizontal course’ of the KKM FX-protected deposit scheme, an extension will not be on the agenda for next year.
  • Current account balance data came in comfortably ahead of expectations for October, showing a deficit of $360mln vs. Exp. Deficit of $1.60bln. The unemployment rate ticked higher to 10.2% from 10.1% for the same month. The youth unemployment rate saw a much sharper incline, rising to 21.9% from 20.1%.
  • The Turkish cabinet are to meet today, with the main agenda item being the economy and minimum wage in particular. Sabah writes today that the upper limit of the minimum wage is likely TRY 8,000, citing presentation materials from the Treasury and finance ministry.
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