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Government Could Force More FX Conversions From Exporters

TURKEY
  • According to a draft bill posted yesterday, Turkey could up the rate at which exporters are forced to convert their hard currency stores into TRY to 40%, from the current level of 25%.
  • The move would be targeting a boost in FX reserves for the country, and the CBRT governor is said to have discussed the change with members of the Turkish Exporters Assembly on Tuesday. A change to the measure would require full Treasury and Finance Ministry approval, but would be unlikely to meet any internal resistance.
  • In his Presidential Cabinet meeting yesterday, Erdogan stated that Turkey is progressing on its path to becoming a logistics ‘super power’, and stressing the importance of the country’s master plan, which entails the $172bln of investment across five main transport and logistics sectors between 2003 and 2021, according to Hurriyet.
  • In a bid to contain meat and food prices, the Turkish government are to pay TRY 2,500 per cattle for the rest of April, as food prices remain a focus during Ramadan.
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