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Industry Reps Push Back Against CBRT Criticism

TURKEY
  • In response to accusations from the Turkish central bank governor that industry is stockpiling goods and raw materials, industry representatives have defended their actions in Dunya, claiming that it’s normal to work with inventories of such levels in a high inflation environment.
  • Data analysed by the banking regulator shows that 30% of all TRY loans made goes toward paying down FX debt, according to a piece in Dunya today.
  • Following successful bilateral meetings between Turkish President Erdogan and Saudi Arabia’s MBS earlier this year, ties between the two countries are to expand later this year, with a trade fair in Turkey initially, before a reciprocal event in Saudi Arabia.
  • Later today, CBRT governor Kavcioglu attends a business chamber meeting, at which markets will be on watch for any further criticism of industry stockpiling. The appearance comes ahead of CPI data later this week, with is expected to top 80% on a Y/Y basis.
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