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January Inflation Data to Reflect Higher Minimum Wage

TURKEY
  • January inflation will reflect the impact of higher minimum wages on consumer prices, but the deceleration will gain momentum from February onwards, Treasury and Finance Minister Nebati told reporters on Wednesday. The cost of raises announced for civil servant wages and pensions is estimated to be TRY270b for the year. Inflation data is on the docket tomorrow (Exp. +53.8% y/y; Prior +64.3% y/y) at 0700 GMT/1000 local time.
  • Trade Minister Mehmet Mus announced preliminary foreign trade data this morning, which showed exports rising 10.4% y/y to $19.4b, while imports sit at $33.7b. Gold imports surged 733% y/y to $5.1b in January.
  • President Erdogan said yesterday there are no legal obstacles on the way for his presidential candidacy, strongly rejecting the opposition bloc's recent statement that he cannot run for elections in May, Hurriyet report.
  • President Erdogan will speak in Ankara at 1100 GMT/1400 local time while Finance Minister Nebati speaks at a summit in Istanbul at 1530 GMT/1830 local time. Foreigner net stock investment data is on the docket at 1130 GMT/1430 local time (Prior: -$331m).
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