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Justice Minister Says Government to Retain Presidential System, But Can Reform It

TURKEY
  • The government has no plans to alter the existing executive-presidential model but can reform it in line with the necessities, Hurriyet report the Justice Minister as saying. The comments follow President Erdogan signalling at a shift from the presidential election system which requires that a candidate must obtain at least 50 percent plus one vote of the electors.
  • Erdogan and MHP Leader Devlet Bahceli are expected to meet on Thursday to discuss the matter. The ruling Justice and Development Party (AKP) and its main ally Nationalist Movement Party (MHP) have no majority to change the constitution. They need the support of at least 38 lawmakers from other political parties to take a constitutional amendment to referendum.
  • The CBRT rate decision is the highlight of the week on Thursday. The median of the Bloomberg survey sees a 250bp rate hike, though estimates range up to a larger 500bp increase. A 250bp hike would bring cumulative tightening to 2900bps since May.
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