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Leading Business Lobby Calls for More Action on Inflation

TURKEY
  • Dunya write this morning that the chairman of Tusiad – a leading business lobby – has called for concessions to be made on economic growth if needed to fight back against inflation. This runs counter to comments late yesterday from Erdogan, who talked down the threat of inflation, and stressed that Turkey would not raise interest rates.
  • Hurriyet report that the Turkish agriculture minister has secured a deal with Ukraine to buy grain at a 25% discounted rate. The agreements comes ahead of Russian foreign minister Lavrov’s trip to Turkey due tomorrow, at which foreign and defence officials will finalise a deal for the passage of Ukrainian grain through Odessa, which would involve Turkish ships escorting grain-carrying vessels to the Black Sea for export around the world.
  • After criticism of the FX-protected deposit scheme earlier in the week, the Turkish finance minister Nebati stressed that the scheme would continue, stressing that the risks to the budget would have been far greater had the scheme not been created relative to the risks today.
  • Cash budget balance data is the sole release Tuesday, due at 1530BST/1030ET.
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