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Nebati Expects April Inflation to Be “Notably Below 50%”

TURKEY
  • Speaking in an interview with state-run TRT yesterday evening, Finance Minister Nureddin Nebati said he expects April inflation to be below 50% and that citizens will feel the impact before they vote in May’s elections. “Inflation will have slowed to notably below 50%,” Nebati said. “As of May, this relaxation in prices will become much more noticeable.” The next inflation print is on May 3, ahead of the May 14 election date.
  • In the latest effort to rein in TRY volatility ahead of the election, the CBRT have reportedly asked local lenders to limit the amount of dollar purchases they make in the interbank market to ease pressure on the lira, according to people with direct knowledge of the matter. The move is the latest in a series of macroprudential steps to incentivise TRY holdings among banks and deter FX demand in the face of persistent TRY weakness.
  • The real estate market is losing investors as the interest rate limit in FX-protected deposit accounts has been removed, and homeowners are selling their properties due to expectations of an increase in foreign currency and gold prices, Ekonomi report.
  • There are no major data releases scheduled today. President Erdogan will speak in Afyon at 1200BST/1400 local time and in Eskisehir at 1530BST/1730 local.
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