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Nebati Unveils Plan to Write Off Utilities Debts for Millions

TURKEY
  • Finance Minister Nebati has disclosed that the government will assume the debts arising from basic utilities including phone bills, electricity, water and natural gas for as many as 6mln people across two economic packages. The debt that could total as much as TRY 30bln will be liquidated.
  • Dunya run an interview with the SocGen chief economist, who states that Turkey’s monetary policy approach is unlikely to work, and that the CBRT should focus on stabilising the FX rate in order to reduce imported inflation. He adds that Russia-Turkey trade will do little to contribute to the Turkish economy, while last week’s rate cut adds additional pressure to the TRY.
  • Among the first signs that EUR/USD weakness is impacting economies outside of the Eurozone, Dunya write that the TIM President sees EUR/USD’s fall through parity as costing the Turkish clothing sector $800mln in exports across July, with the total effect on exports across industries totalling $7bln.
  • Real sector manufacturing confidence for August fell to 102.1 from 103.7 prior with the adjusted figure falling from 102.5 to 101.4 in what are the lowest figures in two years. Capacity utilisation also fell from 78.2% to 76.7% in August.
  • Weekly capital flows data will be published this afternoon at 1230 BST (1430 local time). No other major economic data releases are planned.
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