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New CBRT Governor to Attend Economy Coordination Board Meeting

TURKEY
  • President Erdogan said that Turkey needs to get rid of the Constitution that was drafted during the coup era and replace it with a more civilian, democratic one, Daily Sabah report. "We want to proceed with a civilian, comprehensive and liberal constitution," the President told reporters on Wednesday. The proposed changes focus on the topics of freedom, the right to security, the right to a fair trial, freedom of speech as well as the rights of women and the disabled.
  • Turkey’s home sales fell 7.7% Y/y in May compared to a steeper decline of 35.6% in April, according to data from the Turkish Statistical Institute. January-May home sales down 16.3% from a year earlier while purchases from foreign nationals are down 46.9% from a year earlier.
  • Vice President Cevdet Yilmaz will chair an Economy Coordination Board meeting today with new CBRT Governor Gaye Erkan set to attend. The Treasury & Finance Ministry will publish budget balance data for May at 0900BST/1100 local time.
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