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TURKEY: No Additional Min. Wage Hikes Expected Unless Inflation Deteriorates

TURKEY
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  • Deputy President Cevdet Yilmaz said that the government would reassess the minimum wage if inflation deviates significantly, although such a scenario is not anticipated, Bloomberg report. Yilmaz also noted that “if the US raises tariffs on China, Beijing is likely to shift its focus to non-US markets, increasing competition for exporters like Turkey. We may need to adjust trade policies as China expands its presence in other markets,” he added.
  • President Recep Tayyip Erdogan will chair the first cabinet meeting of the year today where civil servant and pension salaries as well as developments in Syria will be among the topics of discussion.
  • The statistics office publishes seasonally-adjusted inflation data for December at 13:00GMT/16:00 local time while the central bank publishes its assessment of monthly price developments at 15:00GMT/18:00 local.
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  • Deputy President Cevdet Yilmaz said that the government would reassess the minimum wage if inflation deviates significantly, although such a scenario is not anticipated, Bloomberg report. Yilmaz also noted that “if the US raises tariffs on China, Beijing is likely to shift its focus to non-US markets, increasing competition for exporters like Turkey. We may need to adjust trade policies as China expands its presence in other markets,” he added.
  • President Recep Tayyip Erdogan will chair the first cabinet meeting of the year today where civil servant and pension salaries as well as developments in Syria will be among the topics of discussion.
  • The statistics office publishes seasonally-adjusted inflation data for December at 13:00GMT/16:00 local time while the central bank publishes its assessment of monthly price developments at 15:00GMT/18:00 local.