Over 82% Surveyed Says VAT Reductions Have Not Caused a Decrease in Food Prices

LOCAL NEWS

• Over 82% of participants in a Metropoll survey say they have not seen any changes in food prices following the government’s reduction in VAT from 8% to 1%. While 10.5% said they saw the reduction in prices, 7.4% said they did not hear of sales.
  • 20.9% of AKP supporters believed prices had fallen, while over 90% of opposition supporters said there had been no change. Trade Union Turk-IS says food prices have gone higher, despite the VAT reductions – Ahval
• World Bank approved a $341.3m loan to Turkey to support a more sustainable and competitive agricultural sector and promote the use of climate‐smart technologies and practices in several provinces in the country. Project will directly benefit about 80K farmers, service providers and veterinarians - bbg

Data:

• 0800BST: Feb trade balance exp at -8.10bn vs -10.26bn
• 1230BST: Mar 25 Gross FX Reserves, $65.3bn prior