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Parliament Approves Sweden NATO Bid

TURKEY
  • Turkey’s parliament approved Sweden’s accession to NATO after months of deliberations, Bloomberg report. The parliament plenary in Ankara voted 287 to 55 to accept Sweden’s application on Tuesday, sending the document back to President Erdogan for a final signoff. Erdogan has already backed Sweden’s membership and is widely expected to sign.
  • The central bank is expected to finalise interest rate hikes with this week’s rate decision and then may start cuts in Q4, Banks Association of Turkey head Alpaslan Cakar said in remarks quoted by BloombergHT television.
  • Turkish consumers’ credit card debt surged 157% y/y to a record TRY 1.2trln, Dunya report. According to the newspaper’s industry sources, limits on interest or instalments for credit cards are expected.
  • President Erdogan will speak at a ceremony for the announcement of mayoral candidates. The President will then host Iranian President Ebrahim Raisi in Ankara before the two leaders hold a press conference at 14:15GMT/17:15 local time.
  • The CBRT rate decision is the key event of the week on Thursday, where the central bank are widely expected to end their tightening cycle with a 250bp rate hike to 45%. See our full preview of that decision here.
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