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Parliament Report Shows Central Debt Costs Surging Higher

TURKEY
  • Cumhuriyet write that Turkey's short-term external debt is increasing, with the amount of debt to be paid in a one-year period hitting $182.5bln, according to an economic report produced for the CHP Parliamentary Group. When the current account deficit, which is expected to increase to $60bln, is included, the government needs to find financing of $240bln.
  • Speaking after a cabinet meeting on Monday, President Erdogan said that Turkey will continue to set its economic policy based on its own interest and needs, saying “what Turkey needs is not a rate hike but an increase in investment, employment, production, exports and current account surplus”, according to Bloomberg.
  • Erdogan also stated that “Economics theories aren’t valid everywhere, unlike physics or mathematics… These theories vary according to the conditions and strength of a country.”
  • Milliyet report that Saudi Arabia and Turkey look to boost international trade back to $5bln per year – the previous level between the two countries before diplomatic relations deteriorated.
  • Consumer confidence data out this morning improved to 72.2 from 68.0 previously. This puts consumer confidence at the best levels since March, but still shy of the 2022 highs.
  • The foreign minister has rowed back on claims that Erdogan is to meet with Syrian President Assad in the coming days, but did add that steps are needed for more permanent peace in the region.
  • At 0900 BST (1100 local time) Finance Minister Nureddin Nebati will give a live interview to NTV and at 2030 BST (1830 local time) President Erdogan will join Palestine’s Mahmoud Abbas in a joint presser.
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