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Public Savings a Focus For Treasury as CAD Blows Wider

TURKEY
  • VP Yilmaz speaking this morning stressed that the government are to reduce non-compulsory spending as part of a broader public savings package. Simsek commented on the plans, stating that fiscal discipline will further support the anti-inflation fight, underscoring that the CBRT are taking all measures necessary to tame inflation.
  • Studies prepared by TEPAV cited in Ekonomi this weekend showed the public sector has room with which to save TRY 1trl in an attempt to reduce the budget deficit-to-GDP ratio to 6% from 8% currently.
  • A drop in TRY deposit rates has been a result of the 2.5ppts rise in withholding taxes, according to Ekonomi.
  • Retail sales data this morning came in at +19.4% Y/Y – slightly below the prior 25.2%. Current account balance numbers for March showed the deficit swelling to $4.54bln vs. Exp. Deficit of $3.75bln.
  • Dunya write on official gold purchases, with Turkey’s central bank leading 10 global central banks in making record gold purchases – adding a total of 30 tonnes to official reserves.
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