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Required Reserve Incentive Increases Rates on Long-Term Deposits

TURKEY
  • Turkey’s six-party opposition will select its candidate to run against President Erdogan on Feb 13, CHP leader Kemal Kilicdaroglu said. The leaders of the opposition alliance will meet mid-February and determine their candidate, Kilicadaroglu said in an interview late Sunday.
  • The required reserve incentives for maturities longer than 3 months led to a rise in the interest rates for 6-month and long-term time deposits, Ekonomi report. According to weekly data released by the central bank, average lira deposit rates with maturities up to 3 months increased by 55bps to 24.57% in the week of Jan 20 compared to the previous week, while the interest rate for lira deposits with maturities up to 6 months increased by 119bps to 14.62%.
  • Citing a survey by BUPAR research, Cumhuriyet report that 65% of the youth would vote for the opposition "National Alliance" and 23% for the incumbent "People’s Alliance" in a parliamentary election. 72% of young people want a new President to be named while 20.5% want to see Erdogan remain President.
  • Ekonomi report that shares of companies on their first days of trading have been surging regardless of the broader trend of the stock market on those days. Market players say they’re concerned, with sources close to the Capital Markets Board saying the regulator is examining the moves.
  • Turkey's economic confidence rose to 99.33 in January from revised 98.1 in December. There are no more major releases left on the docket today ahead of trade balance and tourism data tomorrow.
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