Rumours Swirl About Potential Resignation of FinMin Elvan on Frictions with Erdogan

LOCAL NEWS

• Rumours Circulate that FinMin Elvan may resign from his post as he has continually opposed Erdogan over his policy on interest rates and inflation.
  • AKP officials said Erdogan was likely to dismiss Elvan over this spat. On 17 Nov, Erdogan said he 'cannot walk alongside those defending high interest rates which are the cause of high inflation.' Elvan was also caught on camera not applauding after Erdogan's speech
• Pentagon recognizes Turkey's need to modernize its military amid ongoing F-35/F-16 negotiations – but no material progress has been made on the matter with Us senators still in opposition to selling Turkey more arms. Ankara has called for the $1.4bn payment for F-35s to be returned
• Turks exchanging TRY for more than $100 are now required to present ID according to the finance ministry – sparking fears of blacklisting among the public.
  • Since 12 Oct, exchanges have been required to record transactions, dates and amounts and Erdogan has called on the public to sell euros and USD to support TRY
• Turkey's external assets rise 17.9% to $301.4bn at the end of September. Liabilities against non-residents fell 9.1% to $587bn. Net international position narrowed to -$285.6bn from -$390.4bn in 2020. Reserve assets increased 30% to $121.3bn, while other investments climbed 12.1% to 121.5bn.
• Turkey purchases fourth hydrocarbons drill ship according to the Energy Minister and aims for operationality before 2023 amid heightened tensions with Greece in the East Med. The 238m vessel will have a max drilling depth of 12,200m and operational depth of 3,600m