Shopkeepers Threaten Strikes Over Exorbitant Utility Bills

LOCAL NEWS

• Shopkeepers throughout Turkey start posting exorbitant electricity bills in their front windows in protest of the 50-100% increase in Jan – calling on govt to ease the burden of their utility bills or risk strike action.
  • Many businesses say they are verging on bankruptcy and cannot cope with more price hikes. Some businesses are also laying off employees to account for skyrocketing costs. Energy Min Donmez said they’re evaluating demands of discounted tariff in electricity. – Duvar, Hurriyet
• FX linked deposits reach TRY 313bn total as of 7 Feb according to the banking watchdog. $10.5bn has been converted from foreign currency and the watchdog says it will make regular reports on deposit amounts - bbg
• Stagnation in the domestic market started to be felt in all segments amid high inflation and rising costs in the real sector. In some sectors, sales decreased by around 40% compared to last year. Declines in capacity utilization rates and domestic orders also point to stagnation - Dunya
• Turkey’s sovereign wealth fund will inject around $2 billion into two state-run lenders to beef up their balance sheets after last year’s currency depreciation – bbg

Data:

• 0700GMT: Dec Unemployment, 11.2% prior
• 1130GMT: Feb 4 Gross FX Reserves, $71.6bn prior