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TURKEY: Simsek Announces Economic Roadmap for 2025

TURKEY
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  • Treasury and Finance Minister Mehmet Simsek has announced the economic roadmap for 2025, Hurriyet report. “In 2025, we aim to ensure permanent price stability and accelerate the structural transformation in the economy,” Simsek said, adding that “In this period when inflation will continue to fall, we will strengthen fiscal discipline and implement supply-side policies to support monetary policy.”
  • Turkey’s trade deficit widened in-line with estimates in December, crossing at $8.778bln (Est: -$8.80bln), according to the Turkish Statistical Institute. That compares to a deficit of -$7.49bln in November. Exports rose 2.1% y/y while imports rose 10.9% y/y.
  • Vice President Cevdet Yilmaz says Turkey will have largely solved the inflation problem by the end of 2025, Ekonomi report. “We have entered a cycle in which both inflation and interest rates will fall together,” Yilmaz said.
  • Parliament on Thursday approved a law that gives the State Supervisory Council the authority to remove public officials from duty, Bloomberg report. The Council reports to President Erdogan and its members are appointed by Erdogan as well. The law has attracted criticism from opposition parties.
  • The CBRT has cut the remuneration rate for banks’ free FX reserves to 3.0% from 3.5%, according to a statement from the central bank.
  • Istanbul Mayor Ekrem Imamoglu will make his statement at the Istanbul Courthouse today as part of two investigations launched against him, Cumhuriyet report.
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  • Treasury and Finance Minister Mehmet Simsek has announced the economic roadmap for 2025, Hurriyet report. “In 2025, we aim to ensure permanent price stability and accelerate the structural transformation in the economy,” Simsek said, adding that “In this period when inflation will continue to fall, we will strengthen fiscal discipline and implement supply-side policies to support monetary policy.”
  • Turkey’s trade deficit widened in-line with estimates in December, crossing at $8.778bln (Est: -$8.80bln), according to the Turkish Statistical Institute. That compares to a deficit of -$7.49bln in November. Exports rose 2.1% y/y while imports rose 10.9% y/y.
  • Vice President Cevdet Yilmaz says Turkey will have largely solved the inflation problem by the end of 2025, Ekonomi report. “We have entered a cycle in which both inflation and interest rates will fall together,” Yilmaz said.
  • Parliament on Thursday approved a law that gives the State Supervisory Council the authority to remove public officials from duty, Bloomberg report. The Council reports to President Erdogan and its members are appointed by Erdogan as well. The law has attracted criticism from opposition parties.
  • The CBRT has cut the remuneration rate for banks’ free FX reserves to 3.0% from 3.5%, according to a statement from the central bank.
  • Istanbul Mayor Ekrem Imamoglu will make his statement at the Istanbul Courthouse today as part of two investigations launched against him, Cumhuriyet report.