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Simsek, Erkan to Attend IMF-World Bank Meeting This Week

TURKEY
  • Finance Minister Simsek and CBRT Governor Erkan will attend the IMF-World Bank annual meeting in Morocco this week. Simsek will be in Marrakech between Oct 11 – Oct 14 having been in London last week for investor meetings. “We continue our efforts to provide additional external resources to our country. We had very productive meetings in London,” Simsek wrote on X without providing any further details.
  • Textile industry representatives who have spoken to Ekonomi newspaper say the sector is suffering from a shortage in global demand and rising costs, arguing that domestic producers should be protected by imposing taxes on imports to prevent bankruptcies and significant job losses.
  • The average interest rate on consumer loans reached 60% in the final week of September, Sozcu report. Interest rates on commercial loans have tripled since the elections.
  • President Erdogan will speak in Ankara at 1200BST/1400 local time before chairing a weekly cabinet meeting. Looking ahead, industrial production data is on the docket tomorrow morning (Est: +5.0% y/y) while current account figures will cross on Wednesday (Est: -$0.55bln).
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