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TURKEY: Simsek Reiterates Importance of Price Stability for Sustainable Growth

TURKEY
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  • Speaking at the Bloomberg Future of Finance summit in Istanbul, Treasury & Finance Minister Mehmet Simsek said the economy is currently growing sub-trend but “that probably was necessary to move to a trajectory of sustainable high growth.” He reiterated that the top priority is bringing inflation down, and noted that Turkey is tightening fiscal stance, with the budget deficit likely to trend down from about 5% of GDP to 3% of GDP - which implies a large negative fiscal impulse.
  • The CBRT has revised the reserve requirement ratios to strengthen the monetary transmission mechanism, according to a statement. Among banks’ TRY liabilites with maturities up to one year, the RRRs have been raised from 8% to 12% for funds from repo transactions from abroad, loans obtained from abroad and deposits/participation funds from banks abroad.
  • Car and light commercial vehicle sales were down 13.9% from a year earlier, according to data published by industry association ODMD. Ekonomi reported yesterday that sector representatives were anticipating a contraction of nearly 10% in sales in January due to the impact of new regulations regarding sales of vehicles exempt from the special consumption tax.
  • President Recep Tayyip Erdogan meets Syria’s interim leader Ahmed al-Sharaa in Ankara today. There are no major economic releases scheduled.
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  • Speaking at the Bloomberg Future of Finance summit in Istanbul, Treasury & Finance Minister Mehmet Simsek said the economy is currently growing sub-trend but “that probably was necessary to move to a trajectory of sustainable high growth.” He reiterated that the top priority is bringing inflation down, and noted that Turkey is tightening fiscal stance, with the budget deficit likely to trend down from about 5% of GDP to 3% of GDP - which implies a large negative fiscal impulse.
  • The CBRT has revised the reserve requirement ratios to strengthen the monetary transmission mechanism, according to a statement. Among banks’ TRY liabilites with maturities up to one year, the RRRs have been raised from 8% to 12% for funds from repo transactions from abroad, loans obtained from abroad and deposits/participation funds from banks abroad.
  • Car and light commercial vehicle sales were down 13.9% from a year earlier, according to data published by industry association ODMD. Ekonomi reported yesterday that sector representatives were anticipating a contraction of nearly 10% in sales in January due to the impact of new regulations regarding sales of vehicles exempt from the special consumption tax.
  • President Recep Tayyip Erdogan meets Syria’s interim leader Ahmed al-Sharaa in Ankara today. There are no major economic releases scheduled.