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Simsek Says “We Think We Have Done Enough in Tightening”

TURKEY
  • “We think we have done enough in tightening,” Treasury and Finance Minister Mehmet Simsek said in of monetary policy in a speech in Istanbul. “We have to be patient and committed going forward,” Simsek added.
  • Trade Minister Omer Bolat says the annual current account deficit will narrow to below $32bln in February, Ekonomi report. Adding that exchange rate pressure will also decrease, Bolat said the government “will work to prevent all kinds of unfair imports that harm domestic production.”
  • The central bank has published its assessment of inflation in February, where the headline figure rose to +67.07% from +64.86% in January. The central bank said monthly food prices were broad-based and strengthened in February, while wage adjustments continued to reflect on services, though service inflation “significantly weakened” compared to the previous month.
  • Palestinian leader Mahmoud Abbas is scheduled to meet President Erdogan in Ankara this evening, with a press conference scheduled for 16:45GMT/19:45 local time.
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