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Simsek Signals Gradual Shift in Policy

TURKEY
  • Late yesterday afternoon, Bloomberg reported that Treasury and Finance Minister Mehmet Simsek signalled in two meetings with bankers and business people on Friday that adjustments to steering the economy toward more conventional policy will be made slowly to avoid unwanted side-effects, according to people familiar with the matter. Any steps will be taken after analysing their potential effects on the economy and sectors, Simsek said in the meetings, the people said.
  • The Minister of Justice announced that the regulation limiting the rent increase rate to 25% will be extended, Milliyet report.
  • As the cost of weekly vacations increased by 100% this year, domestic tourists have shortened their holiday plans, Ekonomi report.
  • There are no major economic releases or speaker events scheduled for the remainder of the day.

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