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Simsek Vows to Strengthen Coordination of Monetary and Fiscal Policy

TURKEY
  • “We will support the Central Bank's fight against inflation by strengthening the coordination between monetary policy and fiscal policy. By taking steps to reduce the current account deficit, we will also lower the country's risk premium,” Simsek wrote on Twitter on Sunday. “In the upcoming period, we will not allow permanent deterioration in public finance indicators by controlling the budget deficit and re-establishing fiscal discipline,” he added.
  • Turkey's adjusted unemployment rate fell to 9.5% in May from revised 10.0% in April, data released this morning showed. This marks the lowest rate recorded since the use of this measure began in January 2020.
  • Turkish President Recep Erdogan spoke to his US counterpart Joe Biden in a call Sunday as the US pushes for a deal with Ankara that would allow Sweden’s entry into NATO. The two “expressed their shared commitment to continue supporting Ukraine, and reviewed efforts to strengthen our bilateral ties. President Biden also conveyed his desire to welcome Sweden into NATO as soon as possible,” the White House said in a statement. According to a statement by Turkey’s Directorate of Communications, Erdogan discussed a proposed purchase of F-16 fighter jets with Biden.
  • Private banks’ share in commercial loans shrank for the first time in 25 months, Ekonomi report. The 13-week annualised commercial loan growth contracted by 5.1ppts when adjusted for the effect of the exchange rate, according to central bank data.
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