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Spiraling Debt Servicing Costs Flagged in Front Page Piece

TURKEY
  • In a front page piece, Dunya analyse recent sovereign debt figures, writing that the Treasury has suffered the most from the CBRT’s policy easing cycle, stating that debt stock now totals TRY 1.7trl, up from TRY 1.2trl last year, leaving total interest to be paid at TRY 2.4trl – an increase of 243% vs. 45% rise in underlying domestic debt. The piece pins the shifts in debt dynamics on the lower CBRT bank rate not being reflected in broader loan rates, ultimately costing the Treasury.
  • Turkey’s top business association received a letter late yesterday from the US Deputy Treasury Secretary warning of possible sanctions if corporates continue to engage in business with sanctioned Russian businesses and individuals. Tusiad, Turkey’s industry and business association, has shared the letter with the finance ministry, foreign ministry, and trade ministry, according to Bloomberg.
  • Elsewhere, Dunya writes that the application of inflation accounting, partially abandoned since 2004, should be started as soon as possible if inflation tops 100%. The piece cites head of accounting bodies as noting that financial statements do not reflect the truth, leaving balance sheet statements and profit/loss forecasts ‘fictitious’.
  • Citing TUIK data, Dunya report that 18.4 million tourists visited Turkey in the first half of the year, with tourism revenues amounting to $14 billion as the cheap lira attracts more foreign visitors. The number of tourists visiting for shopping reached 1.2 million, a H1 record, with this figure expected to rise to 3 million by the end of the year.
  • President Erdogan is due to speak at 2pm local time (1200BST/0700ET), while Turkey’s energy minister visits Qatar.
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