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Tourism Sector Expected Tough Season

TURKEY
  • The CBRT minutes cross later today, after what was a relatively uneventful unchanged rate decision earlier in April. The release is due at 2pm Ankara time (1200BST / 0700ET)
  • On the sidelines of the G20 meeting, the Turkish finance minister met with a number of US executives of prominent US companies, presenting Turkey’s investment potential alongside the CBRT governor.
  • Sozcu reports that Turkey’s tourism sector (near 15% of the economy) is expecting a difficult summer season, with providers having to cut costs in order to compete with other destinations in Spain and Greece.
  • Dunya writes that non-performing loans in Turkey have increased by 48% Y/Y, with the loss of purchasing power by inflation and FX volatility hampering repayments. Citing Turkish bank association data, the % of loans due to be liquidated has increased by 1.4 ppts to 4.3%.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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