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Trade Deficit Narrows; S&P Expected to Improve Outlook on Turkey

TURKEY
  • Turkey’s trade deficit narrowed to $8.657bln (Est: -$8.90bln) in August from a revised -$12.3bln in July, according to the Turkish Statistical Institute. Exports rose 1.6% y/y while imports fell 6.9% y/y.
  • Turkish energy regulator EPDK won’t extend its maximum price reconciliation policy as of October 1, BloombergHT reports citing energy industry sources. The policy was launched on April 1 to prevent electricity production suspensions due to rising commodity prices.
  • The Economy Coordination Board has discussed policies and measures that will support the development and stability of financial markets, Hurriyet report. The main item on the board’s agenda was economic policies and measures that will support the development and stability of Turkey’s financial markets with the aim of ensuring economic recovery and permanent stability, according to the statement released after the board meeting yesterday which was attended by the Finance Minister, Vice President and central bank Governor.
  • The Treasury & Finance Ministry will publish its 4Q domestic borrowing plan at 1500BST/1700 local time. S&P may update their sovereign credit rating of Turkey after hours today. The rating is expected unchanged at ‘B’ but an improvement in its outlook from ‘negative’ to ‘stable’ is likely.
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