Free Trial

Turkey Emerges from Lockdown Post-Eid, Economist Warns of Inflation/dollarisation Risks

TURKEY

LOCAL NEWS

  • Turkey registers 10,500 new covid cases on Sunday as the health ministry prepares to lift restrictions today post-Eid
  • Local economist Atilla Yesilda warns that Turkey could face increased FX passthrough to inflation should USD/TRY depreciate past 8.50.
    • Also sees the possibility of the CBRT & State banks acting to defend the currency if it devalues sharply past 8.50 in the coming week
  • FM Cavusoglu reportedly planning Athens visit for the final days of May to reciprocate last Month's visit from Greek FM Dendias.
    • Exact date yet TBC, but tensions remain elevated after UN+1 talks over Cyprus showed the sides remain far apart in many issues
  • CHP deputies hung a giant banner on Istanbul Bridge asking where the $128bn in CBRT FX reserves went as pressure on Erdogan for answers increases. Police forced the deputies to take the banner down

Data/Events

  • 0900 April Central Govt Budget Balance, prior 23.8bn
  • 1300 Erdogan chairs Cabinet meeting in Ankara
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.