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TURKEY: Lawmakers Study New $7bn Tax Package, USDTRY Rallies 1%

TURKEY
  • Turkish lawmakers have drafted new tax proposals aimed mostly at companies, seeking to repair a budget struck by last year’s earthquakes, Bloomberg report. The plans would imply additional revenue of TRY 226bn ($7bn), equal to about 0.7% of GDP, according to a person with direct knowledge of the matter. New legislation is now being drawn up for discussion in parliament toward the end of this month.
  • The acceleration in topside USDTRY momentum has coincided with the release that report. The pair is over 1% higher at typing, placing the pair within close proximity to its all-time high at 32.8170.
  • Turkey's inflation estimate in the next 12 months fell to 31.79% in June from 33.21% in May, according to the CBRT’s survey of market participants. Inflation estimate for the next 24 months fell to 20.33% from 21.33%, while the year-end inflation estimate fell to 43.52% from 43.64%.
  • China strongly opposes Turkey’s tariff on vehicle purchases from China and has vowed necessary action to defend Chinese firms’ rights, according to a statement on the Chinese Commerce Ministry’s website.
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