Turkey Removes Customs Duty on Seeds/Oils as Russia Supply Chains Break Down

LOCAL NEWS

• Turkey removes customs duty on canola, safflower, corn, soy and palm oils will be zero until end of June. More than 50% of Turkey’s sunflower oil imports come from Russia and 15% from Ukraine. Prices, which were around $1,400 per ton until two weeks ago, rose above $2,000 in international markets. Imports from Ukraine stopped. – AA, Dunya
• Prices of products such as tomatoes, peppers, eggplant and zucchini decreased by 50% as exports stopped due to the Russia-Ukraine war. The sector says that if a new export channel is not opened, the price will decrease even more. – Sabah
• Erdogan says MP should explain the economic moves to constituents better, saying they have not done enough so far and more announcements must be made to the public to ensure they understand. Says this will “make the AKP’s hand stronger” – Duvar
• The size of currency-protected lira accounts reached 520.1 billion liras. 60% came from foreign exchange sales. The size of these accounts corresponded to 22 percent of TL deposits and approximately 10 percent of the total deposits in the system. 520, according to the estimate of market analysts – Sabah

Data:

• 1130: Feb effective exchange rate, 52.89 prior