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TURKEY: Simsek Sees Year-End Inflation at 43-44%

TURKEY
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  • Treasury and Finance Minister Mehmet Simsek made a presentation to AK Party lawmakers about the course of the economy. According to Hurriyet, he said year-end inflation will top expectations at 43-44%, attributing the reason to high rents. “We expect inflation to be 27% in April,” he added.
  • Turkey has allocated TRY1.57trln ($45.99bn) for investments in its draft budget for next year, amounting to some 10.7% of the planned expenditure, Vice President Cevdet Yilmaz said on Thursday. The draft is set to be presented to parliament for debate next week.
  • German Chancellor Olaf Scholz visits Turkey on Saturday for talks with President Recep Tayyip Erdogan on the escalating Middle East crisis and migration, while Ankara hopes to speed up the purchase of Eurofighter jets, AP report.
  • Local press continues to focus on yesterday’s CBRT rate decision, at which both guidance and the one-week repo rate were unchanged. Our review of the decision can be found here (we will post sell-side views separately later today).
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  • Treasury and Finance Minister Mehmet Simsek made a presentation to AK Party lawmakers about the course of the economy. According to Hurriyet, he said year-end inflation will top expectations at 43-44%, attributing the reason to high rents. “We expect inflation to be 27% in April,” he added.
  • Turkey has allocated TRY1.57trln ($45.99bn) for investments in its draft budget for next year, amounting to some 10.7% of the planned expenditure, Vice President Cevdet Yilmaz said on Thursday. The draft is set to be presented to parliament for debate next week.
  • German Chancellor Olaf Scholz visits Turkey on Saturday for talks with President Recep Tayyip Erdogan on the escalating Middle East crisis and migration, while Ankara hopes to speed up the purchase of Eurofighter jets, AP report.
  • Local press continues to focus on yesterday’s CBRT rate decision, at which both guidance and the one-week repo rate were unchanged. Our review of the decision can be found here (we will post sell-side views separately later today).