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Turkey to Announce Credit Guarantee Fund Worth $8bln in Coming Days

TURKEY
  • Inflation expectation for the next 12 months declined to 34.92% in December from 37.47% in November, according to the central bank’s monthly survey of market participants published this morning. The lira is seen at 18.78 per dollar at end-2022 compared to an estimate of 19.54 in November.
  • Bloomberg reported yesterday afternoon that Treasury and Finance Minister Nebati is expected to announce a government-backed loans package worth billions of dollars in the coming days, according to officials with knowledge of the matter. The officials said the new package, dubbed the Credit Guarantee Fund, would be worth 150 billion liras ($8 billion) and be used in line with current economic policy, which priorities exporters and small and medium-sized businesses.
  • Production of iron and steel decreased by 17.8% in October due to the share of energy in total costs increasing to 28% from 8%, Ekonomim report. In the same period, orders and sales prices fell. While production and exports decreased, imports from Russia, India and China increased.
  • President Erdogan will speak at a ceremony at 1130 GMT/1430 local time. There are no other major speakers or data releases scheduled today.
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