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Unemployment Rate Falls to 4-Year Low, Erdogan Calls for Further Rate Cuts

TURKEY
  • President Erdogan on Saturday reiterated his call on the central bank to further lower borrowing costs as he urged investors to benefit from cheap loans in the hopes of spurring growth ahead of elections next year, Bloomberg report. “The interest will continue to decrease with each passing day, each passing week, each passing month,” Erdogan said. The central bank will hold its next scheduled Monetary Policy Committee meeting on Oct 20.
  • Data-wise, the unemployment rate for August printed at 9.6% (Prior 10.1%), a third consecutive drop for the figure and the first time the rate has reached single digits in over 4 years.
  • Dunya report that there has been an increase in the number of businesses that cannot pay their debts in due time with the Credit Guarantee Fund being asked to increase its support to 250-300 billion liras.
  • President Erdogan will speak in Ankara at 1130 BST (1330 local time) before chairing a cabinet meeting at 1330 BST (1530 local time). There are no other major data releases or speakers scheduled today.
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