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TURKEY

LOCAL NEWS

  • Not a huge amount of info out of the Greece-Turkey exploratory talks yesterday, but received praise from the US state Dept and resulted in a second round to be held in Athens.
    • Talks in Istanbul lasted 3hrs and the agenda was kept from the public - Ahval.
    • As expected the early talks held little substance, but the mere fact that talks didn't fall through on the first attempt can be construed as moderately positive.
  • Erdogan orders a decrease in food prices to help reduce food inflation estimated to have ticked up 20.6% in 2020.
    • The reduction will target staples, such as oil, legumes, vegetables and fruit. Erdogan: "prices will not stay as high as they are now".
    • Also calls on Turkish banks to provide low interest loans to citizens, business owners and companies - Ahval
  • IMF expects 6% growth for 2021, inflation to fall modestly by end-2021 and current acc deficit to slip to 3.5% of GDP as a result of lower gold imports and recovery in tourism.
    • Notes low FX reserves & high external funding needs as key tail risks, alongside persistently above-target inflation - Anadolu Agency
  • Erdogan to speak at ceremony 1030GMT, then chairs AKP meeting at 1200GMT
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com