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VAT Refund Window Should Help Cash-Squeezed Firms

TURKEY
  • Dunya write that Turkish bank stocks have come under selling pressure from foreign investors, with foreign investment now making up single-digit percentages of holdings among the largest banks.
  • Elsewhere, in an effort to ease the pressure on SMEs, the window for exporters’ VAT refunds has been increased to 7 month – with pending refunds said to be totalling TRY 500bln. The refunds should help cash-squeezed firms who are having difficulty accessing credit.
  • Both Reuters and Dunya report today that the Turkish finance minister met with senior banking executives and regulators yesterday to discuss industry’s concerns with the government’s approach to bond markets.
  • Turkey look to sell 1yr fixed coupon bonds as well as 10y linkers later today. Real sector confidence and capacity utilization data is also on the docket.
  • President Erdogan is due to speak at 2pm local time at the launch of a social housing project – he’ll likely stress his government’s proactive stance on spending headed into the 2023 elections as well as his expectations for interest rates to drop further into year-end.
  • MNI CBRT Review, including summary of sell-side views, here: https://roar-assets-auto.rbl.ms/documents/19852/CB...

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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