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VP Yilmaz Expects "Far More" Than TRY100bln in Savings From Latest Scheme

TURKEY
  • In an exclusive interview with Reuters, Turkish VP Yilmaz states that he expects "far more" than TRY 100bln in savings from the new government savings plan, and that updates in September with better CAD and budget estimates will provide more detail.
  • Yilmaz adds that he expects the FATF to remove the gray listing on Turkey in June, and any refusal to do so would be political in nature.
  • A wide-ranging series of comments from Yilmaz, but that "far more than TRY100bln in savings" is among the first quantifiable estimates for how much Monday's scheme will save central government and assist with the fiscal consolidation drive.
  • Markets had been disappointed by the lack of details - and Yilmaz again here stressing that medium-term programme update in September (Had previously been referenced as "late Summer" by Simsek) will have more substance.
  • FATF graylisting comments are as-expected. Had already been identified as a key factor in driving foreign participation (already at a two-year high) in local equities for the months ahead.

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