1- 3 different election scenarios for Turkey from Morgan Stanley
Morgan Stanley economists evaluated 3 different scenarios in the elections to be held in Turkey and shared their possible economic results in the markets. Morgan Stanley expects regulations to be repealed if the opposition wins the election. In the continuation of power, the institution envisaged a gradual loss of value in the Turkish lira and greater adherence to extraordinary regulations.
2- Inflation exceeded expectations in January
Turkish Statistical Institute (TUIK) announced the consumer and producer price indices for January. While the headline information was being announced, the bulletin page of the consumer price index was opened half an hour late.
3- EYT negotiations started in the Parliament
Parliamentary Plan and Budget Committee deliberations of the EYT bill have started. According to the impact analysis of the SGK shared in the commission, the total cost of EYT to the central administration budget will be 194.4 billion liras. While calculating the rapid retirement of 2.2 million people, the loss of premiums was projected to be 45.5 billion liras.
4- Fed reduced rate of increase in interest rates
The US Federal Reserve announced its highly anticipated interest rate decision after the 2-day meeting. As expected, the Fed slowed the rate of increase and increased by 25 basis points. It was stated that the continuation of interest rate increases would be appropriate. Speaking at the post-decision press conference, Leader Powell said he still has a lot of work to do.
5- Record annual deficit in foreign trade
Turkish Statistical Institute (TUIK) announced foreign trade data for December. Thus, the annual performance in foreign trade for 2022 was also evident.
6- Korea submitted an offer to Turkey for the construction of 4 nuclear reactors.
In a statement released by KEPCO on Tuesday, it was stated that Cheong Seung-il, Leader of the Korea Electric Power Corporation (KEPCO), submitted a proposal to Fatih Dönmez, Minister of Power and Natural Resources, for the construction of four nuclear reactors capable of providing 1,400 megawatts of electricity.
7- With the bonus day grading, EYT retirees may be halved in March
The term staging in the EYT bill also brought up the possibility of reducing the number of EYT retirees to half of the previously announced 2.2 million in March. The Minister of Labor and Social Security had announced 4 days ago that it would cost 120-150 billion TL for this year. Accordingly, 1.5-1.6 million people will benefit from EYT in March, as the average pension comes to the range of 9-10 thousand after January. However, not all EYT officers will apply because they do not have the right to work. This means that the number has decreased to 1.1-1.2 million individuals.