While the past week witnessed developments in the US debt limit crisis and interest rates for global markets, the statements of President Erdoğan, who was re-elected in Turkey, the sharp decline in consumer loans, the first quarter growth and the removal of the prepaid premium in currency protected deposits came to the fore.
Here are 7 titles last week…
1- Erdogan: Eliminating the problems caused by inflation is the top priority
President Recep Tayyip Erdoğan also gave messages on the economy in his balcony speech. “Resolving the problems caused by price increases caused by inflation and compensating for welfare losses is the most urgent topic of the coming days,” Erdogan said.
2- Prepaid premium in KKM has been removed
The Central Bank of the Republic of Turkey (CBRT) has taken a new decision for the exchange-protected deposit application.
Premium payments can be made at the end of maturity in KKM accounts that will be opened or renewed as of June 1st. Premium payments will be made in TL.
3- In the USA, the “debt limit” bill passed the Senate
The U.S. Senate has approved a bill that would increase the debt limit to prevent the country from defaulting.
The US Senate also voted for the Bill of Fiscal Responsibility, which was agreed upon after long negotiations between the White House and the Republicans and was accepted by the House of Representatives by 314 votes to 117.
4- Turkish economy grew by 4 percent in the first quarter
With the effect of the increase in public investments before the earthquake and the election and the demand of consumers in the inflation environment, the growth in the first quarter was above the expectations with 4 percent. While the contraction in exports drew attention in the first quarter, the decline in agriculture and industry also came to the fore in terms of the sector. The construction sector, on the other hand, displayed the best performance in 5 years with a growth of 5.1 percent.
5- Hard brake on consumer loans
According to the calculation made on the data published by the Banking Regulation and Supervision Agency (BDDK), the 13-week, annualized and exchange rate-adjusted growth in consumer loans declined to 77.8 percent in the week of May 26. The growth in consumer loans had reached 100.47 percent in the previous week.
6- Net reserve of the CBRT was minus 4.4 billion dollars
The net reserve of the Central Bank of the Republic of Turkey decreased to minus 4.4 billion dollars in the week before the election. Thus, a historically low level was recorded in net reserves.
7- The record in automotive sales continued in May as well.
The automobile and light commercial vehicle market in May is 70.9 percent compared to the previous year.
increased to 111 thousand 356 units. Thus, while the record number was reached on the basis of May, in the January-May period, it increased by 60.5 percent compared to the same period of the previous year and amounted to 445 thousand 006.