While the effects of OPEC+’s decision to cut production in global markets were evaluated in the past week, inflation in domestic markets and some changes made by the CBRT came to the fore.
Here are 7 titles last week…
1. Surprise cut decision from OPEC+
OPEC+ has decided to cut oil production exceeding 1 million barrels per day as of May. In July, the oil market will be cut by 1.6 million barrels as Russia expands its current cut.
2. Inflation exceeded expectations in March under left
The Turkish Statistical Institute (TUIK) published consumer and producer price indices for March. Inflation in March was below expectations. With the effect of the decline in producer prices, the gap between producer-consumer inflation fell to the lowest level in two years.
3. First Togg delivered to President Erdoğan
The domestic electric car brand Togg was delivered to President Recep Tayyip Erdoğan with the delivery ceremony of its first automobile. “Today, we are witnessing the fulfillment of our nation’s 60-year-old dream. We placed the first order in 2019. Today, we receive the first smart device.”
4. Forbes announced the Billionaires List
Forbes has released the 2023 Billionaires List. While Bernard Arnault, the boss of LVMH, took the first place in the Billionaires List, 26 names from Turkey took part in the list this year. The richest person was İbrahim Erdemoğlu, the boss of SASA, Chairman of the Board of Directors of Erdemoğlu Holding.
5. Additional required reserve for the bank that cannot meet the 60% TL share in the deposit
An additional 5 points of FX required reserve will be applied to banks with a share of TL below 60 percent of total deposits.
6. US job growth cools, wages soar
March non-farm employment data in the USA has been published. Although limited, the data showed that there was an increase in non-farm employment above the expectations. However, employment growth has cooled. On the other hand, the increase in wages drew attention.
7. Tesla starts sales in Turkey
Tesla announced that it will start sales in Türkiye with the launch it organized. The US electric vehicle giant will first enter Turkey with the Model Y vehicle. It was stated that pre-orders will be taken as of April 4, while deliveries will be made in May.