While global markets focused attention on debt limit developments and inflation data in the USA, the only agenda in the week we left behind was election scenarios and the reaction of the markets.
TURKEY’S CREDIT RISK PREMIUM DECREASED BELOW 500 POINTS
Turkey’s 5-year credit risk premium (CDS) fell below 500 basis points, with a daily decline of more than 50 points.
volatility peaks in USD/TL
Presidential candidate Muharrem İnce’s withdrawal increased the probability that Sunday’s elections would result in the first round, resulting in a sharp rise in the stock market yesterday and a decrease in CDS pricing. The volatility of the dollar/TL increased due to the developments in the political scene.
BORSA HAS BENEFITED 7.9 PERCENT AFTER MUHARREM İNCE’S STATEMENT OF WITHDRAWAL
After one of the presidential candidates, Homeland Party Chairman Muharrem İnce withdrew from the candidacy, the rise accelerated in Borsa Istanbul on Friday. BIST 100 Index, which made a premium of 7.6% after the withdrawal announcement, finished the day with an increase of 7.9%. The rise in the Banking Index exceeded 9.8 percent
CURRENT ACCOUNT THAT NEBATİ SAID ‘CLOSED’ CONTINUES
The Central Bank of the Republic of Turkey (CBRT) published the balance of payments statistics for March. The data showed that Turkey had a current account deficit of 4.5 billion dollars in March. Thus, a current account deficit was seen in the Turkish economy for 17 consecutive months.
Treasury and Finance Minister Nureddin Nebati said about the current account deficit, “We closed it last year, it’s over. When you announce it, you are talking about what has already been closed.”
JANET YELLEN: I HOPE A SOLUTION ON THE DEBT LIMIT
US Treasury Secretary Janet Yellen said she is hopeful about the solution of the debt limit crisis, which is also closely watched by global markets.
