On March 14, critical developments in Turkey include the lira trading at 36.6845 to the U.S. dollar, a rise in the BIST 100 index, and potential media closures due to Google’s algorithm changes. Key government officials are attending various events while military operations against Kurdish militants continue. The central bank commits to a strict policy to achieve a 24% inflation target and Turkey’s role in European security is recognized.
On March 14, significant developments in Turkey may impact its financial markets. The Turkish lira (USDTRY) was trading at 36.6845 against the U.S. dollar as of 0512 GMT, after closing at 36.61 the previous day. The BIST 100 index increased by 1.39%, closing at 10,727.58 points on March 13.
Global markets witnessed an uptick with Asian shares rising and an effort to recover from recent sell-offs. Gold prices soared to record highs due to increasing global trade tensions, leading investors towards safer assets.
President Tayyip Erdogan is scheduled to meet with Denis Becirovic, a member of the Bosnian Presidency Council, in Istanbul. Following this, he will attend a Ramadan fast-breaking dinner with health workers at 1200 GMT.
Transport and Infrastructure Minister Abdulkadir Uraloglu will participate in events in Gaziantep, including meetings with local officials and a Ramadan dinner with residents. In Antalya, Culture and Tourism Minister Mehmet Nuri Ersoy will oversee a ceremony for artefacts returned by Denmark to the Antalya Archaeology Museum at 0930 GMT.
A high-level Turkish delegation, including the foreign minister, defence minister, and MIT intelligence chief, is on a working visit to Damascus, although the Foreign Ministry has not disclosed further details regarding this trip.
Several independent media outlets in Turkey are facing potential closures due to Google’s algorithm changes, which have significantly decreased traffic to these platforms.
Turkey is expected to allocate an additional 50.4 billion lira (approximately $1.38 billion) for increased pensioners’ allowances and maternity benefits this year, as indicated in an impact analysis report.
Turkish military operations continue with the defence ministry reporting 24 Kurdish militants killed in recent attacks in northern Iraq and Syria, following disarmament appeals from the PKK leader and a new agreement between U.S.-backed Kurdish units and Damascus.
According to Central Bank Governor Fatih Karahan, Turkey’s central bank will implement necessary measures to meet the targeted year-end inflation rate of 24%, maintaining a strict policy stance.
Turkey is being recognized as a potential key partner in redefining European security, with diplomats and analysts highlighting its importance as Europe seeks to enhance defense strategies in light of the ongoing geopolitical tensions, especially regarding Ukraine.
In summary, the Turkish markets are closely observing developments such as the lira’s value, the rise of global markets, key government meetings, military operations, and financial commitments towards social benefits. These factors together signal a complex economic and political landscape for Turkey that will influence both domestic and international dynamics moving forward.
Original Source: www.tradingview.com
