Key Economic and Political Developments of the Day in Turkey and Around the World
A wide range of significant news has emerged today, from the agenda of the Presidential Cabinet to international developments. Meetings concerning the Turkish economy, unemployment data, and financial developments have drawn attention, while political changes in Syria are creating new dynamics in international relations. Globally, developments in the cryptocurrency markets and the economic policies of various countries are shaping the economic landscape.
Presidential Cabinet Convenes
The Presidential Cabinet convened at Beştepe under the chairmanship of President Recep Tayyip Erdoğan. Various economic developments were discussed during the meeting. Vice President Yılmaz noted that the disinflation process is beginning to take effect. He emphasized the importance of tight monetary policy, macroprudential measures, and the stability of the Turkish lira in the declining trend of inflation.
Meanwhile, the total reserves of the Central Bank of the Republic of Turkey (CBRT) have reached an all-time high of $159.4 billion. Net reserves, excluding swaps, have reached $48.5 billion.
Developments in Syria and International Relations
In Syria, the 61-year dominance of the Ba'ath Party has come to an end. Following the popular movements that began in 2011 and the regime's loss of control over the capital, Damascus, the Assad regime has collapsed. Foreign Minister Fidan stated that Syrians who have left their country may be able to return, stressing Turkey's commitment to Syria's national unity and territorial integrity.
Russian news agency TASS reported that Bashar al-Assad and his family arrived in Moscow and have been granted asylum by Russia. According to an unnamed source from the Kremlin, it was indicated that Russia has provided asylum to Assad.
Current Employment Situation and Financial Developments
Minister of Labor and Social Security Vedat Işıkhan announced that 1,302,700 citizens have been placed in jobs through İŞKUR during the January-November 2024 period. The Ministry of Treasury and Finance borrowed 46.2 billion TL in a bond auction. The first issuance of a 4-year maturity TLREF-indexed government bond with coupon payments every three months was carried out, bringing the total sales amount to 46 billion 161.9 million TL.
The Central Bank of Syria announced that citizens' deposits in banks are safe and unaffected. Kremlin spokesperson Dmitriy Peskov expressed that they are open to negotiation on Ukraine based on the Istanbul agreements.
Global Economic Developments
The global number of cryptocurrency investors has reached 562 million, with a 33% increase. According to a report by financial institution Triple-A, Turkey ranks third in the world in terms of the ratio of cryptocurrency ownership to its population. Asia leads in the number of cryptocurrency investors, followed by North America.
The Istanbul Chamber of Industry (ISO) Export Climate Index indicates that improvements in export markets continue, although there was a slight pullback compared to October. Türk Eximbank secured a $45 million loan from the Black Sea Trade and Development Bank.
US President-elect Donald Trump stated that he will not attempt to replace Fed Chairman Jerome Powell. Cleveland Fed President Beth Hammack indicated that it is time to slow the pace of interest rate cuts. Chicago Fed President Austan Goolsbee emphasized the need to be cautious with interest rate cuts.
At the Politburo meeting in China, it was announced that a "modestly loose" monetary policy will be implemented. In China, tax reserves reached $3,265 billion in November, and the People's Bank of China has resumed gold purchases after a six-month hiatus. Meanwhile, the Japanese economy has grown more than expected in the third quarter.