Turkey Economic Agenda: CBRT and Fund Developments
While CBRT Governor Karahan stated that the risk of the fund crisis spilling over into the system is limited, payments up to 1 million TL in liquidated funds are expected to begin in October.
In Turkey's economy and market agenda, CBRT Governor Fatih Karahan's evaluations regarding the fund crisis, liquidated investment fund payments, and updates to growth forecasts stood out.
CBRT Governor Fatih Karahan stated that the risk of the fund crisis spilling over into the financial system is limited and that confidence in the Turkish lira remains strong. While the IMF and JPMorgan lowered Turkey's growth forecast, the current account balance posted a surplus above expectations in August.
Principal payments of up to 1 million TL in liquidated investment funds are expected to begin in October. While it was reported that a total of 6.4 billion TL was paid to 43,643 investors in the process, MSCI froze changes to Turkey indices.
Turkey Insurance General Manager Taha Çakmak resigned from his office, while Akbank went to a settlement with the Competition Authority, accepting an administrative fine of 1.7 billion TL. The installment limit for brand-new mobile phone sales was raised to 40,000 TL.