Page 9 - TURKRptJun21

● Balance of Payments: Current account deficit continues. Financial outflows will be watched in the coming period.
Some more portfolio outflows from Turkey are expected. There won’t be much left soon.
As a result, the game will be played only among locals and the current account deficit will be watched.
It was early in November when it dawned on the government that it did not have the firepower to continue defending the lira the way it had been.
A sharp U-turn that brought in a central bank governor triggered hot money inflows from abroad. On March 19, the governor was fired.
● Eurobond auctions: Anadolu Efes (AEFES) is on the way.
● NPLs, bailouts and debt restructuring queues continue.
● Snap polls?
Erdogan is in trouble in all fields. He is in a big hole. He is open to any kind of frenzy.
● The ultimate end: Turkey still has access to borrowing on the markets—though each instance of borrowing at these costs brings the country closer to the ultimate end, namely an economic and political surrender to an IMF programme.
A new version of the ruling party, Erdogan’s Justice and Development Party (AKP), working under an IMF programme is the likeliest potential major change you might see on the road ahead.
2.2 Business and consumer confidence surveys
74% of Turkey’s students have difficulties in accessing technology for online education, while about half do not attend any online education event, according to a survey conducted among teachers by the Egitim-Bir-Sen union.
Some 4mn students in Turkey have not been able to access distance education in the school year to date amid the ongoing coronavirus crisis, according to another report by the Education and Science Workers' Union
9 TURKEY Country Report June 2021 www.intellinews.com