Page 11 - TURKRptJun22

So, the summer decline in gas imports is not producing the expected recovery in trade balance. The central bankers should now work harder to write bigger tourism revenues for a recovery in the current account deficit.
● USD/TRY: Latest record - 18.8760 recorded on December 1. Since May 24, the Erdogan regime has been aiming to keep the
USD/TRY pair below the 16.50-level.
It has been burning through the reserves again, sending high volumes
up in smoke.
Fresh money is flowing on to the central bank's balance sheet from exporters and tourism companies, but its reserves are declining.
Turkey’s 5-year credit default swaps (CDS), meanwhile, hit 738 on May 26 while the yield on the Turkish government’s 10-year eurobonds remains in the 9%s.
11 TURKEY Country Report June 2022 www.intellinews.com