Page 12 - TURKRptJun22

● Balance of Payments: The current account deficit ran wild again and hopes are pinned on tourism revenues in the summer.
Financial flows stopped; as a result, they are stable. Turks are waking up as the USD/TRY rate is rising again.
Debt-rollovers continue undeterred but with no fresh inflow. Eurobond auctions stopped in March. Net FDI remains around zero. Nothing much comes via unidentified flows channel.
The Turkish central bank’s net FX position stood at minus $61bn as of June 1 (Chart by @e507).
● Eurobond auctions: Nothing since March.
● NPLs, bailouts and debt restructuring queues build up.
● Snap polls: How the Erdogan regime will end is under discussion.
The ultimate end: A new version of the ruling AKP, working under an IMF programme, is the likeliest potential major change you might see on the road ahead.
12 TURKEY Country Report June 2022 www.intellinews.com