This will be a new and critical episode for the markets following the long Eid al-Adha or the “Feast of Sacrifice” holiday.
There is pressure on the Turkish Central Bank to raise the interest rates, though it is not clear if it will produce a result or not.
We have become a country where the first thing people start doing in the mornings when they wake up is to check foreign exchange rates, even when they are on holiday.
While a fluctuating trend is continuing in the markets, expectations about the Medium Term Program (OVP) in the framework of the future of the economy is growing day by day.
Presidential spokesperson İbrahim Kalın has announced economy was on the table in the first cabinet meeting of the new period and that the Medium Term Program would be announced in a few weeks.
The new cabinet ministers and economy-related ministers, long awaited by the markets, were announced on July 9. Some of the appointments to the cabinet and to economy-related ministries are rather surprising.
The markets are keeping a close eye on cabinet members to be named on July 9. Analysts argue that naming the cabinet and the economic management team would not do the job, but equally important is the decision the Central Bank is set to make at its July 24 monetary policy committee meeting.
We are only now starting to see the economic effects of what happened prior to the June 24 elections. The June inflation rate, which will be announced today, is expected to stand at 1.4 percent, whereas the consumer price index is expected to see a 14 percent rise on a yearly basis.
The Turkish markets seem to be volatile after the presidential and parliamentary elections on June 24. While the market players wait to see the new economic management team and the policy agenda, the business world has already declared their demands for reform.