Transfers, scandals, reserves, etc.

TURKEY - Report 20 Sep 2026 by Murat Ucer and Atilla Yesilada

There is still almost a year and a half to the earliest date for elections, our politics author maintains, but President Erdogan has already begun planning. With constitutional talks potentially delayed to early 2027, because PKK is not laying down arms, his only viable path to re-eligibility is an early election called by the parliament. AKP-MHP lack the 360 votes to engineer such a vote. No problem, because according to reliable press sources, the transfer season officially opened.
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Turkey’s fund management scandal briefly brought the country into the global limelight in the worst possible way. Authorities entered the game late, but by the weekend several effective measures were implemented to stop contagion to the broader fund management community.
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There is not a whole lot to report on the econ front, so we limit our remarks to very brief takes on July production indices (“weak but not terrible”), the August budget outturn (“broadly fine”) and latest reserve developments (“not so fine”), saving our energy and appetite hopefully for a fuller (monthly) report planned for next Sunday.

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