MUST-READS

• Turkey Erdogan Government Raises Minimum Wage by 34% in Second Hike in a Year

  Turkey raised its minimum wage for a second time this year, potentially adding to inflationary pressures making the job of the country’s new economic team harder. The monthly net minimum wage will rise by 34% to 11,402 liras ($483), Labor Minister Vedat Isikhan said in televised comments. That’s an increase of 107% from the end of last year.

• Commentary: Gulf support for Turkey’s Erdogan is about more than economics

  At a time when the UAE and Saudi Arabia adopt positions at odds with the policies of the United States, the region’s security guarantor, they may see Mr. Erdogan as an increasingly important partner irrespective of whether the Gulf states’ moves constitute a genuine policy shift or merely a pressure tactic to persuade the US to be more attentive to their concerns.

• How Turkey’s president Erdogan has maintained a tight grip on power in the country

  Turkish President Recep Tayyip Erdogan, a populist with increasingly authoritarian tendencies, is scheduled to take the oath of office and start his third presidential term Saturday following his latest election win. Erdogan, who has led Turkey as prime minister or president for 20 years, prevailed in a runoff race last weekend despite the country's ongoing economic crisis and his government's criticized response to a February earthquake that killed more than 50,000 people. Known as “reis,” or “the chief,” among his fans, the 69-year-old Erdogan already is the longest-serving leader in the Turkish republic’s history. His reelection to a five-year term that runs until 2028 extends his rule into a third decade, and he could possibly serve longer with the help of a friendly parliament.

• Turkey elections: Why did Kilicdaroglu lose?

  I acknowledge that Erdogan enjoyed certain incumbent advantages, and the playing field was far from level, with the Turkish president utilising state resources to entice voters with the prospect of free household gas, salary increases, tax cuts and affordable loans. He also resorted to a campaign that targeted minorities like the LGBTQ community and disseminated doctored images linking Kilicdaroglu to terrorists. Nonetheless, Kilicdaroglu made some major blunders along the way.

• Lira hits record low as Turkey prepares for new cabinet

  Turkey's lira tumbled on Wednesday to a fresh record low against the dollar as President Tayyip Erdogan prepared to decide the shape of his new cabinet and the direction of economic policy after an election triumph. Former economy chief Mehmet Simsek, who is highly regarded by financial markets for his orthodox policy credentials, is almost certain to be included in the cabinet, either as finance minister or as a vice president, four senior officials said.

• Turkey elections: Five urgent challenges Erdogan will face in his third term

  Last week, Turkey's Central Bank reported negative net foreign exchange reserves for the first time since 2002, with a balance of $151.3m in the red as of 19 May. Erdogan has managed to finance his unorthodox monetary policy of maintaining low interest rates by obtaining currency swaps and injections of billions of dollars from Gulf allies and Russia. However, these resources have been depleted.

• Turkey elections: Erdogan defeats Kilicdaroglu and secures five more years in power

  Recep Tayyip Erdogan eased to a third term as Turkish president on Sunday, defeating his rival Kemal Kilicdaroglu in a closely watched run-off election. With preliminary results putting Erdogan on 52 percent to Kilicdaroglu's 48, the leader of the ruling Justice and Development Party (AKP) greeted a crowd of supporters in Istanbul. "The winner of this election is all the 85 million-strong Turkish nation," Erdogan said, adding that he had been given responsibility to rule for the next five years.

  • Reuters - Turkey's Kilicdaroglu says to continue struggle after vote disappointment
• Iraq Oil Output Continues To Fall Amid Turkey Spat

  Oil production in Iraq’s semi-autonomous Kurdistan Regional Government (KRG)-ruled region has continued to drop, extending a stoppage that has lasted nearly two months. Export flows to Türkiye's Ceyhan port show few signs of restarting months after Ankara halted Iraq’s 450,000 barrels per day (bpd) of exports through the Iraq-Türkiye pipeline on March 25 following an ICC ruling that Türkiye should pay Baghdad damages of $1.5 billion for unauthorized exports by the KRG.

• Turkey’s market rout deepens after Erdogan’s strong election showing

  Turkey's market rout deepened on Tuesday amid investor expectations that President Tayyip Erdogan could be able to extend his rule - and his unorthodox economic policies - into a third decade. Banking stocks and sovereign dollar bonds slid for a second day and the cost of insuring exposure to Turkish debt rose further after Erdogan defied expectations in Sunday's presidential race, securing just under the 50% threshold needed to win outright and giving him the lead over opposition rival Kemal Kilicdaroglu, ahead of the May 28 runoff vote.

• What Turkey’s Elections Mean for the Gulf

  Despite the candidates’ contrasting foreign policy approaches, realpolitik considerations and regional developments may prevent a radical shift in Turkish foreign policy regardless of who wins Turkey’s presidential election.

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