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CBRT Rejig Cements Fresh Approach to Policy

TURKEY
  • The rejig of the CBRT continues, with Erdogan removing 3 deputy governors (Cakmak, Sener and Duman) and appointing Fatih Karahan, Cevdet Akcay and Hatice Karahan as part of the economic revamp after the elections. The new appointees have variously worked at the New York Fed and Yapi ve Kredi Bankasi.
  • The rejig follows Erkan’s first CBRT quarterly inflation report yesterday, at which the bank more than doubled their year-end inflation forecast (to 58% from 22.3% previously). The CBRT governor stressed the need for further tightening and defended the independence of monetary policy.
  • Reviewing the CBRT’s quarterly inflation report, private sector economists have generally endorsed the new inflation view, deeming the projections as “realistic”, according to Dunya.
  • Turkish trade data shows the deficit coming in narrower than forecast at -$5.16bln vs. Exp. -$5.40bln. Both imports and exports fell in June, by 17.5% and 10.5% respectively. The economic confidence release slipped to 99.3 from 101.1.
  • Erdogan appears at a trade conference later today, before meeting the South Korean foreign minister.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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