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CBRT Seen Up-Rating their CPI view at today’s inflation report

TURKEY
  • The CBRT will likely up-rate their year-end CPI view at the release of their inflation report today, with their July view seen at 60%. Most analysts see the estimate rising to nearer 70%, which remains well short of the current trajectory for prices. CBRT governor Kavcioglu is to speak on the inflation report at 1030 local time (0930BST/0430ET).
  • Dunya write that tax exemption rules for the currency-protected deposit scheme for corporations can be applied to 9-month balance sheets, meaning FX converted to TRY for interest, dividends and other earnings for this accounting period will be exempt from corporation tax.
  • Financing conditions for exporters are set to improve, according to ministers attending a meeting with the Turkish Exporters Assembly, with new resources to be made available to combat tighter financing, shrinking markets as well as supply issues, according to Dunya.
  • Final trade balance for September showed the trade deficit narrower than forecast at -$9.595bln vs. Exp. -$10.4bln, while economic confidence rose to 97.1 from 94.3 prior.
  • The central bank’s minutes release from last week’s rate decision crosses at 2pm local time (1300BST). The bank cut rates by a further 150bps to 10.50%.
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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