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Central Bank Cite Drop in Energy Prices in Monthly Inflation Report

TURKEY
  • The monthly drop in energy prices was 21% in May, led by free gas to households in the month, the central bank said in its assessment of monthly price developments. Services prices rose 4.6% m/m, taking the group’s annual inflation to 59.95%.
  • Ekonomi run a piece in which they say that Mehmet Simsek’s recent comments, which likely precede a change in economic policy, signal that new names may be seen at the top of the Central Bank and Ministry of Treasury and Finance as well as at the market regulators and banking watchdog.
  • Turkey’s newly appointed foreign minister, Hakan Fidan, has emphasised that he will work to further improve “national foreign policy” in line with President Erdogan’s vision and values during his tenure.
  • President Erdogan will chair a cabinet meeting today at 1300BST/1500 local time while effective exchange rate data will be published this afternoon.

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