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Currency-Protected Savings Accounts See First Net Outflow Since Launch

TURKEY
  • Some attention paid to yesterday’s disclosures from the banking regulator that the currency-protected deposit accounts scheme showed its first net outflow since launch just under a year ago. FX-protected deposits fell 0.6% in the week ending November 18th. The move may softer demand from savers to protect against FX swings in the TRY.
  • The CBRT’s financial stability report released this morning sees little impact on balance sheets from macroprudential regulations pushed through this year, with bank balance sheets healthy enough to tolerate and manage interest rate shocks.
  • Erdogan is due to speak later today in Istanbul, and will meet with the Pakistan PM later today. Meanwhile, a Parliamentary commission is set to debate the 2023 budget. After the close, Moody’s are set to review the Turkish sovereign rating, currently at B3; outlook stable.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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