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Current Account Deteriorates on Energy Imports

TURKEY
  • Current account balance data showed a deeper deficit than forecast of $3.46bln vs. Exp. Deficit of $3.40bln. This has prompted a widening in the deficit to 191% of GDP primarily on the back of energy imports, with Russia remaining a key source of energy trade for Ankara.
  • Dunya report that consumer loans are tightening in-line with monetary tightening undertaken by the Central Bank as part of their macroprudential measures to keep the policy rate at a constant 14%. According to the data from the Central Bank, as of the week of July 29, commercial loan rates decreased to 28.51% from 31.33%. Though rates are high, demand for loans also remains high due to high rates of inflation, low TRY purchasing power and the increase in demand across the holiday period.
  • President Erdogan will speak in Ankara today at 1200BST (2pm local), appearing at a ceremony of an opening of hydropower plants. At 5:30pm local, Foreign Minister Cavusoglu holds a press conference.
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