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Erdogan Pledges to Bring Inflation to Single-Digits

TURKEY
  • President Erdogan reiterated his pledge to bring inflation back down to single figures following a cabinet meeting in Ankara yesterday. As a reminder, consumer inflation climbed to 47.8% in July on the back of tax increases and weak lira.
  • The growth rate of commercial loans within the banking sector has declined to 4.61% in 13-week annualised terms, Ekonomi report. This rate indicates the slowest growth since May 2021, with the contraction of commercial loans in private banks hitting its highest level in 4.5 years.
  • Turkey levied a 20% additional tax on jewellery made from gold, diamonds, and gold-plated materials, according to decree published in official gazette. The decision said that gold imports originating from countries without a free trade agreement and that are not in the European Union will be charged an additional fee on top of existing import and other duties.
  • There are no major data releases planned for today. Unemployment rate, industrial production, retail sales and current account data are all on the docket later this week.
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