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Erdogan, Stoltenberg to Clash Over Sweden’s NATO Bid

TURKEY
  • The CBRT’s Inflation Assessment outlined the bank’s view that prices are close to the midpoint of the path they envisioned in the July Inflation Report, with alternative core price indicators confirming a moderate slowdown in monthly increases.
  • Erdogan is to meet with NATO’s Stoltenberg later today, at which the two leaders will likely discuss reports that Turkey is unlikely to sign off on Sweden’s NATO bid in 2022. The meeting is due to begin at 4.30pm local time (1330GMT / 0930ET).
  • An opinion piece in Dunya today writes that the TRY exchange rate has begun to endanger exports, with the USD/TRY and EUR/TRY rates no longer rising despite negative real interest rates. This works against profitability of industry, with input costs via energy and wage bills prompting many to reduce reliance on exports and re-focus on domestic sales.

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