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Erkan Presenting First Inflation Report of Term as Governor

TURKEY
  • Newly installed CBRT governor Erkan has begun presenting her first inflation report after taking the role after Erdogan’s re-election. Markets are still awaiting the headline year-end inflation forecast, which is expected to be revised markedly higher given the currency weakness since the second Presidential vote. The pre-existing inflation forecast is for 22.3% at year-end, and analysts see Turkey revising this higher to north of 50%.
  • Following the foreign ministers meeting yesterday, China's Wang said: "China is ready to enhance mutual strategic trust, deepen cooperation with Türkiye” and that "China is willing to import more quality Turkish products, support companies of two countries to settle trade in local currencies.... China is willing to encourage more Chinese companies to invest and do business in Türkiye."
  • The comments capped a productive week for Erdogan, who has signed multi-billion dollar deals with Saudi Arabia and UAE and lifted a Dutch arms embargo in recent weeks.
  • The CBRT also publish the minutes of their July 20th rate decision at 2pm local time (1200BST).
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