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Grain Corridor Talks See Real Progress, to Meet Again Next Week

TURKEY
  • Hurriyet cites finance minister Nebati as saying the fight for price stability will continue, with the FX-protected deposit schemes helping curb local demand for FX. Nebati added that even though inflation inertia limits the impacts of tax reductions on price increases, those measures taken show determination and still help slow inflation.
  • Following grain corridor talks in Istanbul yesterday, negotiations appear to have been constructive, in a move that could bolster the supply of food staples globally. The two sides agreed to the setting up of a monitoring unit in Istanbul and further meetings will take place next week.
  • May Industrial Production grew by 0.5% m/m, coming in stronger than the anticipated -0.3% m/m contraction. Manufacturing accounted for the bulk of IP growth, increasing by 0.8% m/m, whilst mining and energy decreased by 3.0% m/m and 0.3% m/m respectively.
  • Real retail sales saw a strong 1.9% m/m and 20.8% y/y expansion in May, whereby food sales saw a significant 2.8% m/m uptick abd automotive fuels jumped 7.8% m/m. This May data highlights the Turkish economy's robustness in the face of the falling Lira, however with inflation soaring at 78.62% y/y in June, downside risks to growth may materialise in upcoming months, particulaly if the tourist season disappoints.
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