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Inflation Expectations Notched Higher for Year-End

TURKEY
  • The CBRT’s CPI survey showed minor upticks to year-end and 12-month inflation expectations in November, with the year-end CPI estimate notched up to 68.06% from 67.78% and 12-month estimates up to 37.47% from 37.34%. 24-month estimates actually fell, dropping to 20.76% from 21.17%.
  • Dunya write today that inflows into the FX-protected deposit accounts have slowed in recent months. The piece flags the more stable FX rate, lower CBRT interest rates as lowering the incentive to invest. Regulator data shows inflows rose just 0.06% last week.
  • In local media news, financial outlet Dunya – closely watched by markets – has been closed down “unwillingly and for reasons beyond our control” with the branding contract seemingly having lapsed. The journalist team continue their coverage at a new outlet: Ekonomim.com.
  • Fitch are due to update their rating for Turkey, which currently stands at B.

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