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Manufacturing PMI Hits Lowest Level Since Dec’22

TURKEY
  • The ICI and S&P Global Manufacturing PMI for Turkey in October fell to 48.4 from 49.6 the month prior – marking the lowest reading since December 2022.
  • Turkey may exclude financial institutions from its planned switch to hyperinflation accounting, Treasury and Finance Minister Simsek said according to Bloomberg, a move that could support the state’s tax income. Hyperinflation accounting involves adjusting companies’ financial statements to reflect the impact of extreme price changes on purchasing power and profitability.
  • Emphasising that price stability is the top priority, Hurriyet report Simsek as saying: “We are carrying out a comprehensive study on the removal of ineffective exceptions, exemptions and discounts. In this context, we are reviewing tax laws.”
  • The discount rate to be used in rediscount transactions carried out on notes that have a maximum of 3 months to maturity was raised to 35.75% from 30.75%, while the rate on advance transactions was raised to 36.75% from 31.75%, according to a central bank decision published in the official gazette.
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