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Ratio of TRY Deposits in Total Deposits Increases to Highest in Over 6 Months

TURKEY
  • Following recent increases in the policy rate and simplification of macroprudential measures, the ratio of standard TRY deposits in total deposits increased to 38.55%, reaching the highest level in just over 6 months, Ekonomi report.
  • TRY771bln of the TRY993.2bln increase in tax collected in the July-October period came from indirect taxes such as VAT and special consumption tax paid by consumers, Dunya write.
  • The CBRT rate decision is the highlight of the week on Thursday. The median of the Bloomberg survey sees a 250bp rate hike in November, though estimates range up to a larger 500bp increase. A 250bp hike would bring cumulative tightening to 2900bps since May.
  • President Erdogan chairs cabinet meeting in Ankara at 1200GMT/1500 local time. The Foreign Ministry’s 2024 budget will be discussed at parliament.
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