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Retail Sales Rise 25.1% Y/Y in February

TURKEY
  • Turkey's retail sales rose 25.1% y/y in February versus a revised +13.7% in January, according to the Turkish Statistical Institute, its highest level since July last year. Month-on-month, retail sales rose 3.5% compared to a revised +2.7% the month prior.
  • Total cost undertaken by the Treasury and the central bank in the past two years due to FX-protected deposits approached $48bln, Ekonomi report. Detailed data regarding the central bank's financial statements will be presented to the General Assembly on April 30.
  • President Erdogan will chair a cabinet meeting this afternoon, with issues including tensions between Israel and Iran, inflation and pensions expected to be discussed. Looking ahead, current account data for February will cross tomorrow morning, where the deficit is expected to expand from $2.56bln to $3.70bln.
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