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Share of TRY in Total Deposits Has Decreased Since Elections

TURKEY
  • Despite the new economic management team’s steps aimed at increasing the share of TRY deposits, the share of lira in total deposits decreased from 35% at the beginning of June to 32.3% as of the week to Sep 08, according to banking sector data published by the Banking Regulation and Supervision Agency cited by Ekonomi.
  • Anadolu Agency report that President Erdogan attended a reception in New York on Tuesday hosted by US President Joe Biden for the heads of delegations to the 78th session of the UN General Assembly. Erdogan is set to depart from New York today.
  • There are no data releases on the docket today. Attention will turn to the CBRT rate decision tomorrow, where a 500bp rate hike is expected following a sustained increase in inflation expectations and momentum as well as the backing of tight monetary policy by President Erdogan. Click here to see the full MNI Preview, with a summary of sell-side analyst views.

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