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Simsek to Meet with Investors; CBRT Release Price Developments Report

TURKEY
  • Treasury and Finance Minister Simsek will meet foreign investors in Istanbul at an event organised by JPMorgan. Bloomberg reported yesterday that Simsek will meet with representatives of JP Morgan, BlackRock, Singapore Wealth Fund and Franklin Templeton. Central Bank Governor Erkan will also attend the meeting.
  • In its monthly report on price developments, the CBRT cited tax hikes and lira depreciation as the main causes of higher inflation. It added that the monthly rise in services inflation is significant. Food prices saw a significant increase while core goods inflation remained driven by durable consumption goods, with high and rapid exchange rate pass-through.
  • Even though interest rates on loans have increased to 50%, the amount of consumer loans issued increased by 52% in a year, Sozcu report. Vehicle loans increased by more than 233% as buyers looked to cars as investments.

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