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Trade Deficit Widens in May; CB Governor to Meet Bankers

TURKEY
  • Dunya report that central bank Governor Hafize Gaye Erkan will meet with banking executives in Istanbul on Friday. The newspaper report that Erkan will discuss bankers’ requests and issues in the banking sector.
  • The central bank has tweaked calculation rules of the reference interest rate for credit cards, according to decision published in official gazette. Furthermore, the new monthly maximum lira interest rate on credit card transactions has been raised to 1.91%, from 1.36%.
  • The trade deficit widened to $12.527b (Est: -$12.70b) in May from a revised -$8.8b in April, according to the Turkish Statistical Institute. Exports rose 14.4% y/y with imports seen rising 15.5% y/y. The rise in exports was led by a 14.9% y/y increase in the export of manufacturing goods while imports of consumption goods rose 74.9% y/y.
  • Meanwhile, Turkey's economic confidence fell to 101.12 in June from 103.69 in May. Foreign tourist arrival data is on the docket at 0900BST/1100 local time. Our review of yesterday’s CBRT rate decision will be released later today.
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