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Turkey and UAE Sign Deals Worth $50.7b

  • Turkey and the UAE have signed deals worth $50.7b as President Erdogan concluded a three-day tour of the Gulf. “Today we have witnessed the signings of several strategic agreements and MOUs worth a total of $50.7b to further cement ties between the UAE and Turkey,” Finance Minister Mehmet Simsek tweeted late Wednesday.
  • Turkey's adjusted consumer confidence fell to 80.1 in July from 85.1 in June, according to data released by the Turkish Statistical Institute this morning.
  • The CBRT are expected to deliver another rate hike today (1200BST/1400 local time) having raised the one-week repo rate by 650bps in June and signalling that more is to come. Simsek’s appointment following Erdogan’s re-election has already resulted in tighter financial conditions, a less interventionist approach to markets and a simplification of a muddied transmission mechanism. Sell-side consensus is for the tightening cycle to continue with estimates of a rate hike ranging between 250-500bps.

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