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TURKEY: CBRT Governor Says Turkey to Maintain Tight Policy

TURKEY
  • Speaking in an interview to Reuters, CBRT Governor Fatih Karahan said "We will maintain tightness and wait for data and expectations to get in line with our disinflation path. We think we still have some way to go in this regard." On inflation, Karahan noted that "We are seeing signs of demand rebalancing and its impact on prices”, but added that “it is not healthy to draw conclusions from a single data point in this period of high volatility.”
  • Commenting on inflation in June, the CBRT note that energy prices increased by 4.91% in May, and annual energy inflation soared by 46.85 points to 89.68% due to the base effect. It added that the services group recorded further hikes in monthly price changes, while price increases lost pace in the durable goods subgroup. Following the mild course in the Turkish lira, the monthly increase in producer prices waned significantly, it added. See the full report here.
  • Exports fell sharply in June due to the 9-day holiday, the contraction in European market and regional tensions, Dunya report, adding that exporters are struggling due to minimum wages, high rates and low exchange rates.
  • The Turkish banking regulator will publish monthly data on the industry at 12:00BST/14:00 local time.
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