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TURKEY: Deferred Wage Hikes Helped Small June Inflation Print

TURKEY
  • The President of the Turkish statistics national office Erhan Cetinkaya said a faster-than-expected cooldown in prices in June could be attributed to deferral of civil servant wage hikes, a stable exchange rate and the seasonal trend of slower inflation over the summer, according to Bloomberg.
  • BYD Chairman and Turkey’s Industry & Technology Minister officially signed an agreement on investment yesterday. BYD is set to invest about $1bn and establish a 150k vehicle/year capacity plant and R&D center in Turkey, as had been reported last week.
  • President Erdogan visits Washington today to attend the NATO 75th anniversary summit. There are no major data releases scheduled for today, with unemployment rate and industrial production figures on the docket tomorrow ahead of current account data on Friday.

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