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TURKEY: Economic Confidence at Multi-Month Low, CBRT Minutes Scheduled

TURKEY
  • Turkey's economic confidence fell to 94.364 in July from 95.759 in June, according to the Turkish Statistical Institute. That marks the lowest for the series since August 2024.
  • Cash withdrawals from credit cards fell sharply in Q2, Ekonomi report. They add that after the monthly interest was increased to 5% in March, withdrawals fell by 54% q/q in real terms.
  • According to statement by Turk-Is labor confederation, the minimum monthly food spend of a four-person family in the capital Ankara, described as “hunger threshold,” rose 1.3% in July from previous month to $581 per month.
  • The CBRT will publish a summary of the July 23 rate meeting at 12:00BST/14:00 local time. Meanwhile, the banking regulator publishes industry’s aggregate data this afternoon. Trade balance figures for June provide the highlight on the local slate this week and will cross tomorrow morning (Est: -$6.40bn; Prior: -$6.50bn).
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