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TURKEY: Erdogan Says Economic Programme Has Started to Show “Positive Outcomes”

TURKEY
  • Turkey's inflation will fall to "desired levels" by the end of the year since the economic programme has "started to show positive outcomes," President Erdogan said on Tuesday according to Reuters,
  • At the same speech, Erdogan reiterated Turkey’s support for Palestinians and stated that Ankara will continue to oppose any NATO initiatives that favor Israel. Turkey has mobilized all possible means to pressure the current Israeli government into a cease-fire, he added, citing steps such as halting commercial transactions between the two countries.
  • Data released by the CBRT this morning showed Turkey's house price index rose 45.05% y/y in May versus a revised +48.41% in April, extending the decline from its +189% Y/Y peak in September 2022. Month-on-month, the price index rose 1.26%. Home sales fell 5.2% y/y in June compared to -2.4% the month prior.

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