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TURKEY: IMF Warns of Risks to Gradual Approach of Inflation Fight

TURKEY
  • During a routine Article IV consultation late last week, the IMF said, “The authorities’ gradual approach to fighting inflation prolongs the period during which risks might occur.” It recommended “larger and more frontloaded” steps to cut the budget deficit and “urged authorities to press ahead with coordinated fiscal, monetary, and incomes policies.”
  • President Erdogan will chair a cabinet meeting in Ankara this afternoon, with Hurriyet reporting that violent incidents will be the main item on the agenda. There are no data releases scheduled for today.
  • The CBRT rate decision is the key local risk event of the week on Thursday, where the central bank is widely expected to keep its one-week repo rate unchanged at 50%. Our full preview for the decision, with a summary of sell-side analyst views, will be released tomorrow.

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