CANADA TO PUBLISH FISCAL UPDATE ON DEC. 16

MNI BRIEF: Inflation Expectations Tick Higher - NY Fed

MNI BRIEF: China Passenger Car Sales Up In November Y/Y

MNI BRIEF: Mexico Inflation Down To 4.55% In November

MNI China Daily Summary: Monday, December 9

MNI BRIEF: China To Strengthen Policy Easing In 2025: Poliburo

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

EZ/UK T-Bill Calendar: Spain, Belgium Auction on Tuesday

MNI:US OCT WHOLESALE INV 0.2%; SALES -0.1%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Turkey Raises End-2023 Inflation Estimate to 65% from 58%

TURKEY
  • The central bank has lifted its inflation outlook sharply higher for the next two years. Governor Erkan announced a new end-2023 estimate of 65% (Prior: 58%) and said price growth will finish next year at 36% (Prior: 33%), peaking at 70-75% in May. She added that she expects disinflation to begin in the second half of next year.
  • Other comments largely reflected previous rhetoric from central bank officials. She said tightening will continue until the outlook improves, while some indicators for prices in October point to a decline in the underlying trend of monthly inflation.
    • Her full speech can be found here.
  • The central bank also introduced new measures to encourage saving in TRY. The latest changes make it more expensive for commercial lenders to offer accounts denominated in hard currency or linked to foreign exchange rates, according to new regulation published in the Official Gazette. Banks are now required to hold a higher amount of reserves at the monetary authority for FX-linked deposits they offer to consumers, with the increase in costs likely to discourage lenders from promoting the KKM accounts.
  • Erkan cited data which shows that the share of TRY in total deposits has increased by 5ppts in the past 8 weeks as evidence of the success of previous measures.
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.