Turkey’s current account balance posted USD 2.68bn deficit in November, down USD 866m year-on-year, according to the Central Bank. Thus, the current account balance posted a deficit for the first time after three months. The current account balance was forecasted to post around USD 2.2bn deficit in November. The 12-month rolling current account deficit (CAD),...
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Current account balance posts USD 2.68bn deficit in November
Card expenditures up due to inflation and TRY devaluation
BY SEBNEM TURHAN Turkey’s credit and debit card expenditures rose by 31.4% to TRY 213.6bn in December compared to November, according to the Central Bank. People’s grocery expenses surged by 38% to TRY 41.04bn and overall food spending increased by 37% in the same period. Skyrocketing inflation and the expectation that prices could increase at...
Central Bank emphasizes ‘FX transitivity’
The developments in foreign exchange (FX) rates reflected on the increase in many items of inflation, while producer prices driven pressures were strongly felt as a result of TRY’s devaluation, according to the Central Bank’s price developments report about the outlook of inflation, which hit a 19-year high at 36.08% in December. The bank said...
Central Bank eyes 5% inflation with ease in monetary policy
The Central Bank (CBRT) remained the inflation target at 5% in the Monetary and Exchange Rate Policy Report for 2022. The bank will work to strengthen its reserves in line with the report, which didn’t include statements about the tight monetary policy. Although the financial stability was emphasized in the report, statements about the tight...
Private sector’s external debt down in October
The private sector’s outstanding foreign loans in October totaled USD 169.8bn, down by USD 3.1bn compared to the end of 2020, according to the Central Bank The short-term loans – excluding trade credits – of the sector received from abroad were USD 8.4bn as of October, down by USD 1.3bn from the end of last...
Central Bank cuts interest rate by another 100 basis points
The Central Bank of the Republic of Turkey (CBRT) cut the interest rate to 14% in line with the market expectations. Noting that the cumulative effects will be closely monitored in the first quarter of the coming year, the CBRT pointed out that a comprehensive policy framework review process will be carried out in this...