Price hike in alcoholic beverages and tobacco group and high course in clothing prices adversely affected inflation. However, an Is Yatirim report has a complete different view. Turkish Statistical Institute’s calculation methodology used the September prices as consumer could not buy automotive products due to the chip problem shortage, This was determinant for inflation to remain below expectations, according to Is Yatirim’s inflation analysis. “… We consider this a temporary situation. As the supply problems ease in the automotive industry, increases in online listing prices will be reflected on Turkstat data,” the analysis read.
The Central Bank’s (CB) recent interest rate cut have further eroded the bank’s credibility, according to Maxim Rybnikov, EMEA Country Ratings Director of Standard&Poors. He said that the CB lowered the policy rate while inflation is four times higher than targets and this situation increases risks towards efficiency of the monetary policy with dollarization for the future. “It seems hard to convince investors to return to TRY due to increasing inflation, volatility in TRY and unpredictable policies,” Rybnikov added.
Some 29,764 new coronavirus cases and 246 deaths due to the COVID-19 were reported in the last 24 hours by the Health Ministry. So far over 116.8 million coronavirus vaccine jabs have been administered. More than 55.5 million people have received their first doses, while around 48.9 million are fully vaccinated. Over 11.25 million people have been given booster shots.
Health Minister Fahrettin Koca said they start to give booster shots for those who received two BioNTech doses as of today in line with risk groups.
The Central Bank will release Monthly Price Developments Report for October.
The Central Bank will release the Reel Effective Exchange Rate for October (2.30 pm).
The Central Bank and the Banking Regulation and Supervision Agency (BDDK) will release weekly money and banking statistics (2.30 pm).
The Parliament’s Planning and Budget Commission will discuss the 2022 budget of the Ministry of Foreign Affairs and its affiliated organizations and institutions.
Trade Ministry Lutfi Elvan will attend the ‘Turkiye 2023 Zirvesi ve A Para Sohbetleri’ program to be hosted by media firm Turkuvaz Medya (6.00 pm).
READ SELECTED ARTICLE FROM OUR PRINT MAGAZINE:
Officials from Brussels including 10 Belgian companies met Turkish companies in Istanbul and the capital Ankara to develop new commercial cooperation.