What matters this morning

The International Monetary Fund (IMF) has revised its World Economic Outlook Report. The 2021 global economic growth forecast was kept unchanged in the report while the institution pointed out increasing difference between developed and developing countries. The global economy is projected to grow by 6% for 2021 and the growth was upgraded from 4.4% to 4.9% for 2022. However, IMF downgraded the growth forecast for Turkey from 6% to 5.8% for 2021 and from 3.5% to 3.3% for 2022.

Moreover, the IMF also stated that access to the COVID-19 vaccine split the global recovery into two blocs: those that can look forward to further normalization of activity later this year (almost all advanced economies) and those that will still face infections and rising COVID death tolls. However, the recovery isn’t assured even in countries where infections are currently very low, according to the report. In the meantime, the number of daily coronavirus cases in the country saw 19,761 while 51 people lost their lives in the last 24 hours.

Looking at the money market, USD/TRY, which hovered around 8.55 during the holiday, is traded at 8.56 this morning while EUR/TRY reached 10.11.

Gold prices exceeded USD 1,800 as USD depreciated against leading currency units. Spot gold surged by 0.32% to USD 1,804 per ounce.

Oil prices also increase as the weekly data of the American Petroleum Institute (API) read that the U.S. oil stocks dropped beyond expectations. Brent crude surged by USD 0.30 to USD 74.78 per barrel compared to yesterday.


The trip expenditures of domestic tourists rose by 49.7% to TRY 6.07bn in Q1, compared to the same period of the previous year, according to the Turkish Statistical Institute (TurkStat).

The number of road motor vehicle registrations surged by 35.7% to 104,316 in June, compared to the previous month, according to TurkStat.

The Central Bank will release international reserves and foreign currency liquidity figures for June.

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