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Topic

Turkey's central bank

Turkey's C/A deficit seen at $2.2bn in April

Turkey's C/A deficit seen at $2.2bn in April

Published 09 Jun, 2021 07:02pm
  • Turkey's import-reliant economy, worth $717 billion in 2020, has been prone to big trade deficits and a boom-bust growth cycle that was exacerbated by last year's pandemic.
  • The median estimate for the full-year deficit was $25 billion, in a range of $23 billion to $29.09 billion.
Turkey's C/A deficit seen $3.8bn in March

Turkey's C/A deficit seen $3.8bn in March

Published 06 May, 2021 06:38pm
  • Turkey's import-reliant economy, worth $717 billion in 2020, has been prone to big trade deficits and a boom-bust growth cycle that was exacerbated by last year's pandemic.
  • The median estimate in a Reuters poll of 10 economists showed a deficit of $3.8 billion in March, with estimates ranging between deficits of $3.5 billion and $4.3 billion.
Turkish central bank sees year-end inflation at 12pc, pledges tight policy

Turkish central bank sees year-end inflation at 12pc, pledges tight policy

Published 29 Apr, 2021 05:47pm
  • Kavcioglu sought in the presentation to convince economists that he would be as decisive as his predecessor, Naci Agbal, a respected policy hawk, in bringing down inflation to a 5% target over the next three years.
  • "We have given clear guidance ... saying that the policy rate will be above inflation and we will continue that," the governor said in a mostly prepared presentation. "We will continue the tight policy stance."
Turkey's net FX reserves rise to $10.6bn from 18-year low

Turkey's net FX reserves rise to $10.6bn from 18-year low

Published 22 Apr, 2021 05:36pm
  • A week earlier the reserves - which have become the focus of the political opposition's criticism in recent weeks - had fallen to $9.93 billion, their lowest level since April 2003.
  • The reserves plunged last year as state banks sold off $128 billion to stabilise the lira, which still lost 20% of its value in 2020. Net forex reserves were around $41 billion at the end of 2019.
Turkish central bank holds rates, drops policy pledge under new chief

Turkish central bank holds rates, drops policy pledge under new chief

Published 15 Apr, 2021 06:02pm
  • In a statement, the bank also ditched last month's pledge to "decisively" maintain a tight monetary policy "for an extended period" to address inflation, which has risen above 16% and been in double-digits for most of the last four years.
  • The lira slipped as much as 0.7% to 8.125 versus the dollar after the bank under new governor Sahap Kavcioglu replaced the hawkish guidance with a softer assessment of risks to inflation that analysts said signalled interest rate cuts were on the way.
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