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Topic

Turkey's economy

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.
Turkish inflation seen at 17.25pc despite central bank's forecast

Turkish inflation seen at 17.25pc despite central bank's forecast

Published 31 May, 2021 06:55pm
  • A recent lira depreciation, sparked by President Tayyip Erdogan's sacking of a hawkish central bank governor, has raised both inflation and expectations for more. The consumer price index (CPI) rose 17.14% in April.
  • The currency's decline of about 15% since mid-March has raised overall prices for import-dependent Turkey and pushed producer price inflation above 35% in April.
Turkish economy to return to form with 6.7pc growth in Q1, 5.5pc in 2021

Turkish economy to return to form with 6.7pc growth in Q1, 5.5pc in 2021

Published 26 May, 2021 08:13pm
  • Forecasts from 13 economists ranged from 4.5% to 7% for the full-year, while the median estimate was up from 4.5% in a February poll. For the first quarter, forecasts from 14 economists ranged from 5% to 7.5%.
  • Turkey's economy grew just 1.8% last year and 0.9% in 2019, well down from an average of about 5% over the last two decades.
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."
Turkish lira firms 1pc, recouping last week's losses

Turkish lira firms 1pc, recouping last week's losses

Published 27 Apr, 2021 06:38pm
  • The currency had declined on expectations of worsening ties between Ankara and Washington. Further pressuring the lira, Central Bank Governor Sahap Kavcioglu on Friday defended forex reserve sales under a previous administration aimed at providing support for the lira and said further rate hikes could damage the economy.
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.
Turkey inflation above 16pc in test for new central bank chief

Turkey inflation above 16pc in test for new central bank chief

Published 05 Apr, 2021 06:13pm
  • The data was in line with forecasts and shows inflation has risen for six straight months to well above a 5% official target. It has been in double digits for most of the past four years.
  • There are signs the weaker lira is raising prices: the producer price index jumped 4.13% month-on-month in March for an annual rise of 31.2%, the Turkish Statistical Institute data showed.
Turkey's new central bank head promises investors tight policy

Turkey's new central bank head promises investors tight policy

Published 01 Apr, 2021 05:36pm
  • Two sources said that a senior bank official added on the call there would be no premature interest rate cuts, and that inflation was close to the upper bound of its forecasts.
  • President Tayyip Erdogan fired former governor Naci Agbal on March 20 in a shock move that sent the lira down 13% as investors predicted a quick pivot to loose policy, given Kavcioglu's past criticism of Agbal's tight stance.
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