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Consumer prices rose by %2.97 m/m in September, higher than our expectation (2.5%). The annual consumer inflation came down below 50% on the back of base effects, while the underlying consumer inflation trend worsened. We expect inflation to decrease to 43% and 25% by the end of 2024 and 2025, respectively.
The weekly growth of FX-adjusted credits decelerated in the third week of September from 0.6% to 0.3% due to strong contraction in consumer credits in the overall sector.
After 2 weeks of deceleration, the weekly growth of FX-adjusted credits accelerated in the second week of September from 0.2% to 0.6% due to consumer credits in the overall sector.
The Central Bank kept the policy rate unchanged at 50%. The bank smoothed its tone by changing the statement that monetary policy will be tightened when necessary to that monetary policy tools will be used effectively. Still, they emphasize inf…
Economic activity continued to weaken on tighter financial conditions and demand may slow down further in 3Q. We have updated our 2024 growth forecast to 3.2% from 3.5% on base effects, and our 2025 growth forecast to 2.7% from 3.5% on the lagg…
The weekly growth of FX-adjusted credits continued to decelerate in the first week of September from 0.6% to 0.2% due to commercial credits in the overall sector and consumer credits of private banks, as has been happening since mid-August.
The weekly growth of FX-adjusted credits continued to decelerate in the last week of August from 0.9% to 0.6% due to commercial credits in the sector and consumer credits of private banks. Total credits’ 4 week average trend fell to 0.4%.
Consumer prices rose by %2.47 m/m in August, higher than our expectation (2.2%) and consensus (2.3%). As a result, annual consumer inflation came down to 51.9% from 61.8% previously. We forecast inflation trend to improve; reaching 1.5-2% month…
Turkish economy grew by 0.1% q/q and 2.5% y/y in 2Q24. Significant revisions in both 2023 and 1Q24 resulted in a moderation of the quarterly growth path with 0.1% growth in 2Q24 after 1.4% in 1Q24 (vs. 2.4% before revision) in contrast with our…
The slowdown in credit growth started to become more pronounced towards the end of 2Q24 with tight monetary policy and more restrictive macroprudential measures. TL and FC credit growth levels came below the regulatory thresholds.
The weekly growth of FX-adjusted credits continued to decelerate on the 3rd week of August from 0.1% to 0.05% due to consumer credits credits of both public and private banks.
The Central Bank (CBRT) kept the policy rate at 50% in line with the expectations. They repeat their commitment to support monetary transmission mechanism via additional macro-prudential measures if needed.
