Türkiye

The weekly growth of FX-adjusted credits turned into a contraction from 0.5% to -0.4% due to both commercial and consumer credits in the sector.

The Central Bank kept the policy rate at 50% in line with expectations, maintaining a wait and see approach with a hawkish message. They highlight a potential temporary increase in monthly inflation in July, but expect the rise in the underlying inflation trend to be limited.

The economic activity shows signs of cooling, while the normalization in demand continues to be gradual. The inflation trend continues easing in the presence of historically much tighter monetary stance. Still, high inflation expectations and supportive fiscal stance remain as the challenges on the inflation outlook.

The negative growth seen last week in FX-adjusted weekly credit growth turned back into strong growth as of end of 2Q’24. The acceleration was due to commercial and consumer credits of both public and private banks. Total credits’ 4 week average trend rose to 0.4%.

This study demonstrates how expenditures between regions can be used to estimate domestic tourism, and gain further insights into its dynamics. We discuss additional use cases of the methodology, and offer suggestions on how it can be specialized for asking different types of questions.

FC adjusted weekly credit growth continued to decelerate for the 2nd week in a row; and turned into negative growth from 1% to -0.06% due to significant deceleration in both commercial and consumer credits in the sector.