Markets eye on the Central Bank

In the economy, eyes are focused on the steps taken to combat inflation, which has entered a period of decline, on the one hand, and on the growth data for the April-June period on the other.

The economy will spend August and the first week of September with a busy data agenda.

Central Bank of the Republic of Turkey (CBRT) Governor Fatih Karahan will share the 3rd Inflation Report of the year with the public tomorrow.

Karahan had stated in his previous report presentation, “We updated the 2024 year-end inflation forecast by 2 points to 38 percent. We maintained the 2025 and 2026 forecasts at 14 percent and 9 percent, respectively.”

ALL EYES ON THE CENTRAL BANK

The markets will keep an eye on the TCMB Monetary Policy Committee (PPK) on August 20. The Central Bank will announce the policy rate to the public. At its July meeting, the Committee had kept the policy rate, the one-week repo auction interest rate, unchanged at 50 percent.

TÜİK will also announce the July foreign trade statistics and August economic confidence index data at the end of the month.

SECOND QUARTER GROWTH DATA

The Turkish Statistical Institute (TÜİK) will announce the gross domestic product (GDP) data for the second quarter of the year on September 2. Turkey had grown by 5.7 percent in the first quarter of this year. The GDP estimate using the production method was 8 trillion 822 billion 248 million liras in the first quarter, up 90 percent compared to the same quarter of the previous year at current prices, and 285 billion 572 million dollars in dollar terms at current prices.

August inflation data will be announced on September 3. CPI increased by 3.23 percent on a monthly basis in July, while PPI increased by 1.94 percent. Annual inflation was 61.78 percent in consumer prices and 41.37 percent in domestic producer prices.