During the last two weeks, the Turkish economy was highlighted by the following items:
- CPI index rose by 2.4%m/m in Sept09, implying a 5.5%y/y increase.
- Foreign Trade deficit keeps on contracting while Exports registered its first y/y increase (+3.4%) since Oct08.
- Fitch upgraded Turkey’s long term foreign currency rating by two notches to BB+.
- IMF: no concrete development was recorded except State Minister Babacan’s statements that discussions are coming to an end with the Fund.