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February 1, 2011 -

The Turkish Newsletter January 25th, 2011

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During the last two weeks, the Turkish economy was highlighted by the following items:

  • MPC cut the policy rate (1 week repo rate) by 25bps to 6.25%, mainly aimed at curbing hot money inflows into the market, while it raised at the same time short-term TL deposits’ reserve requirement ratio as a move to curb credit growth.
  • Budget deficit surged to TL16.1bn in Dec10, bringing year-end 2010 deficit to TL39.6bn, below Gov’t initial forecast of TL44.2bn and equivalent to 3.5% of expected 2010 GDP.
  • Unemployment rate slightly decreased by 20bps to 11.6% in Oct10.

The Turkish Newsletter January 25th, 2011 (100 ko)