TRY in the spotlight: latest news

Turkey's medium-term economic program anticipates inflation rates of 28.5% in 2025 and 16% in 2026, with expectations of single-digit inflation starting in 2027.

Türkiye's government anticipates that inflation will decrease to 28.5% in 2023, further declining to 16% in 2026, and reaching single-digit levels by 2027. Additionally, the economy is projected to achieve a growth rate of 5% by 2028.

Türkiye's government unveiled a new three-year economic roadmap on Monday, which officials claim is designed to restore fiscal discipline and achieve single-digit inflation while promoting a recovery in trend growth.

Turkey's medium-term economic programme predicts that inflation will reach 28.5% in 2025, followed by a decrease to 16% in 2026. The programme also anticipates that inflation will fall to single digits starting in 2027.

Turkey's government announced on Monday that it expects inflation to reach 28.5 percent in 2023, followed by a decline to 16 percent in 2026, and ultimately falling to single-digit levels by 2027.

Türkiye's economic board has adjusted its growth, inflation, and trade targets in the updated Medium-Term Program for 2026–2028, indicating a slower trajectory for economic expansion.

Turkey's government projects that inflation will decrease to 28.5% in 2023, further declining to 16% in 2026, and reaching single-digit levels by 2027.

Turkey's medium-term economic programme predicts that inflation will reach 28.5% in 2025 and decrease to 16% in 2026, with expectations of single-digit inflation by 2027.

Turkey's economy demonstrated impressive annual growth, surpassing the largest economies in Europe and exceeding second-quarter forecasts. This growth was primarily fueled by advancements in the construction and IT sectors.

Commerzbank's FX analyst noted that Turkish inflation is no longer showing significant deceleration, except when viewed through potentially misleading year-on-year comparisons.

Inflation in Turkey has declined for the 15th consecutive month, with the Consumer Price Index (CPI) dropping below 33% in August, as reported by the latest official data released today.

Turkey's annual consumer price inflation decreased to 32.95% in August, according to official data released on Wednesday. This decline was less than anticipated.

Tesla's sales in Turkey surged in August, propelling the company to become the second best-selling automotive brand in the market, surpassing both Toyota and Volkswagen. This growth was largely fueled by consumers taking advantage of tax incentives.

Tesla (NASDAQ:TSLA) is currently trading at $330, facing declining sales in Europe and India. The company's profit margins have decreased to 4.1%, while long-term growth is supported by advancements in AI, robotaxi initiatives, and energy products.

Bitpanda, the Austrian cryptocurrency exchange supported by Peter Thiel and Alan Howard, has decided against pursuing an initial public offering (IPO) in London due to weak trading conditions. Instead, the company is now focusing on potential listings in New York and Frankfurt.

The USD/JPY exchange rate experienced consolidation last week as traders anticipated upcoming decisions from the Bank of Japan and the Federal Reserve.

The USD/TRY exchange rate increased to 41.15, reflecting a rise of more than 41% from its lowest point in January of this year.

The renminbi is experiencing strong growth, reflecting the ongoing success of the Chinese economy. As a result, the USD/CNY exchange rate has dropped to 7.1300, marking its lowest point in recent times.

Türkiye's banking sector reported a net profit of 479.2 billion Turkish liras, equivalent to $11.84 billion, for the month of July, according to the country's banking regulator.

Turkey's monthly inflation rate for August is projected to be 1.79%, with the annual inflation rate expected to decrease to 32.6%, according to a Reuters poll.

Natural gas futures (NG=F) are currently trading between $2.95 and $3.00, facing resistance that limits upward movement. The market outlook is influenced by factors such as storage increases, LNG export flows, and an oversupply in Europe.

The governor of Türkiye's central bank announced that the country's monetary policy will remain focused on inflation dynamics, emphasizing the importance of prudent rate adjustments.

The Central Bank of the Republic of Türkiye (CBRT) announced that it will discontinue the opening and renewal of foreign-exchange-protected deposits (KKM) starting in August.