Southeastern Europe & Mediterranean Emerging Market Economies: Bi-Weekly Report 5-18 April 2022

Countries in Focus in this Issue: Turkey, North Macedonia & Egypt

TURKEY
Headline inflation hit a 2-decade-high of 61.1% y-o-y in March against 36.1% in December, driven by surging global energy and food prices, which compounded the impact of the weaker TRY
Inflation is set to remain at extremely high levels throughout the year, affecting the economy’s performance
An adjustment in monetary policy is crucial to preserving macroeconomic and financial stability 

NORTH MACEDONIA
Against the backdrop of an improving operating environment, the profitability of the banking system improved sharply in FY:21 
Bank profitability should remain strong in FY:22, despite a challenging economic environment 

EGYPT

Heightened pressure on the FX market prompted the CBE to hike its policy rates by 100 bps, while breaking the EGP’s de-facto peg with the USD
A tighter monetary policy stance, amid strong inflationary pressures, prompts a downward revision to the GDP growth outlook

APPENDIX: 
DETAILED MACROECONOMIC DATA
REGIONAL SNAPSHOT: MACROECONOMIC INDICATORS & FINANCIAL MARKETS

Southeastern Europe & Mediterranean Emerging Market Economies: Bi-Weekly Report 5-18 April 2022
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