Bi-Weekly Report 25 September - 8 October 2018

Turkey

Further monetary policy tightening in sight, as inflation surprised on the upside in September

Buoyant tourist activity to contribute significantly to the much-needed external adjustment this year

        

Romania

The NBR maintained its key rate at 2.5% in October

The real estate market "cools off" slightly

        

Bulgaria

The profitability of the banking system improved in Q2:18, mainly on the back of lower provisioning

        

Serbia

The IMF reached a staff-level agreement with the Serbian authorities on the completion of the 1st review of the 30-month (non-financing) Policy Coordination Instrument

The current account deficit reversed its upward trend in 7M:18

        

FYROM

The "name" agreement was overwhelmingly endorsed by voters in the September 30th referendum but a low turnout raises uncertainty about its timely implementation

External adjustment continued in the first half of the year, with the 4-quarter rolling current account deficit shrinking to a 3-year low of 0.2% of GDP in Q2:18 from 1.3% in Q4:17

        

Albania

GDP growth on track to reach a post-global crisis high of 4.2% this year

 

Cyprus

The unemployment rate moderated to a post-crisis low of 7.3% in Q2:18, underpinned by continued strong economic activity

The current account deficit almost halved in H1:18, due to an improvement in the ship trade balance

 

Egypt

The current account deficit narrowed sharply to 2.4% of GDP in FY:17/18 from a 2½-decade high of 6.0% a year earlier

The capital and financial account, excluding IFI support, covered the CAD comfortably and boosted FX reserves in FY:17/18

 

Appendix: Financial Markets

Bi-Weekly Report 25 September - 8 October 2018
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