Bi-Weekly Report 7-20 November 2017


A significant narrowing in the underlying current account deficit in 9M:17 was more than offset by a sharp rise in gold imports and an unfavourable energy bill

Turkey rises nine places in the World Bank's Ease of Doing Business Ranking 2018



The NBR narrowed further its interest rate corridor, while maintaining its key rate on hold

Romania fell 4 places to 45th in the World Bank's Ease of Doing Business Ranking 2018



Τhe 4-quarter rolling current account surplus remained at a high of 4.9% of GDP in Q3:17 against 5.3% in Q4:16

Bulgaria falls 3 places to 50th in the World Bank's Ease of Doing Business Ranking 2018



The IMF reached a staff-level agreement with the authorities on the completion of the 8th and final review of the 3-year EUR 1.1bn precautionary Stand-By Agreement (3% of 2017 GDP)

Serbian competitiveness improved in the World Bank Ease of Doing Business Report for 2018



Banking sector net earnings declined by 7.5% y-o-y in 9M:17, as a result of elevated NPL provisions due to an adverse political and economic environment



The banking sector's bottom line strengthened markedly on an annual basis in 9M:17, with ROAE returning to double digits



Tourist arrivals posted a solid increase of 14.6% y-o-y in 10M:17, despite a slowdown from the main source countries (Russia and the UK)

Banking sector deleveraging slowed in 9M:17, on the back of an increase in new corporate loans

Customer deposits slowed in 9M:17, mainly due to a decline in non-resident deposits



An MF mission and the Egyptian authorities reach a staff-level agreement on the second review of Egypt's economic reform programme supported by a 3-year USD 12bn IMF Extended Fund Facility


Appendix: Financial Markets

Bi-Weekly Report 7-20 November 2017