Weekly Report 17-23 May 2016


Markets were relieved following PM Yildirim’s announcement of the new Cabinet

CBRT cuts its overnight lending rate by 50 bps to 9.5%

Primary fiscal balance improves in 4M:16, due to large non-recurring proceeds and capital spending cuts



Underlying growth in credit to the private sector at 9% y-o-y in Q1:16

Deposit growth approaches double digits in March, underpinned by strong economic activity



Lending activity weakens further in March, due to tight credit standards and subdued loan demand

Growth in customer deposits decelerates in March, due to a weaker corporate segment



customer deposit growth (FX-adjusted) moderates slightly to 6.0% y-o-y in Q1:16

Credit activity growth (FX-adjusted) also slows to 0.4% y-o-y in Q1:16



Profitability of the banking system improves significantly in Q1:16



Headline inflation remains at record low in April (0.3% y-o-y), supported by lower food and energy prices

Record-low inflation strengthens the BoA’s hand to cut the policy rate by an additional 25 bps in May



A hung Parliament emerges from the May 22nd general elections

Fiscal performance improves significantly in Q1:16, mainly on the back of an early dividend payment by the Central Bank



The crash of an Egypt Air flight on May 19th will deal another blow to the tourism industry, already reeling from the terrorist bombing of a Russian plane last October

Suez Canal receipts (SCR) remain resilient in 9M:15/16 in the face of a slowdown in global trade



Weekly Report 17-23 May 2016

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