Weekly Report 17-23 May 2016
TURKEY
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
ROMANIA
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
BULGARIA
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
SERBIA
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
FYROM
Profitability of the banking system improves significantly in Q1:16
ALBANIA
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
CYPRUS
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
EGYPT
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
APPENDIX: FINANCIAL MARKETS