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

Weekly Report 17-23 May 2016
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