Login
Retail
Login
Corporate

Bi-Weekly Report 1-14 October 2019

17/10/2019 - Reports

Southeastern Europe and Mediterranean Emerging Market Economies; --Weekly Report

TURKEY

US imposes (“soft”) sanctions on Turkey over its military operation in Syria

The “unbudgeted” transfer of the CBRT’s excess “legal reserves” to the Treasury helped reduce the 12-month rolling budget deficit to 2.2% of GDP in September from a 8-year high of 3.0% in May -- still above the FY:18 outcome of 1.9%

 

ROMANIA

A centre-right PNL- led Government is expected to take office following the collapse of the PSD Government

The NBR maintained its 2-week repo rate unchanged at 2.5% for a 17th consecutive month

 

CYPRUS 

EC-ECB and IMF missions confirmed the country’s strong macroeconomic performance, while stressing the need to address the remaining challenges

Tourist activity weakened further in 8M:19, dragged down by the EU markets, including the main source country, the UK

 

EGYPT

The CBE cut its key policy rates by an additional 100 bps in September, due to a sharp easing in inflation and EGP appreciation

Weaker support from Suez Canal receipts (SCR) to the current account in FY:18/19 fiscal year (that ended in June)

 

APPENDIX: FINANCIAL MARKETS