Economy in Turkey: What happened in economy last week (July 31, August 6)
While global markets left behind a volatile week due to the impact of US data, tightening steps from the BRSA and inflation were effective in domestic markets. Here are the highlights of last week…
Monthly inflation, wage and tax adjustments rose to the highest level in July (since January 2022) due to the impact of the increase in fuel prices, according to data released by the Turkish Statistical Institute (TURKSTAT). As of July, the series of declines in annual inflation, which was observed for 8 months, also came to an end.
FASTEST DECLINE IN NET RESERVES SINCE ELECTION
The net reserves of the Central Bank of the Republic of Turkey decreased to $10.9 billion in the week of July 28.
TIGHTENING STEPS FROM THE BRSA
The Banking Regulation and Supervision Agency (BRSA / BDDK) has decided to increase the risk weights taken into account in the calculation of capital adequacy standard ratios in terms of consumer loans, personal credit cards, vehicle loans and vehicle secured loans and financial leasing transactions with consumers. In addition, it was decided that the installment periods applied on credit cards should not be applied to expenses related to airlines, travel agencies and accommodation abroad, and installments should not be made on these expenses.
SALES OF GOLD FROM CENTRAL BANK IN THE SECOND QUARTER
According to the report published by the World Gold Council (WGC), the performance of the CBRT in the second quarter drew attention to the demand for gold by central banks. According to the data, the CBRT sold 132 tons of gold in the second quarter.
