Back to Orthodoxy, Timidly, Obscurely

TURKEY - Report 30 Jul 2015 by Murat Ucer
The CBRT Governor Erdem Basci presented the third Inflation Report of the year today.There were no significant revisions to inflation forecasts with the (midpoint) of end-2015 forecast revised up by 0.1 pp to 6.9% (from 6.8% earlier), and the end-2016 forecast kept unchanged at 5.5% as before. Governor’s (or the report’s) remarks on the state of the economy contained assessments that were either not new, such as: “[On growth] The global economic slowdown and geopolitical problems cause external demand to remain weak while domestic demand provides a moderate contribution to growth. Therefore...

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