IMF says a tighter stance is called for

TURKEY - Report 23 Nov 2025 by Murat Ucer

We provide a very quick rundown of last week’s econ data releases and share a few thoughts on the concluding statement of the recent IMF Article IV consultation mission. Our politics author will share his contribution in the next day or two.

In a nutshell, consumer confidence is holding up, employment is stagnating, the budget deficit is narrowing, as a percent of GDP, and reserves continue to benefit, generally speaking, from gold valuation effects.

A few rather minor caveats notwithstanding, we fully concur with the gist of the assessment of the IMF staff in its concluding statement, which essentially calls for a tighter policy stance in 2026 to achieve disinflation toward the CBRT’s interim target.

Now read on...

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