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Turkey’s central bank governor is set to present new inflation forecasts amid persistent price increases nearing 50% annually, which are not easing as anticipated. Analysts are revising their expectations for interest rate cuts, with many now skeptical that reductions can occur this year.
Turkey’s lira emerged as the sole gaining emerging-market currency against the dollar amid global declines linked to the potential return of Donald Trump to the White House. The lira appreciated by 0.3% as of 9:55 a.m. in London, bolstered by strong support from state-run banks that attracted foreign investment.
Turkey's headline inflation eased to 48.6% in October, down from 49.4% in September, but fell short of economists' expectations of 48.3%. Monthly prices also decreased to 2.88% from 2.97%, suggesting that an interest-rate cut is unlikely this year.
Turkish inflation is expected to have slowed for the fourth consecutive month in October, with annual price growth projected to drop to 48.3% from 49.4% in September. Monthly price increases are anticipated to ease to 2.66%, down from 2.97%, as central bank officials consider various metrics for potential interest-rate cuts.
The Indian Ministry of External Affairs (MEA) is in discussions with US authorities following sanctions imposed on 15 Indian entities for allegedly aiding Russia's military-industrial base. MEA spokesperson Randhir Jaiswal emphasized India's strong legal framework on strategic trade and its commitment to non-proliferation, while also working to inform Indian companies about new export control measures. The US has sanctioned a total of 275 individuals and entities, including those from China, Switzerland, Thailand, and Turkiye, for supplying critical technology to Russia.
Turkey's credit rating has been upgraded by S&P Global Ratings for the second time this year, moving to BB- with a stable outlook, driven by reserve accumulation and disinflation. Despite the upgrade, the rating remains three levels below investment grade.
Istanbul is set to offer free public transport to unemployed residents to facilitate job searches, a policy announced by Mayor Ekrem İmamoğlu. This initiative, which will provide 96 free rides over three months to registered job seekers, comes amid rising transit costs and a significant unemployment rate. Similar programs have been implemented in various cities worldwide.
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