During the last two weeks, the Turkish economy was highlighted by the following items:
- The Gov’t unveiled a 3 years Medium Term Economic Program which includes macro-economic, fiscal and public debt projections.
- Central Bank cut rates by 50bps. Total rate cuts amount to 950bps since Nov. 08.
- Budget Deficit keeps on deepening.
- Central Gov’t Debt stock raised to TL425bn (US$285bn) in Aug.09 from previous month level of TL415bn.
- Unemployment rate went down to 13.0% as of June 09, mainly due to seasonality.
- IMF: apart from the above mentioned MTE Program and the general IMF meetings which will take place in Istanbul in Oct. 6 & 7, no concrete development was recorded those last two weeks.