During the last two weeks, the Turkish economy was highlighted by the following items:
- Central Bank cut rates by 25bps. Total rate cuts amount to 1025bps since Nov. 08.
- Budget Deficit keeps on widening.
- Current Account’s deficit slightly resurged as it posted a deficit of US$0.9bn in Sept09 but still at much lower levels compared to previous years.
- Unemployment rose to 13.4% in Aug09, from 12.8% in July.
- IMF: no development was recorded.