Bank of America (BofA) said the recent volatility in Turkish markets has so far had only a limited inflationary impact, stressing that Türkiye’s economic management remains in control.
In a client note titled “Uncertainty Likely to Ease”, the U.S. investment bank provided an assessment of the Turkish economy.
The report acknowledged that political uncertainty caused fluctuations in Turkish markets last week, but added that this uncertainty is expected to ease and the inflationary effect has so far remained limited.
It noted that domestic demand for foreign currency remains low and is largely driven by companies with existing foreign exchange liabilities.
“The economic administration in Türkiye is still in place and is keeping the situation under control,” the report stated.
“Policymakers we met during our visit to Türkiye expressed strong determination to restore stability and continue the disinflation programme. Despite recent developments, political support for the programme remains in place. Our impression is that they have a clear roadmap and have already taken steps to stabilise the markets.”
The BofA report concluded: “If political uncertainty dissipates as we expect, the inflationary impact of the shock will be limited.”
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European Union leaders on Thursday agreed to meet Ukraine’s urgent financial needs for the next two years but stopped short of formally backing the use of frozen Russian assets to provide Kyiv with a major loan, following objections raised by Belgium.
Colombian President Gustavo Petro said on Thursday that a suspension of U.S. aid would make little difference to his country, although reductions in military assistance could have a tangible impact.
U.S. President Donald Trump is set to meet Chinese President Xi Jinping next week during a visit to Asia, the White House confirmed on Thursday, ending speculation after recent tensions over trade.
The Taliban-led government in Afghanistan seems to be adopting a balanced foreign policy as it engages with Western and regional powers in a new round of diplomatic outreach.
At least 69 people have died and almost 150 injured following a powerful 6.9-magnitude earthquake off the coast of Cebu City in the central Visayas region of the Philippines, officials said, making it one of the country’s deadliest disasters this year.
A tsunami threat was issued in Chile after a magnitude 7.8 earthquake struck the Drake Passage on Friday. The epicenter was located 135 miles south of Puerto Williams on the north coast of Navarino Island.
The war in Ukraine has reached a strategic impasse, and it seems that the conflict will not be solved by military means. This creates a path toward one of two alternatives: either a “frozen” phase that can last indefinitely or a quest for a durable political regulation.
A shooting in Nice, southeastern France, left two people dead and five injured on Friday, authorities said.
Snapchat will start charging users who store more than 5GB of photos and videos in its Memories feature, prompting backlash from long-time users.
Russian President Vladimir Putin remained defiant on Thursday after U.S. President Donald Trump imposed sanctions on Russia’s two largest oil companies in an effort to pressure the Kremlin to end the war in Ukraine, a move that sent global oil prices soaring by 5%.
North Korean leader Kim Jong Un said on Friday that the “military brotherhood” between his country and Russia would continue to advance “without pause,” according to state media outlet KCNA.
U.S. President Donald Trump on Thursday dismissed a push by some Israeli lawmakers to advance annexation of the occupied West Bank, saying Israel was “not going to do anything with the West Bank.”
European Union leaders on Thursday agreed to meet Ukraine’s urgent financial needs for the next two years but stopped short of formally backing the use of frozen Russian assets to provide Kyiv with a major loan, following objections raised by Belgium.
Colombian President Gustavo Petro said on Thursday that a suspension of U.S. aid would make little difference to his country, although reductions in military assistance could have a tangible impact.
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