Georgia's economy slipped into deflation in October with consumer prices falling 0.2% y/y, the county's statistics agency Geostat reported on November 3. The decline followed a 0.1% y/y hike the month before,
Inflation was a challenge for Georgian authorities in 2015, when a 23% depreciation of the lari pushed consumer prices high up. However, the currency has since stabilised and began appreciating in March, prompting the central bank to ease monetary policy in several interventions since April in order to slow down the currency's appreciation.
The main contributor to October's deflation was a 6.7% y/y reduction in transport prices, a 3.9% drop in household equipment prices and a 5.2% one in the price of clothing and footwear. Meanwhile, the price of alcoholic beverages and tobacco increased by 10.9% on average.
On a monthly basis, prices were up by 0.5% in October on the back of a 0.7% increase in food prices and a 2% one in the price of healthcare services and products.
This year's growth in the profits of Turkish banks is expected to be between 15% and 20%, Huseyin Aydin, head of The Banks Association of Turkey (TBB), told media on August 8. Turkish lenders’ ... more
China is to finance as much as 88% of the $1.5-2bn project for the electrification of a 1,000km high-speed rail route connecting the Iranian capital of Tehran and second city Mashhad, Iran Labour ... more
Azerbaijan's central bank has kept its key rate unchanged at 15% following its monetary policy meeting on August 1, the regulator reported. The justification for its decision, it said, is ... more