Southeast Europe / Data
Romanian central bank keeps policy rate at 7%
BNR expects steady disinflation after headline inflation dropped from a peak of 16.8% y/y in November 2022 to 6.6% y/y in December 2023.
Romania’s trade gap narrows by 15% y/y to 9.1% of GDP in 2023
Romania’s trade deficit (chart) narrowed by 15% year on year to €28.9bn in 2023 and the gap-to-GDP ratio narrowed from 11.9% in 2022 (the widest value in the past decade) to 9.1% in 2023 (preliminary bne IntelliNews estimate).
Turkey’s new central bank chief rules out more rate hikes in near term
At first press conference as governor, Fatih Karahan also states regulator is committed to a floating exchange rate. Yet it is clear that the authority intervenes.
Moldova cuts policy rate by 50bp to 4.25%
Inflation has fallen dramatically since 2022 and remained within the target band for the third consecutive month in December.
Turkey releases official January inflation at 65% y/y
Istanbul-based ENAG inflation research group calculates rate of 127% y/y.
Albania has the oldest car fleet in Europe and one of the dirtiest
Over 90% of the vehicles in Albania are more than a decade old, Eurostat data shows.
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Turkey’s January manufacturing PMI surprises to upside but suggests “nasty” inflation reading ahead
Red Sea shipping issues disrupting supply chains, survey also shows.
North Macedonia’s central bank keeps key rate at 6.3%
NBRM says decision based on need to stabilise inflation expectations and ensure a more enduring control over inflation.
Moldova’s sunflower oil exports reach new record in 2023
Moldova has shifted from exporting sunflower seeds to processed products, with oil and groats exports up sharply.
Turkey halts monetary tightening cycle at 45%
With official inflation at 65% and set to climb further before retreating, the markets will wait to see if it’s enough.