IMF says a tighter stance is called for

TURKEY - Report 23 Nov 2025 by Murat Ucer

We provide a very quick rundown of last week’s econ data releases and share a few thoughts on the concluding statement of the recent IMF Article IV consultation mission. Our politics author will share his contribution in the next day or two.

In nutshell, consumer confidence is holding up, employment is stagnating, the budget deficit is narrowing, as a percent of GDP, and reserves continue to benefit, generally speaking, from gold valuation effects.

A few rather minor caveats notwithstanding, we fully concur with the gist of the assessment of the IMF staff in its concluding statement, which essentially calls for a tighter policy stance in 2026 to achieve disinflation toward the CBRT’s interim target.

Now read on...

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