Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A
HIGHLIGHTS
SOUTH EASTERN EUROPE
BULGARIA: Inflation slipped again into negative territory in July. Consumer prices slipped to -0.2% mom/-0.2% yoy down from -0.9% mom /+0.4% yoy in June up from -0.2% mom/+0.9% yoy in May.
ROMANIA: Inflation came at -0.2% mom/-1.7 yoy in July inching down from -2.95% mom/-1.55% yoy in June vs. +0.5% mom/+1.2% yoy in May lower than market consensus (Bloomberg:+0.1% mom/-1.3%yoy).
SERBIA: The FX reserves of the NBS stood at €10.6bn in July up by €338mn from June. On a monthly basis, the largest outflows include repayment of €52.3mn in maturing bonds, €47.5m to international creditors, €31.1m repayment of maturing frozen savings bonds.
CESEE Markets: The news of the Chinese Yuan devaluation continues to dominate global financial markets for a second day in a row.
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