HIGHLIGHTS
July 28 2023
Global Markets
As widely expected, the ECB raised policy rates by 25bps yesterday. Regarding future actions, the ECB stated that “the Governing Council will continue to follow a data-dependent approach to determining the appropriate level and duration of restriction”. In other news, according to the advance estimate, US real GDP in Q2 2023 increased more than expected.
Greece
According to the Bank of Greece (BoG), the deposits of the private sector in the domestic MFIs amounted to €189.3bn in Jun-23, recording both a monthly and an annual increase of 1.6% and 3.8% respectively. The annual change of credit to the private sector from the domestic MFIs slightly decelerated to 2.8%, from 3.1% in May-23 (monthly net flow at +€1.8bn, from -€0.3bn in May-23).
CESEE
In Turkey, the signs that the switch to a tight monetary policy stance is gradually bearing fruits are increasing, as the lira exchange rate is unchanged a week after the last key policy rate hike which fell below market expectations and the central bank does not seem to use its foreign exchange reserves.
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