Macro and politics
Tacirler Investment
*The CBRT released the December CPI-based Real Effective Exchange Rate (REER) Index at 67.12, up slightly from the previous month’s 67.02, indicating a mere monthly real appreciation of 0.1%. Accordingly, the real appreciation over the last three months has totaled 6.6%.
* Based on our calculations upon the CBRT’s analytical balance sheet, we estimate that during the week of December 27 – January 3, the net international reserves climbed by USD4.2bn to USD67.8bn and the gross FX reserves increased by USD2.8bn to USD158bn. The official data for the CBRT’s international reserves will be announced on Thursday at 14:30 local time.