Turkish economy grew by 2.3% yoy in the second quarter.

This week, markets focused on new US sanctions against Iran and positive progress made by Iran and Oman regarding the creation of a temporary corridor through the Strait of Hormuz. Brent crude oil prices fell back below 90 USD/barrel after the previous week's rise, while gold prices remained relatively flat.

The central government budget posted a deficit of 378.1 billion TRY in July

In June, the current account posted a deficit of 4.2 billion USD, below the market expectations.

Amid renewed tensions in the Middle East and heightened concerns over energy supply, the price of Brent crude oil rose by 23.6% in July compared to end-June.

Monthly CPI inflation came in at 1.78% in July, slightly below market expectations. Annual CPI inflation continued to decline due to the high base effect, falling to 31.75%.