This week, markets closely monitored diplomatic efforts to normalize transit through the Strait of Hormuz.

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%.

The central government budget posted a surplus of 114.2 billion TRY in June.

In May, the current account posted a deficit of 1.5 billion USD, exceeding market expectations.

Turkish economy grew by 2.5% yoy in the first quarter.