Following the agreement reached between the US and Iran in mid-June, the US allowing the trade of Iranian-origin oil and petroleum products this week, along with the increased traffic in the Strait of Hormuz, eased concerns over supply disruptions and led to a rapid decline in oil prices.

The central government budget posted a deficit of 298.2 billion TRY in May.

Current account deficit stood at 5.7 billion USD in April.

In May, negotiations between the U.S. and Iran remained the main agenda of the global markets.

In May, the CPI rose by 1.71% on a monthly basis, exceeding market expectations (1.63%). During this period, annual CPI inflation also rose to 32.61%.

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