A busy November ahead: What is on the economic management's agenda?
The economic management will have a busy agenda in November. The Central Bank will release the year's final Inflation Report and the second Financial Stability Report, and the Monetary Policy Committee's interest rate decision will be closely watched by the markets. Meanwhile, the general debate on the 2025 budget will take place tomorrow at the Parliament's Planning and Budget Committee.
AA
While a heavy flow of data stands out on the economy's November agenda, economic circles will closely follow the 2025 budget negotiations at the Grand National Assembly of Turkey (TBMM), as well as the reports and interest rate decision to be released one after another by the Central Bank.
One of the focal points in November will be the TBMM Planning and Budget Committee.
The marathon of negotiations began after the 2025 budget was submitted to Parliament on October 17.
The committee will hold its general debate on the budget tomorrow (October 30). The 2025 budget negotiations for ministries and institutions in the committee will conclude on November 29. Following the completion of the negotiations, the budget is planned to be brought to the TBMM General Assembly at the beginning of December.
CENTRAL BANK REPORTS AND INTEREST RATE DECISION EXPECTED
The reports and decisions to be announced by the Central Bank of the Republic of Turkey (TCMB) will also be among the prominent topics on the November agenda. In this context, the final Inflation Report of this year will be shared with the public on November 8.
TCMB Governor Fatih Karahan had stated that they had not changed their year-end inflation forecasts for 2024, 2025, and 2026, saying, "We project that inflation will decline to 38 percent by the end of 2024, and we have maintained our 2025 and 2026 forecasts at 14 percent and 9 percent, respectively."
The Central Bank's Monetary Policy Committee (PPK) will meet on November 21 under the chairmanship of Karahan. The interest rate decision to be announced by the PPK and the messages it provides will be closely monitored by the markets. In its October meeting, the Committee kept the policy rate unchanged at 50 percent.
The TCMB will release its second Financial Stability Report of the year on November 29. The report will evaluate developments regarding financial stability and the effects of the measures taken on the financial sector. The assessment that Karahan will make in the foreword of the report will also be followed by economic circles.
INFLATION, GROWTH, AND LABOR FORCE DATA TO BE ANNOUNCED
The Turkish Statistical Institute (TÜİK) will also share inflation data for October with the public on Monday, November 4. The consumer price index (CPI) was announced as 49.38 percent annually and 2.97 percent monthly in September.
The institute will publish the industrial production index and labor force statistics for September on November 11.
TÜİK is expected to announce the gross domestic product data for the third quarter of the year on November 29. The Turkish economy grew by 2.5 percent in the second quarter of the year. Thus, the Turkish economy had demonstrated a growth performance for 16 consecutive quarters.
STATEMENTS REGARDING MINIMUM WAGE TO BE FOLLOWED
The Ministry of Treasury and Finance will announce the central government budget implementation results on November 15.
In November, focus will also be on statements regarding the minimum wage, which closely concerns millions of workers. Minister of Labor and Social Security Vedat Işıkhan, in his statement at the AA Editor's Desk, had assessed, "We have a Minimum Wage Determination Commission to determine the minimum wage that will be valid from 2025. We will start this process at the beginning of December."