TRY’S REER DOWN IN MAY

The Consumer Price Index (CPI)-based real effective exchange rate (REER) dropped by 0.8% to 68.6 in May, according to the Central Bank. The Domestic Producer Price (D-PPI)-based REER reached 76.24 in this period. The CPIbased REER revised from 68.88 points to 69.18 points for April. Meanwhile, CPI developing countries-based REER fell from 56.62 points to 55.94 points while CPI developed countries-based REER declined from 78.54 points to 78.13 points in May, compared to the previous month. The nominal effective exchange rate is the weighted average value of the TRY relative to the basket of the countries’ currencies having a significant share in foreign trade.