Turkey's central bank has acted swiftly to tighten monetary conditions to shore up the lira and they would continue on this path if strains in the balance of payments were to flare up again. Meanwhile, the announcement that Russia's government has granted regulatory approval for the first Covid-19 vaccine has the potential to be a major breakthrough, but the return to normalisation of daily life will be long and bumpy. Finally, the acceleration in inflation in Hungary and the Czech Republic in July adds to signs that further monetary easing is unlikely.
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