Data out of Turkey this week provided some of the first clear signs that the recent policy U-turn is starting to rebalance the economy. This couldn’t come any sooner – Turkey remains among the most vulnerable emerging markets to the sell-off in global bond markets. Meanwhile, Ukraine took its first steps towards lifting some of the stringent foreign exchange controls imposed when Russia invaded last year. And we have revised down our interest rate forecast in Poland following central bank Governor Glapinski’s dovish press conference.
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