CEEMEA Macro & Strategy Weekly

Research evidence excerpt

CEEMEA Macro & Strategy Weekly

Deutsche Bank

Research

Global Fixed Income Date

12 June 2026

CEEMEA Macro &

Strategy Weekly

Christian Wietoska

Economics Strategist

n Week in CEEMEA. In Türkiye, the CBT stayed on hold as expected, +44-20-754-52424

maintaining a cautious wait-and-see approach amid weaker growth,

easing oil prices and low domestic dollarisation. In South Africa, a stronger- Danelee Masia

than-expected 1Q data (0.5% QoQ GDP; current account surplus at 2.4% of Economist

GDP) leaves the economy entering a more volatile Q2 on a firmer footing, +27-11-775-7267

providing a useful buffer against external shocks. In Hungary, May CPI Oliver Harvey

surprised to the downside at 1.8% YoY, with broad-based softness across Macro Strategist

goods and easing services pressures as the impact of earlier energy shocks +44-20-754-51947

continues to fade. In Romania, inflation edged higher to 10.9% YoY, with

Anna Friedemann

firm services and renewed non-food price pressures pushing core

Research Analyst

measures higher.

+44-20-754-11816

n What you need to know for the week ahead. In the Czech Republic, the CNB

Twisha Roy

faces a close call but we now expect a 25bp hike to 3.75% at the June

Economist

meeting, bringing forward our call from August, although a hold remains

+44-20-754-52413

possible. In Ukraine, the NBU is likely to keep its policy rate at 15%, looking

through recent inflation volatility as external financing inflows and Yigit Onay

improved expectations provide room to stay on hold. In Uzbekistan, the Economist

CBU is expected to remain in wait-and-see mode despite falling inflation, +44-20-75410227

prioritising lingering pro-inflationary risks. In South Africa, May inflation is Ankit Jain