Turkey: The calm before the storm

  • Turkey's central bank (CBRT) held rates at 14% today despite spike in inflation, with policy rate plummeting to -35%

  • 'Liraization' strategy has bolstered TRY and Turkish assets, but reprieve will be temporary without rate hikes

  • Instead, CBRT has doubled down on unorthodox measures. Absent policy shift, we retain Sell recommendation on TRY

February 17th, 2022
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