Turkish lira battered by another irresponsible rate cut
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100bps rate cut brings total cuts to 400bps since September and puts the real repo rate near -5%
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TRY is down c4.5% at the time of writing, c13% in the past 10 days and c33% year-to-date
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Continued depreciation is likely as policy missteps could trigger a BOP crisis; retain Sell on local debt and TRY
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.