Flash Report /
Turkey

Turkish lira implosion in four charts

  • TRY down c10% on the day after falling c15% in midday trading, taking the decline to c41% ytd, c24% mtd and c11.5% wtd

  • The collapse was triggered by comments from President Erdogan defending pursuit of low rates; seems like overreaction

  • TRY starting to look oversold, but we retain Sell recommendation on the lira and local debt and wait for dust to settle

Turkish lira implosion in four charts
Patrick Curran
Tellimer Research
23 November 2021
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