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

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November 23rd, 2021
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