Turkey

Turkish lira whipsaws as government intervenes

  • TRY whipsawed by >40% yesterday on anti-interest comments and lira support measures, ending the day up 24.1%

  • Measures prompted by domestic crisis of confidence in currency, contributing to the recent panicked selloff

  • Support will not be sustainable absent monetary tightening, which looks increasingly unlikely; retain Sell

December 21st, 2021
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