USD/TRY: Risks remain heavily titled to the downside for the Lira – MUFG USDTRY Turkey InterestRate Banks
The Turkish Lira has continued to adjust sharply lower following yesterday’s CBRT policy meeting. Economists at MUFG Bank analyze TRY'sThe CBRT under the new leadership of new Governor Erkan raised their key policy rate by 6.5 percentage points to 15.0%. While it was a step in right direction back towards more orthodox monetary policy settings, the size of the adjustment disappointed market expectations and triggered a fresh sell-off in Turkish assets and the Lira.
We believe it is still too early in the adjustment to expect a significant pick-up in capital flows into Turkey resulting from the policy shift that would help to provide more support for the Lira at weaker levels. As a result, risks remain heavily titled to the downside for the TRY.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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