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USD/TRY to stay stable assuming the CRBT does deliver on the large hike – ING

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USD/TRY to stay stable assuming the CRBT does deliver on the large hike – ING USDTRY Turkey InterestRate Banks

The CRBT is today expected to hike the one-week policy rate from 8.50% to 20%. The expectation here is that a shift to more orthodox policy will be delivered now that recently re-elected President Erdogan has changed his economic team.

Assuming the CRBT does deliver on the large hike today, expect USD/TRY to stay stable. However, it may not go that much lower given the expectation that local authorities may want to try to rebuild FX reserves into any TRY strength.Information on these pages contains forward-looking statements that involve risks and uncertainties.

 

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