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Another All-Time High For USD/TRY

TRY

USD/TRY registered a fresh all-time high of TRY9.7691 early this week, before easing back from best levels to last trade around the TRY9.7500 mark.

  • Geopolitical tensions are the main driver behind the latest leg of TRY weakness, with the weekend seeing Turkish President Erdogan note that 10 foreign ambassadors to Turkey, including those from the U.S., Germany & France, have been deemed "persona non grata" after the ambassadors issued a statement supporting a jailed Turkish activist.
  • Elsewhere, a RTRS source piece has suggested that "Turkey's state banks are expected to cut borrowing costs on loans by around 200 basis points on Monday, following last week's unexpectedly hefty rate cut by the central bank. The three big public lenders Ziraat Bank, Halkbank and Vakif Bank are expected to lower rates on corporate, individual, mortgage and other loans."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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