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CBRT Officially Announces FX intervention for Frist time since 2018/19

TURKEY
  • The CBRT has just announced its first official intervention on the books to stabilise the lira after a few weeks of letting the currency go. This comes after getting pledges from Turkmenistan and the UAE to support the CBRT through currency swaps, but reserves remain in a critically constrained position.
  • This is the first time the bank has made an official announcement since the last heavy bout of intervention in 2018/19 where the CBRT burned through $128bn in to defend the currency (unsuccessfully).
  • The question is whether the CBRT views the 14.00 level as its line in the sand, and how aggressively it wishes to defend the currency amid sustained depreciation pressures.
  • This could also be a prelude to more aggressive unconventional measures to curb lira weakness with the leadership team hell bent on reducing rates further in an environment that is not conducive to TRY strength.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
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MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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