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Commerzbank write "following the.......>

TURKISH LIRA
TURKISH LIRA: Commerzbank write "following the news of CBT chief Murat Cetinkaya
being removed by Presidential decree, yesterday we revised forecasts for the
Turkish economy and the lira sharply lower. We now see USD/TRY at TRY7.75 by Q1
2020. We do not see any straightforward path ahead for a country which does not
have a credible inflation-targeting central bank. We fear that Turkish assets
will go through significant turbulence while CBT prepares to cut rates and an
unconventional monetary policy experiment is played out."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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