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FX Reserves in Focus as Markets Look for Signs of CBRT/State Bank Interventions

TURKEY
  • Gross FX reserves print will be closely monitored today for signs of FX intervention on Monday by the CBRT & State banks after USD/TRY backed off sharply from the 8.50 handle
  • Last week's print saw reserves tick marginally higher to $49.7bn
  • a lower print may send out warning signs that the CBRT has started using reserves to defend the currency as Erdogan said it may do
  • With limited reserves, this places Turkey in a precarious position with a still-widening current acc deficit
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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