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Local Demand for Foreign Currency Strong in Recent Weeks

TURKEY
  • Ekonomi report that citizens' demand for foreign currency has accelerated considerably in recent weeks, primarily due to the inability to open TRY-protected KKM accounts and the expectation that there will be an increase in the USD/TRY exchange rate after the local elections.
  • Turkey's adjusted consumer confidence fell to 79.3 in February from 80.4 in January, according to the Turkish Statistical Institute.
  • The CBRT rate decision is the key event of the week tomorrow. The unexpected resignation of former Governor Hafize Gaye Erkan and subsequent appointment of Fatih Karahan is unlikely to result in any significant shift in the central bank’s stance on monetary policy. Our preview of the decision can be found here.

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