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Post-CBRT USD/TRY Gains Extend Above 9%

TURKEY
USD/TRY is extending higher Friday, taking the post-CBRT gains to above 9%. As a reminder, Bloomberg reported yesterday that state-run banks did not intervene to prop up the lira after the smaller-than-expected 650bp rate hike. When the currency was last under pressure (Jun 07), state banks intervened after an intraday move of 6%. The lack of intervention now is a clear signal that authorities are curbing its usual strategy that has been a feature of the currency market in the last ~18 months.
  • Local equities trade higher again today also, with the Borsa Istanbul Index 2.15% in the green at the time of typing. Yields on USD bonds are little changed on the day after trading 11-18bps higher across the curve yesterday.
  • Dunya reported this morning that central bank Governor Hafize Gaye Erkan will meet with banking executives in Istanbul today. The newspaper report that Erkan will discuss bankers’ requests and issues in the banking sector after yesterday’s policy statement read that the central bank will “simplify and improve the existing micro- and macroprudential framework”. Timing of the meeting is unknown, but source comments may cross wires later today.
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