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TRY Plumbs New Lows to See in Erdogan 2nd Term

TURKEY
  • TRY continues to fade a few days out from the Presidential Election results, with USD/TRY now well clear of 20.00 and nearing the intraday levels posted (per BBG prices) at 20.6588.
  • Moves in the currency follow confirmation for a second term as President for Erdogan, and his third term in office. Focus now shifts to Erdogan’s economic policy, with the newly minted President pledged to put together a new team with “international credibility” to address the nation’s finances and deal with inflation.
  • Erdogan outlined his priorities for his new term: Confidence and stability in the economy, the return of 1mln Syrians to their home country and the construction of 650,000 houses in earthquake-stricken territories.
  • The new President is to increase the number of VPs to two, with one specifically tasked with the economy - a role that Ekonomi speculates could be taken up by market-friendly figure Mehmet Simsek.
  • Trade balance data earlier today saw the deficit narrower than expected at $8.74bln vs. Exp. $8.80bln. Imports and exports fell over April, by 4.8% and 17.1% respectively.
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

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