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TRY Snaps Losing Streak as Authorities Look to Choke Loan Growth

TURKEY
  • USD/TRY trades lower headed the European open, stalling the recent incline as the Turkish central bank tweaked reserve requirement ratios, raising the limit for TRY-denominated commercial cash loans to 20%. The bank stated the policy switch is part of the liraization strategy and would increase the effectiveness of monetary policy. The move is also seen as part of a strategy to protect the current account balance – effectively keeping loans in check and shoring up the TRY.
  • Other measures announced late yesterday include a new line of revenue-indexed bonds to boost TRY savings, with the Treasury assessing demand on June 15th. While few details were given, the bond would pay a quarterly coupon payment and carry a minimum return guarantee. The banking regulator also announced a limit on the repayment period for personal loans and raised requirements for credit cards – both in an effort to limit loan growth across Turkey.
  • Elsewhere, Hurriyet reports that the recent move to cap residential rent hikes has proben popular in the commercial sector, with TESK President calling for the policy to apply to commercial property.
  • Sozcu focuses on the losses suffered by exporters, who have sold as much as 40% of their FX export revenues to the CBRT since April – meaning losses continue to climb alongside the exchange rate.
  • The Turkish Treasury issued a statement, claiming Turkey is being impacted by a global inflationary process, but there will be no compromise on fiscal discipline, with public spending being reined in.
  • Erdogan makes a number of appearances today, travelling to Bogazici University in Istanbul, a Union’s general assembly as well as an award ceremony later in the day. Meanwhile foreign minister Cavusoglu visits Prague.
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