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TURKEY: CBRT Deputy Governor Sees Fewer TRY Interventions: BBG

TURKEY
BulletEM BulletEmerging Market News

In meetings in London, Deputy Governor Cevdet Akcay said he expects improving inflation and financial stability metrics will increasingly enable Turkey’s currency regime to become less interventionist, Bloomberg reported this afternoon citing people familiar with the private conversations.

  • “Akcay explained that the country had pursued a so-called dirty float of the lira due to some market deficiencies, the people said. Such a system typically involves occasional central bank interventions aimed at adjusting the direction the currency or the pace of its movements.”
  • “Akcay said that the policy easing does not need to be uninterrupted, noting that while the pace may vary, the overall stance will remain very tight”
  • “Akcay added that the lira’s current valuation poses no concerns, while cautioning that real depreciation of the currency could worsen inflation expectations”
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In meetings in London, Deputy Governor Cevdet Akcay said he expects improving inflation and financial stability metrics will increasingly enable Turkey’s currency regime to become less interventionist, Bloomberg reported this afternoon citing people familiar with the private conversations.

  • “Akcay explained that the country had pursued a so-called dirty float of the lira due to some market deficiencies, the people said. Such a system typically involves occasional central bank interventions aimed at adjusting the direction the currency or the pace of its movements.”
  • “Akcay said that the policy easing does not need to be uninterrupted, noting that while the pace may vary, the overall stance will remain very tight”
  • “Akcay added that the lira’s current valuation poses no concerns, while cautioning that real depreciation of the currency could worsen inflation expectations”