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USD/TRY Drops Sharply as Russia Confirm USD Transfer for Nuclear Plant

TURKEY
  • USD/TRY trades lower by 0.75% or so, dropping around 1% in response to a Bloomberg report that Russia is transferring USD to Turkey for their $20bln nuclear power plant project, with $5bln being transferred in recent weeks and Turkish officials claiming $15bln in further transactions are still to come.
  • USD/TRY slips to new session lows of 17.7615, culminating in a ~0.75% move lower. This puts the pair at lowest level since July 25th, with the Russian transfer presumably helping build Turkish FX reserves both in the recent past as well as the near future

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