/VIEW: Desk views after the............>

TURKISH LIRA: /VIEW: Desk views after the emergency 300bp late liquidity window

rate hike from the CBRT

Barclays: Ultimately, what markets really need is more coherent policy guidance

from the government to address economic overheating, and a clear and credible

macro framework to reduce policy uncertainty concerns. If this does not occur,

the market may re-price risks of a change in policy stance amid a potential hard

landing into 2019, given the March 2019 local elections.

CITI: Client flows seemed less sure. Reaction was more muted than one would

expect, showing just a slight bias to sell USDTRY.

GOLDMAN: Stabilisation will require the market to believe that the economy will

be allowed to slow down to re-anchor inflation and inflation expectations.

Hence, the effectiveness of today's rate hike will depend on supportive

communication on fiscal policy.

TD: Credibility issues will continue to negatively weigh on TRY. For the time

being, we think USDTRY will settle at around 4.40/4.50, a level that we would

have defined as extreme weakness only three weeks ago.