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VIEW: Goldman Sachs note that "the.....>

TURKISH LIRA
TURKISH LIRA: VIEW: Goldman Sachs note that "the Covid-19 crisis is likely to
further pressure Turkey's current account given its reliance on tourism flows
for foreign currency, so external funding will require either an even cheaper
currency or higher rates, or both. As a result, we are moving our forecasts for
USD/TRY to 7.50, 7.75 and 8.25 in 3m, 6m and 12m (roughly in line with forward
pricing of around 7.45, 7.75 and 8.30) but would flag, as we did a month ago,
that the expected depreciation could come in a more front-loaded fashion."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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