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Working on Plan To Attract Inflows Of Foreign Currency

TURKEY
BulletEM BulletEmerging Markets
  • Turkey is working on a plan to attract inflows of hard currency by offering lira funding, free of interest and with a guaranteed 4% return in dollars, to foreign investors willing to park their money for at least two years (BBG).
  • USDTRY is down following the announcement, approaching its ST support at 14.76; a break below that level would open the door for a move down to 14.74.
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  • Turkey is working on a plan to attract inflows of hard currency by offering lira funding, free of interest and with a guaranteed 4% return in dollars, to foreign investors willing to park their money for at least two years (BBG).
  • USDTRY is down following the announcement, approaching its ST support at 14.76; a break below that level would open the door for a move down to 14.74.