“Turkey has reached a point of no return,” said SocGen dollar / Turkish lira until the end of the second quarter was predicted to rise to 9.70


© Reuters.

LONDON, March 22 (Reuters) – Societe Generale, the Central Bank (CB) Chairman Naci Turkey’s receipt of the Ağbal the task “no return to a point” noting that bring ‘s second quarter until the end predicted to rise to 9.70.

Analyst Phoenix Kalen predicted that the new head of the CBRT, Sahap Kavcıoğlu, at the April 15 monetary policy meeting, will try to reclaim the 200bp rate hike on Thursday and use the reserves to stabilize the TL from now on.

However, Kalen also stated that Kavcıoğlu would probably lose this if he enters a currency war with the markets and he may have to make urgent interest rate increases to stop the depreciation in TL.

Kalen notta, “We advise to close all long positions in Turkish assets, in view of the drastic change in policy making and the possibility of imminent financial turmoil.” said.

Kalen, “Turkey may enter into a new currency crisis soon.” said.

By Karin Strohecke
Translated by: Canan Sevgili
Editorial: Can Sezer

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