Into The 4th Episode, Fasten Seat Belts

TURKEY - Report 21 Nov 2017 by Murat Ucer

The lira has been weakening sharply lately, having broken the previous peak in basket terms, which we had experienced during the so-called “Trump reflation trade” (Graph 1). The Bank has initiated (TL-settled) forward F/X auctions over the weekend. Before that, it tweaked ROCs with a view to providing F/X liquidity to markets and today, it provided all funding needs through the Late Liquidity Window (LLW), which meant, de facto, a marginal 25 bps hike.

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