Graf från Metastock
TURKIET OCH DESS ”FANTASTISKA VALUTA” ?
How low can it go?
This morning the Turkish lira traded above 8 to the dollar for the first time.
For comparison, less than 6 lira equaled a buck at the beginning of the year, while the exchange rate stood at just 3.5 lira per dollar at the time of a failed coup against President Recep Erdogan in the summer of 2016.
Government inaction stands as the catalyst for the latest selloff: Last week, the Central Bank of the Republic of Turkey (CBRT) opted to keep its benchmark one-week repo rate unchanged at 10.25%, defying market expectations of a 175 basis point hike and spurring the latest round of lira weakness.
Raging inflation helps put the FX market’s concerns into context. Thus, year-over-year CPI growth registered at 11.8% in September, the 11th consecutive double-digit increase.
Other measures suggest an even more rapid clip. Data from the Inflation Research Group finds that prices rose at a 3.61% sequential pace between August and September, nearly four times higher than the 0.97% figure supplied by the Turkish Statistical Institute.
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