USD/TRY to hit 20.00 by Q1 2023 – MUFG USDTRY Turkey InterestRate Banks
only a relatively modest weakness of TRY with USD/TRY advancing by around 0.5% on Thursday. Economists at MUFG forecast the USD/TRY pair at 20 by the first quarter of 2023.“The limited degree of USD/TRY fallout in part reflects the fact that the statement from the MPC suggested this could be more of a one-off’. The timing probably also reflects the fact that more recently long-term yields in Europe and the US have declined by between 50-60 bps.
with the FX deposit-protection scheme becoming increasingly expensive. That is estimated to cost 2.2% of GDP, a cost that will increase as USD/TRY rises.” to hit 20.00 by Q1 2023 – an 8% increase. But we are leaning toward a broader upgrade of our USD forecasts which would open up the probability of that level being hit sooner.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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