lira

Turkey: The CBRT Strikes Back and A New Hope?

Download PDF: turkey-the-cbrt-strikes-back-and-a-new-hopeDownload The Central Bank of the Republic of Turkey finally capitulated to market pressure and raised its policy rates by 200 bps last week amid a weakening lira. This is a reversal of its aggressive easing policy since the 2018 crisis, when the central bank has been under government pressure to bring itsContinueContinue reading “Turkey: The CBRT Strikes Back and A New Hope?”

Turkey Revisited: The Good, Bad and Ugly

For the past several quarters, we have maintained a constructive view on Turkish assets, particularly on the country’s equity and currency, as valuations are already significantly depressed even before the COVID-19 rout. Percentile of equity multiples for Turkish equity is near its two decades low and the Turkish Lira is more than 20% undervalued, accordingContinueContinue reading “Turkey Revisited: The Good, Bad and Ugly”