The Turkish lira exchange rate has been weakening against the EUR and USD despite statements by Turkish President Erdogan, who conveyed today that room for further real weakening of the currency will be limited. Following the introduction of an economic program, inflation in Turkey is expected to start falling, according to Erdogan. The Turkish president has hired a new finance minister, Simsek which, according to some observers, may herald hopes for a balanced and inflation-stabilization-oriented monetary policy. However, the market is not currently pricing such a scenario as probable, and the USDTRY, disregarding the circumstances, continues the upward movement that began with Erdogan's election win.
Source: xStation5
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