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- USD/TRY: Unlikely to trade below the 16.30/00 region – ING
USD/TRY: Unlikely to trade below the 16.30/00 region – ING
Turkish authorities have found a new way to boost the lira, restricting lending to companies. The measures triggered a 5% rally in the lira. However, economists at ING expect USD/TRY to struggle to hold below the 16.00/30 area.
New measures provide temporary support for the lira
“On Friday, regulators announced that firms with excess holdings of foreign exchange would see access to commercial lira loans curtailed. The measures seem to be addressing one of the areas of lira leakage where credit growth was finding its way into FX.”
“Most expect that the lira will struggle to defy 70% inflation without recourse to more conventional monetary policy, thus it is not clear how long the lira can sustain these gains close to the 16.00/16.30 area.”
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