USD/TRY to rise further – Commerzbank

Economists at Commerzbank retain their USD/TRY forecast of 35.00 by the end of 2024.

Credibility is a long, arduous process

The Turkish Lira has stabilised to some degree after the newly appointed economy management team continued to implement tough monetary tightening and financial sector reforms. Still, it will take much longer for inflation to return fully to target, hence the market remains uncertain about President Tayyip Erdogan’s support.

We retain a ‘symbolic forecast’ for the USD/TRY pair to rise to 35.00 by end-2024.