184 days ago • Posted by Charles-Henry Monchau

Positive reaction of the Turkish Lira after the political drama which took place over the week-end

On Saturday morning, Turkish President Erdogan decided to fire Turkish Central Bank Governor. On Sunday, the country Treasury and Finance Minister Berat Albayrak, who is also Erdogan's son-in-law, unexpectedly resigned citing health reasons. Markets seem to take it positively this morning. TRY traded at 8.58 on Friday lows and is now at 8.13. Market seems to bet on rates orthodoxy after this week-end dismissals. The Lira is the worst-performing currency this year (-28% YTD) - source: The Market Ear, Refinitiv  

Turkish Lira in U.S dollar