Posts Tagged Turkish Lira
A Brief History of Monetary Orthodoxy in Turkey

A Brief History of Monetary Orthodoxy in Turkey

Since late 2010, the Central Bank of Turkey has been employing unconventional monetary policy tools primarily for price stability, and creating an environment conducive for economic development. It is hard to tell the reserve bank has succeeded in the former, and Turkey’s track record of economic growth is disputable.

Now with the CPI growth standing at the highest levels since the inflation targeting implied and fiscal policy being eased to spur the growth which has been rarely observed during the AK...

February Inflation: Simply Backtracking

February Inflation: Simply Backtracking

Having lived up to all the hype, Turkey’s February headline inflation printed a double-digit figure. Moreover, further upside movement should be expected as core indicators, the negative base effect of food prices, and most importantly, producer price index that is hanging around its record highs in a decade. Indeed, Turkey’s PPI hit 15.4% in February, which is the highest figure posted since July 2008, signaled some pressure to be felt arising out of cost channels.

Our long-term trend for...

Turkish Lira: Liquidity Challenges Ahead

Turkish Lira: Liquidity Challenges Ahead

Declining volumes in currency trading has been an overriding theme as banks have been subject to stricter regulations on their trading activities. It is early to talk about the recent Trumpflation trade has caused any change globally, but when it comes to trading Turkish lira we still see that shrinking volume is an underlying trend.

Below we present the chart that shows total annual TRY trading volumes in form of forwards, spot trading and swaps.

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