8,087.24 TL BIST 100 BIST 100
28.93 $ USD USD
€31.38 EUR EUR
38.49 TL Interest Interest
78.05 $ Fossil Oil Fossil Oil
24.51 $ Silver Silver
3.83 $ Copper Copper
129.79 $ Iron Ore Iron Ore
385.00 $ Ship Dismantling Ship Dismantling
1,889.62 TL Gold (gr) Gold (gr)

JP Morgan's advice to investors regarding the TL

JP Morgan, the investment bank headquartered in the USA, started recommending "increase weight in TL".

JP Morgan's advice to investors regarding the TL

In the information note sent by JP Morgan to investors, assessments regarding developments in Turkey were also included.

Despite challenging macroeconomic conditions, the information note stated that the transition to orthodox policies is determined. It was noted that the Central Bank of the Republic of Turkey (CBRT) raised its policy interest rate to 25% by increasing it by 750 basis points in its latest meeting, contrary to market expectations of a 250 basis point increase, and these signals indicated that there was political support behind this decision.

The information note stated, "We are adding a small 'increase Turkish Lira weight' position to our model portfolio. In early July, we had taken long positions in Turkish Lira options. We now believe that the risk/reward balance favors direct Turkish Lira purchases."

Reserves seem to grow at a moderate pace

The information note mentioned that officials have introduced measures that will not allow the USD/TRY exchange rate to rise further, and it said:

"At the same time, our analysis shows that the Turkish Lira is cheap and competitive. Therefore, there is no need for an additional devaluation of the Turkish Lira. We believe that officials can maintain the USD/TRY exchange rate at a stable level without a loss in foreign exchange reserves; in fact, reserves seem to be growing at a moderate pace. This is because credit growth has declined to an annual rate of approximately 40-50% and has turned negative in real terms, and credit interest rates have increased significantly. With tourism revenues, a moderate current account surplus can be achieved in the August-October period. As a result, a stable USD/TRY exchange rate can be expected to yield positive returns."


No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Iron and steel prices on an upward trend

Tuesday, December 5, 2023

"You Have the Say - Steel Conversations" discussed the challenges of the Turkish steel industry

Tuesday, December 5, 2023

Price disparity raises questions in the Middle East's steel market

Tuesday, December 5, 2023

US HRC imports fell in October

Tuesday, December 5, 2023

US crude steel production rises on a weekly basis

Tuesday, December 5, 2023
Follow List
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.

There are no news categories you follow
Edit Notification Preferences

Global Iron and Steel Exchanges

Iron and Steel Indices, Price and News

E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now