Page 40 - TURKRptNov21

7.0 FX
Since October 12, it has been obligatory to submit an ID or a passport number when buying or selling FX at exchange offices in Turkey.
Those fishing for a hit-and-run trade idea know that when the Erdogan regime employs a chunky rate cut, it exerts pressure on the USD/TRY. The pair sank below the 9.20-level on October 20.
On October 18, Citi came up with the idea of shorting the TRY/RUB. That does not sound like a bad idea given that the lira will sink in any event and booming energy prices may support the Russian ruble (RUB).
40 TURKEY Country Report November 2021 www.intellinews.com