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7.0 FX
Turkey FX
Dec 2018
Jan 2019
Feb 2019
Mar 2019
Apr 2019
May 2019
Jun 2019
Jul 2019
Aug 2019
Sep 2019
Oct 2019
Nov 2019
Dec 2019
Jan 2019
USD/TRY (eop)
5.29
5.18
5.31
5.65
5.97 5.84 5.79 5.59 5.83 5.65 5.71 5.74 5.95 5.98
The lira weakened 11% in 2019, bringing its two-year losses to 36%.
Turkish state lenders sold $1-1.5bn after USD/TRY hit on January 3 a seven-month low of 5.98 tensions between the U.S. and Iran, traders told Bloomberg .
In the run-up to municipal elections in March 2019, state banks sold as much as $15bn, according to traders’ estimates.
In the second week of October, transactions amounted to at least $3.5bn over the US sanctions threats.
Relatively limited daily interventions do not carry news value.
Turkey’s 5-year credit default swaps ( CDS ) fell further below 240bp in January from over 410bp in October. A record level of 566bp in was seen in September 2018 after the lira crisis.
33 TURKEY Country Report OUTLOOK 2020 www.intellinews.com
