Turkish lira falls after news of Recep Erdogan’s re-election
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This morning, the Turkish lira exchange rate sharply decreased after the news that the incumbent Turkish President Recep Tayyip Erdogan in the second round of elections with a margin of 4% overcame single opposition candidate Kemal Kılıçdaroğlu. At the beginning of today’s trading, the lira fell 0.45% against the dollar to 20.06 per $1, after 19.96 last Friday, approaching a record low of 20.1, recorded last week.
“We have a rather pessimistic outlook for the lira as a result of Erdogan remaining in power,” Brendan McKenna, an economist at Wells Fargo, told CNBC. According to him, by the end of the second quarter, the lira may fall in price against the dollar to the level of 23 per $1, and by next year – to 25.
Equally pessimistic forecasts for the lira exchange rate put forward and Morgan Stanley analysts. They believe that without a change in the course of economic policy, the lira can fall in price to 28 per $1 by the end of the year.
Read more about the Turkish elections in the publication “Kommersant” “First in the second round”.
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