The Turkish lira has come under increasing pressure since President Tayyip Erdogan was re-elected on May 28.
Four traders said the decline in the central bank’s forex and gold reserves had stopped as of last week, and that they could enter an upward trend, along with signs of the change in forex policies. “We are seeing policy normalisation play out,” said Tim Ash at BlueBay Asset Management. “I think we are seeing the impact of Simsek pushing for rational policy.”
Erdogan is considering appointing Hafize Gaye Erkan, a senior finance executive in the US, as central bank governor, Reuters reported on Monday. Erkan met with Simsek in Ankara on Monday.
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