Fitch rewarded economy czar Mehmet Simsek for orthodox policies.
•What is important: The TIMING of the rating hike.
•Yet, FX demand which started in February is accelerating by the day, endangering Turkey’s efforts to stabilize her economy.
•Soaring demand has various reasons, some one-off, BUT one stands out: Return on TL assets are too low.
•Will Central Bank react, or will Turkey edge towards another currency crisis?
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