It is a funny world we live in. Only in March, Turkey was on the brink of yet another currency crisis. Central Bank had to raise interest rates by 500 basis points to defend the Turkish Lira. Fast forward 45 days, and the same Central Bank bought $47 billion of FX from the market to make sure TL doesn’t appreciate too fast.
Bloomberg calls TL the darling of carry traders, as Turkish companies raise record amounts of dollar debt. What happened? How long will the reign of Strong Turkish Lira last? Can Turkey use this unique opportunity to create a sexy story to attract longer-term money and fix her chronic inflation problem?
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