About the President of Turkey
Hello, I am a car trader.
This monthon the 24th, the Turkish presidential electionwill take place.
The central figurePresident Erdogan.
Some say this person is disrupting Turkey's financial situation.
Turkey is undergoing substantial inflation.
Therefore, they insist on cutting rates,
of course, if rates are cut, the lira will weaken further.
Turkey is a country that imports a lot from neighboring Eurozone countries,
and being a net importer means a weaker lira is a problem.
The Central Bank of Turkey wants to prevent the lira from sinking by raising rates urgently.
One could say there is a clash with the president.
Thus, this kind of political-financial discord is
a highly negative situation for the currency.
If President Erdogan is re-elected on the 24th, financial and political uncertainty will
likely continue and trigger further lira depreciation.
Even if the central bank raises rates urgently, simply buying Turkish assets carries
significant risk.
First, we will monitor the presidential election on the 24th.
Reference article
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https://jp.reuters.com/article/turkey-president-investors-idJPKCN1IH03B
(Reuters)
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