In recent days, while the Central Bank of the Republic of Turkey (CBRT) has made moves to address the increasing demand for foreign currency, foreign institutions have also started to update their Dollar/TL exchange rate forecasts.
Finally, in the analysis from HSBC, it was seen that the USD/TL forecast was revised upwards.
According to the reports of HSBC strategists, including Murat Toprak, dated March 6, HSBC raised its USD/TL forecast for 2024 from 33 to 36.
In the bank’s analysis, it was stated that the depreciation was faster than expected.
The report stated that the new forecast is based on the CBRT’s expectation of real appreciation in TL.
According to HSBC strategists, the appreciation of the Turkish lira has become an intermediate target within the scope of the CBRT’s inflation targeting.
The probability of real appreciation of the Turkish lira is assumed to be around 10 percent.
Source. BloombergHT