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Is the Turkish lira turning a corner?

Turkish policymakers have this week been extolling the lira’s recent stability. And the surge in foreign capital inflows after March’s rate hike suggests that there is a growing risk that the currency won’t fall as far as our current forecast (a 15% drop against the dollar to 38/$ by year-end). Even so, we still think the lira will return to a depreciation trend before long.

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