Emerging Europe Economics

Emerging Europe Economics Update

2 August, 2018

Turkey: assessing the fallout from US sanctions

The sanctions imposed by the US on two Turkish government ministers in themselves aren’t very big, but it looks likely that more measures will be announced. The lira is likely to fall further, strengthening the case for interest rate hikes. And given the context of Turkey’s large current account deficit and dependence on foreign capital inflows, there is a real risk of more severe macro stress.

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