The Turkish Central Bank intervened for the fourth time today as the dollar today exceeded 14 Turkish pounds, setting a new historical record. The dollar reached 14,75 Turkish lira during the day, and fell to 14,13 levels after the intervention of the Central Bank.
However, according to Turkish media, Turkish President Tayyip Erdogan will have a meeting today with the Governor of the Central Bank and the general managers of public banks to discuss the situation.
The opposition daily Cumhuriyet writes that the Swiss bank UBS has decided not to publish a report on the Turkish pound. UBS analyst Tilman Colb issued a customer note stating that they will no longer publish a report on the Turkish pound and that investors should ignore their latest advisory reports on the Turkish pound.
UBS analyst Kolb had published a report in late November stating that the devaluation of the Turkish pound reflected the view that the current monetary policy framework was insufficient to combat inflation and therefore did not rule out the possibility of further devaluation.
Evaluating UBS's decision, economist Weisel Ulusoy criticized the government's economic policies, saying that "a political stance that does not match economic reality has brought us to this point."
Noting that banks are preparing valuation reports such as exchange rate forecasts, industrial growth forecasts, demand and labor supply forecasts to be sent to their customers and large investors each month, Ulusoy said the clear expression of the decision is a result of the political stance in the economy.
He said the decision was the result of wrong decisions in the Turkish economy. "We are facing a major monetary crisis. Therefore, everyone will take a stand according to it. Storage is a result. "The main reason is the imbalances in the economy," he said.
(KYPE / AA / HF)