Market Extra: Strategists see 4 ways out of Turkey’s currency crisis [MarketWatch]
The Bank of New York Mellon Corporation (BK)
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Source: MarketWatch
Strategists see 4 ways out of Turkey’s currency crisis As international investors continue to punish Turkey’s lira this week following a slump of 16% on Friday alone, Turkey has to consider its options carefully to stop this currency crisis in its tracks. So far this year, the lira USDTRY, +8.7966% has fallen more than 80%. The dramatic selloff weighed on global markets and has shone a light Turkey’s mounting foreign currency-denominated debt burden, high inflation, and unorthodox policies, all of which have dragged on the lira. Check out: 3 reasons the selloff in Turkey’s lira matters for markets all over the world Turkey’s options seem limited and all require urgent action, market participants said. But given the initial reaction from government officials to Friday’s lira slump, investors are unsure whether Turkey will take the decisive steps that the markets desire. 1. Rate hikes “The policy response needs to be a further hike in policy rates, more than 500 basis points,
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