Citi strategists Luis E Costa and Bhumika Gupta, in a note released after the Central Bank of the Republic of Turkey’s interest rate hike decision, said, “We are returning to the long USD/TL position in our model portfolio.” The institution suggested a 3-month forward dollar/TL purchase with 30 targets and 22 stop loss levels.
Strategists cited as an example the fact that the Currency Protected Deposit (KKM) will likely be gradually removed in the future, anticipating potential steps that could increase the demand for dollars.
Citi strategists noted the risk that regulators might return to the status quo as the economy reacts to higher dollar/TL and interest rate shocks regarding their proposals.
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