Goldman Sachs, in an evaluation report it published, stated that there is a widespread understanding in Turkey that the new government should make fiscal and monetary arrangements. He stated that the appointment of Mehmet Şimşek to the Ministry of Finance and Hafize Gaye Erkan to the Presidency of the Central Bank shows that this need has been realized.
Goldman Sachs reviewed some of its forecasts for the Turkish economy, emphasizing that “a large and intermittent adjustment in the exchange rate” would be needed for the economy to stabilize.
While the bank is not yet clear on exactly how monetary policy will be pursued, it stated that a “fully orthodox” decision maker would allow the exchange rate adjustment and interest rates to rise to the required level.
Clemens Grafe, economist at Goldman Sachs, said, “This is in our view an orthodox policymaker’s interest rates at the current deposit rate. to 40 percent It shows that he will.”
Grafe also added that if exchange rate and inflation expectations stabilize, interest rates could likely be lowered to 25% by the end of the year.
Goldman Sachs also reduced Turkey’s GDP (Gross Domestic Product) forecast for 2023 from 2.9 percent to 2.3 percent on an annual basis.
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