Finance JPMorgan backs bounce in Turkey’s lira as key 2024 bet By Reuters November 23, 2023, 9:01 AM Reuters/Dado Ruvic The value of Turkey's lira has plummeted in recent years, but significant interest rates hikes have created more optimism Investment bank JPMorgan on Tuesday backed a bounce in Turkey’s lira as one of its key emerging market bets for 2024. The value of Turkey’s currency has plummeted in recent years, but a screeching 180-degree change of policy direction following President Tayyip Erdogan’s re-election win this year has seen interest rates hiked significantly, creating more optimism. Turkish bank backs exporters with $34bn in funding Turkey’s unemployment rate falls for third straight quarter Turkey embraces crypto amid currency woes “The first theme [of 2024] is recovery trades,” JPMorgan said, highlighting Turkey alongside Poland, South Africa and Israel. “We add short six-month USDTRY forward to our existing overweight on TRY,” it added, referring to a bet for Turkey’s lira to rise against the dollar. Earlier this week the Turkish central bank’s total reserves rose $6 billion last week to $134.5 billion, the highest since September 2014, Reuters reported, citing calculations from four bankers. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
