Goldman Sachs forecasts faster Turk lira decline

Sources at Goldman Sachs expect Turkish monetary authorities to allow a faster depreciation of the Turkish lira in order to maintain external balance and reduce the current account deficit, even if that leads to a slowing of inflation. The experts anticipate the lira's exchange rate against the dollar to decline at an annual rate centered around the 20% mark. Despite its approximately 9% decrease so far this year and inflation rising to 32.1% in June, the Central Bank remains focused on maintaining high interest rates for the long term to tackle the growing current account deficit, which could reach 3.5% of GDP, or around $60 billion. The Turkish economy faces pressures from losing market share in exports to competitors from China and Eastern Europe, prompting a reassessment of the exchange rate trajectory ahead of the upcoming Monetary Policy Committee meeting.

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