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Turkey: Geo-Politics Impact on the FX Rate and Reserves

by | Oct 29, 2020 | Turkey

 

Turkey is one country we are currently watching with interest. The precipitous fall in US $ Foreign Exchange Reserves as well as the recent decline of the currency through 8 to the US dollar, is making many investors sit up and take notice.

Not only has Coronavirus decimated the tourist industry, a significant source of foreign exchange, but it is also putting the Government fiscal situation under increased strain.

The on-going adventurism of Turkish foreign policy, sabre rattling, or merely a tactic to divert domestic attention away from the unravelling economy, is creating a stir in Europe, Russia and the United States. One argument is that this is a land grab ahead of the expected change in President in the US and a likely re-set of relations under Biden.

Either way, the geo-political dimension to Turkey is creating some very interesting potential trades.

29/10/20

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