After more than half a decade of dramatically depreciating currency, burning through FX reserves and unorthodox monetary policy, Turkey's economy is battle-scarred.
New economic and central bank team appointments since roughly a year ago appear dedicated to reversing Turkey's fortunes, no matter how painful the process.
The central bank oversaw an aggressive cumulative rate increase of 3,650 basis points between May 2023 and January 2024.
It said at the time that "tight monetary stance will be maintained until a significant and sustained decline in the underlying trend of monthly inflation is observed."
"The authorities' shift towards policy normalization has galvanized investor interest in Turkish assets," according to a Citi report published Thursday.
Persons:
Recep Tayyip Erdogan
Organizations:
Citi
Locations:
Turkey