After the sudden Turkish central bank upheaval last week, Moody’s Investors Service offered its credit review of the embattled country’s banking sector.
- USD/TRY: Difficult for Turkey to avoid another currency crisis – Societe Generale
Key quotes
“Turkish central bank governor removal credit negative for the country’s banks' funding.”
“Without central bank credibility Turkish banks' market access likely costlier, limited to short-term syndications.”
USD/TRY fades a spike
Following wild moves on Wednesday, USD/TRY has entered a phase of consolidation so far this Thursday.
Despite the downbeat remarks from Moody’s ratings agency, the Turkish lira has managed to bounce-off daily lows at 7.9522 against the US dollar.
The cross now trades at 7.9204, modestly flat on the day.
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