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.
