Comments by Turkey's president Erdogan
- Says that there is a "FX instability operation" against Turkey
- Says that it doesn't take a genius to see that there is an attack on Turkey
- Says "this will pass" when it comes to the lira's fall/volatility
- Reiterates that Turkey will overcome the attack
- Impossible to explain US attempt to use the case of pastor Brunson to topple Turkey economically and militarily
I think the market has learnt to filter through most of what he has to say at this point. They're more or less irrelevant as they contain no bearings of fiscal/monetary policy measures, but you have to give it to him for the colourful language.
Here's a look at the "exchange bullet" today:
The decision by local authorities to increase the cost of carry for holding foreign currencies seem to be working as a temporary relief so far with the lira gaining by more than 1% against the dollar currently. They sure are able to pull all sorts of unorthodox measures to boost the lira but in truth, these measures can only do so much. Real and actual intervention is needed if you want to try and get to the root of the problem.
