USD/TRY seen drifting up to 30.00 during 2024 – Commerzbank

The Turkish Lira broke out of its tight range after this year’s election, which saw President Tayyip Erdogan retain his power. Economists at Commerzbank analyze TRY for the next year.

Lira is, once again, likely to suffer volatility

The Turkish Lira stabilised to some degree after the newly appointed economy management team announced a return to conventional monetary policy and started a rate hiking cycle. But challenges remain: high inflation and President Tayyip Erdogan's dislike for orthodox policies mean that the Lira is, once again, likely to suffer volatility. 

Our USD/TRY forecast for end-2024 is 30.00.

Source: Commerzbank Research