USD/TRY gathers strength to near 38.00 amid political turmoil in Turkey
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The USD/TRY exchange rate is approaching 38.00 amid significant political turmoil in Turkey. President Erdogan's arrest of key rival Ekrem Imamoglu has sparked widespread protests, with 1,133 people arrested. The Central Bank of Turkey has attempted to stabilize the currency by raising overnight lending rates to 46% and spending $12 billion in interventions.
March 25, 2025 | 7:00 am
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Political arrests and protests are driving the USD/TRY exchange rate higher, with the pair approaching 38.00. Central Bank interventions may provide some temporary support.
Political instability, protests, and potential autocratic moves are causing significant depreciation of the Turkish Lira. Despite CBRT interventions, the currency remains under substantial pressure.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100