Turkey’s Simsek Dismisses Post-Election Lira Doom Scenario
- Simsek says lira should neither be overvalued nor undervalued
- Inflation accelarated to 67% in February, exceeding forecasts
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Turkey will see increasing foreign inflows after the local elections in March, which will prevent real depreciation of the lira, according to Treasury and Finance Minister Mehmet Simsek.
Some investors fear a repeat of the steep depreciation seen after Turkey’s presidential and general elections at the end of May. The currency weakened by more than 20% in the following month after the central bank reduced its interventions to keep the exchange rate steady in the run-up to the poll.