François Faure from BNP Paribas says that the Turkish economy showed good resilience in February and March. USD/TRY is trading at 6.9596.
Key quotes
“The Turkish government has not imposed a generalized lockdown therefore the supply shock is less severe than for other European economies.”
“The Central Bank has lowered its policy rate by 200 basis points since mid-March and one third of the support program announced by the government (2.3% of GDP) has already been spent in mid-March.”
“We expect recession to be limited to -2% for 2020 as a whole.”
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