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Cristian Maggio, Head of Emerging Markets Strategy at TDS, point out that Turkey’s elections have returned an unambiguous winner, president Erdogan, who secured another five-year mandate – the first with sweeping executive powers – after winning an absolute 52.5% of votes in the first round.

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“The vote, as usual – and as expected – was controversial and marred by several irregularities and rigging attempts in several districts.”

“As for political, economic and financial performance we expect more of the same for another five years, we remain bearish both on FX and rates, with USDTRY forecast above 5.00 and 1yr Xccy swaps above 20% in the forecasting horizon.”