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Cristian Maggio, head of emerging markets strategy at TD Securities, points out that the Turkey’s Supreme Electoral Council has annulled the Istanbul election vote result from 31 March, and called for a new vote on 23 June.

Key Quotes

“There is significant risk of social unrest in the country and, in any case, the ruling inflicts a dramatic blow to the rule of law and weakens democratic standards in Turkey.”

“We continue to expect USDTRY at 8.90 and CBRT’s WACF 600bps higher at 30% in a matter of months.”