Bank of America releases dollar and interest rate forecast for Turkey
According to Bank of America's forecasts, the Dollar/TL exchange rate in Turkey will rise to 30 by the end of the year, while the policy rate will reach 45 percent next year.
Bank of America (BofA) strategists have shared their Dollar/TL forecast for the final quarter of 2023.
According to the BofA report, the potential increase in volatility caused by rising oil prices could dampen the performance of currencies in the Eastern Europe, Middle East, and Africa (EEMEA) region, which are net oil importers.
30 LIRA FORECAST FOR THE DOLLAR EXCHANGE RATE
The bank expects weakness in the currencies of Turkey, Poland, and Hungary. BofA expects the Dollar/TL to reach 30 in the final quarter.
Analysts expect a decline in the zloty for the remainder of the year in Poland, citing October interest rate cuts and a strong dollar. Analysts expect the euro/zloty to rise to 4.70 this year and to 4.80 in the first quarter of next year.
Expecting the rand to strengthen in South Africa, analysts have pushed back their forecast for the first South African interest rate cut from the first quarter of 2024 to the second quarter. BofA strategists expect the dollar/rand to decline to 18.50 in the final quarter of 2023.
News Source: 12punto
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