Worrying dollar/TRY forecast from Goldman Sachs
The US banking giant Goldman Sachs has revised its inflation and dollar/TRY forecasts for Turkey. According to the institution's projections, the dollar exchange rate will break record after record over the 3, 6, and 12-month periods.
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US investment bank Goldman Sachs estimated in a research note it published that annual inflation in Turkey will fall from 62 percent to 51.4 percent in August.
The Istanbul Chamber of Commerce (ITO) 1995-based Wage Earners' Cost of Living Index also stood at 61.57 percent annually in August. The Turkish Statistical Institute (TÜİK) will announce the August inflation figures on Tuesday at 10:00 AM TRT.
DOLLAR FORECAST FROM GOLDMAN SACHS
According to a report by Foreks; furthermore, Goldman Sachs emphasized that if inflation does not fall as expected, the CBRT will act cautiously and delay easing. Goldman Sachs also revised its USD/TRY forecasts. It changed its forecasts for the 3, 6, and 12-month periods from 33, 35, and 39 to 36, 39, and 44, respectively.