ANKARA: Lira traders chastened by the currency’s 25% collapse this year are daring to believe 2021 will be different after president Recep Tayyip Erdogan’s surprise flip to more orthodox policies.
The nation’s latest currency crisis culminated in Erdogan firing the central bank governor, the resignation of the president’s son-in-law as economy Czar, and a hefty rate hike. Those steps helped the lira pare its eighth straight year of declines, but investors want evidence the switch in direction is more than just a temporary maneuver.
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