No major rel ef

Currenc es wh ch had suffered sp llover from the rouble’s weakness rebounded – the Turk sh l ra s a pr me example. Th s recovery was a ded by CBRT governor Murat Cet nkaya stat ng dur ng a speech that he was closely mon tor ng recent l ra developments concern ng the r effect on the nflat on outlook. He stated that add t onal t ghten ng could be del vered depend ng on where the l ra heads next. There were also ndependent warn ngs from pol cymakers, nclud ng Pres dent Erdogan, that they were prob ng nto who s speculat ng aga nst the l ra. All these factors helped the l ra stab l ze. But at what level? Yesterday’s move, wh le not ceable, was w th n the range of day to day fluctuat ons dur ng volat le per ods. We do not expect major rel ef unless the global mood suddenly mproves v a Tw tterspace, or the CBRT h kes ts late l qu d ty lend ng rate on Apr l 25. (Apr l 13)