Turkish intervention poses threat of inverted currency war

Mats Olausson, SEB

Recent efforts by the Central Bank of the Republic of Turkey (CBRT) to strengthen the Turkish lira could be destabilising for emerging market (EM) currencies and lead other central banks into an inverted currency war, foreign exchange strategists have warned.

"We refer to currency wars when emerging market central banks intervene to prevent their currency from appreciating too quickly. We are now in a period where they are intervening to protect their currencies from falling. Excessive currency

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