Wells Fargo Analysis Predicts Peak Reached in Dollar/TL Exchange Rate, Anticipates Lira Strength

Economy 16:10 03.04.2024

According to recent analysis conducted by the US bank Wells Fargo, indications suggest that the Dollar/Turkish Lira (USD/TRY) exchange rate has reached its apex, signaling a potential turnaround for the Turkish currency.

Ednews, citing a report from sozcü.com, reveals that experts anticipate a strengthening of the Turkish Lira (TL) in the coming months, with projections suggesting a decline in the exchange rate to below 30 by mid-2025.

Economist Brendan McKenna expressed confidence in this outlook, attributing the positive trajectory to recent developments, including the conclusion of local elections and a reaffirmation of political and economic stability. "With local elections behind us and our commitment to politics and economic orthodoxy intact, we reiterate our long-term bullish view on the Turkish lira with increasing confidence," McKenna stated in a note.

The analysis emphasizes a shift towards optimism regarding the TL's performance, foreseeing a gradual improvement in its value against the US dollar. "We believe that the Dollar/TL exchange rate has reached its peak this year and will fall below 30 TL in mid-2025," the statement read.

The assessment from Wells Fargo suggests a potential turning point in Turkey's currency dynamics, with expectations set on a favorable trajectory for the lira in the foreseeable future.

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