Goldman Sachs Revised Its Dollar / TL Forecast

Goldman Sachs Revised Its Dollar / TL Forecast Goldman Sachs revised its dollar / TL forecast. The bank stated that it expects a value gain in TL. Goldman Sachs revised down its forecast for 3.6 and 12 months in USD / TL. Bank, waiting a strengthening in TL, the noted Central Bank of Turkey’s (CBRT) plans to strengthen the value of the reserves will offset the gain. The bank, which lowered its 3-month exchange rate forecast from 7.75 to 7.50, reduced its 6-month forecast from 8 to 7.75 and its 12-month forecast from 9 to 8. TL has managed to become one of the most appreciated currencies against the dollar since November. Goldman Sachs estimates that the CBRT will hold an interest rate increase of 200 basis points from the MPC meeting to be held on Thursday, December 24. Considering the high inflation and political risks against the CBRT's reiteration of its targets to reduce inflation and its commitment to increase reserves, Goldman Sachs analysts say the exchange rate will move steadily. In addition, it was also stated that if the commitments of the CBRT are not realized, investors may take a more cautious stance in TL.