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USD/TRY targeted at 2.90 by end of 2015

Turkey's current account data released yesterday showed surplus for first time since 2009. The current account data benefitted the lira, the TRY basket gained 0.6% during the session.
 
The current-account balance posted a surplus of $95mn in September against $163mn deficit in the previous month. Therefore, the CA balance shown a narrow deficit if the figure for both the months read together.

In September, imports of the economy recorded a sharp fall of 24% yoy, and thereby improved trade balance.

The current-account deficit is expected to remain 4.5% of GDP for 2015, and USD/TRY will be at 2.90 by end of 2015, says Commerzbank. 

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