The lira is the greatest unknown factor. Although further interest rate cuts are highly likely in around three weeks at the next central committee meeting, it is not even certain which impact this may have on the lira. While the devaluation may very well continue, it is also very possible further interest rate cuts have already fed into the recent plunge. The depreciation of the Turkish lira has, however, certainly revived demand in Europe. Buyers reckoning with bargains have, however, been largely disappointed.
Issue is that the exporters imm