The Eurasian hub of 84 million people witnessed major market turbulence in recent days, on top of the dramatic currency drops of the last few years.
The U.S. and Its Allies Are Joining Forces on Chips. That Could Stop China Reaching the Next Level
Banking stocks and the Borsa as a whole rebounded slightly on the news, with the exchange up 2.43% since Monday's close as of 2:00 p.m. in Istanbul. The Borsa Istanbul is still up 73.86% year-to-date.But analysts say the exchange's positive performance is not in line with Turkey's economic reality, as they look ahead to the Turkish central bank's interest rate decision on Thursday.
"While the Turkish central bank is under such pressure, we think it will continue with this cycle of cutting interest rates for maybe one or two more months … the window of cutting rates is small."
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