Real TRY appreciation is here to stay. Policy makers plan to maintain an orderly exchange rate (1.5% depreciation / month). With inflation expected to average 2% / month, TRY is expected to continue appreciating in real terms this year and likely most of next year. Financial stability and preventing dollarization are of paramount importance to policy makers, with the exporters' conundrum taking a back seat. J P M O R G A N CEEMEA Credit Research 21 July 2026 Türkiye Revisited Thoughts and recommendations af ...