Turkey's lira recouped from early losses on Friday, a day after the unit weakened about 6% when the central bank, under pressure from President Tayyip Erdogan, cut rates again and signalled more easing even as inflationary risks broadened.
The lira stood at 11.0850, as of 0542 GMT, but hovered near Thursday's close after the unit weakened to 11.2 overnight.
Economists had predicted last week that the central bank would cut rates but some later said it could in fact hold off on easing further after the lira's sharp decline this week. "The current policy mix is not sustainable likely to quickly translate into inflation, rather than growth," analysts at the Wall Street bank said, adding the lira depreciation is likely to keep inflation above 20% through mid-2022.
The monetary easing leaves Turkey's real yields sharply negative and runs against the grain of a world in which central banks are raising rates to head off global price rises.
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