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Citi, SocGen turn positive on Turkish lira after "dramatic" policy shift

·1 min read

LONDON, Nov 11 (Reuters) - Citi and Societe Generale both turned positive on Turkey's lira on Wednesday, after the country's President Tayyip Erdogan pledged to embark on a new economic strategy.

Citi said it had ditched its previous 'underweight' lira call and gone 1% 'overweight' and upped to 'medium-weight' its hard currency credit exposure.

Societe Generale performed a similar pirouette recommending buying the lira versus both the U.S. dollar and the euro.

"Over the course of this week, evidence has been rapidly accumulating that Turkey is eager to execute a dramatic shift in policy-making back toward a more orthodox framework," Societe Generale's Phoenix Kalen wrote in a note. (Reporting by Tom Arnold; editing by Marc Jones)