"Purchase recommendation for TL from Europe's giant bank."

The French banking giant Societe Generale (SocGen) advised investors to buy Turkish lira after the President of the Central Bank of the Republic of Turkey (TCMB), Fatih Karahan, increased inflation forecasts during the presentation of the 'Inflation Report'.

In SocGen's report on the subject, a short position in the dollar/TL, meaning buying TL and selling dollars, was suggested at the level of 34.36 TL. Investors were advised to consider a maturity of 3 months. According to ekonomim.com, the bank expressed that it expects the total return of the position to be around 8%, while the stop loss level recommended for those preparing for a buying position was suggested to be 35.05 TL.

The report predicted that the Central Bank would not make any interest rate cuts until February 2025, stating, "The level of reserves even exceeds the foreign holdings of Turkish stocks and government bonds."