The Turkish central bank is in no position to save the lira following Erdogan's comments earlier
Erdogan basically dashed all hopes of a lira recovery today with just one sentence. With that, it is unlikely that the rate hike provided by the CBRT will be a meaningful one and even if it is, there's no way they're going to be able to get away with more.
The only thing capable of saving the lira now is Erdogan's so-called "new measures to prevent volatility/fluctuations". As mentioned before, if that doesn't involve capital control measures, then the lira is very much expected to fall further still from hereon.
The CBRT meeting decision later on feels more symbolic than game-changing at this point.
