EFTA01374996.pdf

Deutsche Bank El MO-6. Residents are long in FX and used to balance out movements in TRY, yet not any more since the Fed taper tantrum 170 USDbn Basket/TRY 3.4 160 -I 3.2 Resident FX deposits 150 3.0 -Basket/TRY (rhs) 140 2.8 130 2.6 120 -I 2.4 110 -I 2.2 100 2.0 90 1.8 Jan 11 Jan 12 Jan 13 Jan 14 Jan 15 Source Haver Anal/tics, CBT. and Deutsche Bank Deutsche Bank D*E.tsch., Bank 8 CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0070011 CONFIDENTIAL SDNY_GM_00216195 EFTA01374996