According to Jinshi, Commerzbank said that the Turkish lira remains unstable due to the risk that Turkish President Erdogan will call for another rate cut. Tata Goss, a currency analyst at Commerzbank, pointed out in a report that the Turkish central bank is unlikely to cut interest rates at present because inflation remains high.

Goss said the central bank's policy credibility is improving, which could ultimately help the lira. However, if a quick political victory becomes a priority again, such as early elections, the political leadership could lose patience and undermine the restrictive policy mix.