EFTA Document EFTA01394933

For Key Client Partner Clients or U.S. Institutional Investors. Not for Retail Distribution Deutsche Bank Corporate & Investment Banking USDTRY FX Overview March 2018 a EFTA01394933 Deutsche Bank sees potential for relief rally in TRY but the lack of current account adjustment, dependence on foreign portfolio inflows and FX borrowing, and high inflation cloud the longer-term narrative TRY remains one of the most undervalued currencies on fundamental models USDTRY YE Forecasts