Macro and Politics

* The real effective exchange rate (REER) rose by 1.5% in October to 71.87. Accordingly, the Turkish lira recorded its third consecutive month of real appreciation against the equally weighted currency basket, with a cumulative gain of 3.6% over the past three months. Since the beginning of the year, however, the lira has depreciated by a cumulative 0.5% in real terms against the basket.