Goldman Sachs, a world-renowned multinational American investment bank, estimates that the dollar, which has seen rapid fluctuations against the Turkish lira in the recent period, might surge to TL 3.15 at the end of the next 12 months.

Releasing its market forecast in its latest report on Turkey, Goldman Sachs announced that the recent recovery in the dollar exchange rate was temporary and it might rise to TL 3.15 at the end of the upcoming 12-month period. According to the report by Goldman Sachs economist Ahmet Akarlı, the recovery that was seen in the negative divergence of the Turkish lira from other developing countries was actually a technical easing resulting from the rising expectations that the June 7 elections would lead to smooth results.

The report stated that Goldman Sachs maintained its long-term cautious stance on the Turkish lira, which has tumbled by nearly 10 percent against the dollar within a year. Last week, the Turkish lira became the currency that gained the highest value of 4 percent. According to Goldman Sachs, although it is not yet certain, it is more likely that election results will be positively perceived by the market, whereas the survey results cited in the report indicate that negative consequences are also within the bounds of possibility.