The Turkish lira is expected to be among the emerging market currencies hardest hit by the global economic downturn, a report by Societe Generale says. In the short term, the pound and the currencies of other developing countries face fresh problems, according to a report by Societe Generale strategists. The French bank said the Turkish […]
Tag: Central Bank of Turkey
Fitch: Turkey’s economic policy raises risks to public finances and forex
Ratings agency Fitch warned in a new report last week that Turkey’s recent economic policy is raising risks to public finances and the state’s position in the foreign exchange (FX) market. “Increasingly interventionist and unpredictable policies could further undermine domestic confidence and access to external financing, as authorities continue to focus on maintaining high growth […]
Turkey: New rise in inflation, to 78.62%
Turkey’s inflation strengthened less than economists had expected, as global crises in food and energy markets compounded domestic pressures from a devaluation of the currency and low interest rates. Consumer prices stood at 78.62% last month, up from 73.5% in May, according to statistics agency Turkstat. Average estimates called for a rise to 79.95. Monthly […]
Of the Central Bank of Turkey: Foreign exchange reserves at a low of 20 years – The pound is new to the nadir
Turkish Central Bank (TCMB) net foreign currency reserves fell to a seven-year low of $ 7.38 billion on June 17th, according to data released on Thursday. The exchange rate used by Reuters on Thursday to make the conversion from pounds to dollars was 17.2880. Net foreign exchange reserves were $ 8.15 billion a week earlier. […]
Turkey: Foreign exchange reserves at a low of 20 years – To the new nadir the pound
Turkish Central Bank (TCMB) net foreign currency reserves fell to a seven-year low of $ 7.38 billion on June 17th, according to data released on Thursday. The exchange rate used by Reuters on Thursday to make the conversion from pounds to dollars was 17.2880. Net foreign exchange reserves were $ 8.15 billion a week earlier. […]
The Turks are hungry and Erdogan has increased himself by more than 40%
What if inflation has plunged the Turkish population into despair? Even though employees are finding it increasingly difficult to make ends meet amid the country’s economic woes, queues at bakeries with free bread are growing, shopkeepers are selling peanut-baklava and citizens are buying vegetables by the gram. , Turkish President Recep Tayyip Erdogan is seeking […]
‘SOS’ economists: Turkish pound to reach 19 against dollar in coming weeks
The Turkish pound is again the currency with the worst performance against the dollar so far in 2022. Economists at TD Securities expect the dollar / pound exchange rate to be pushed to 19.00 in the coming weeks. The TCMB continues to hamper monetary tightening “Repeated patterns of the Turkish lira’s conversion into foreign currency […]
Turkey’s banking system in a thread: Turkish banks are extremely vulnerable, says S&P
Turkey, along with Tunisia, is one of the countries most exposed to changing global liquidity conditions, the international credit rating agency S&P Global said in a report on emerging market banks. Banks in Turkey seem to have enough foreign currency to withstand any severe financial pressure, but much of the money goes to the central […]
The monetary crisis of the Turkish pound is deepening: Free fall without brakes in 2022
Attention has been focused on the Turkish pound since late September, as the currency continues to be embroiled in a currency crisis. The Turkish Central Bank (TCMB) failed to intervene at the urging of President Recep Tayyip Erdogan, and the Turkish pound is in the midst of a free fall in 2022. The pound traded […]
Turkish lira loses 20% against dollar this year – No interest rate hikes, says Nebati
The Turkish lira has extended its losses against the dollar to more than 20% this year after the government said it was reluctant to approve interest rate hikes by the central bank to tame inflation faster than 1998. The pound fell 0.6% to 16.6 per dollar in Istanbul. The currency lost 44% of its value […]