Turkey continues to pleasantly surprise the markets for the time being, following Erdogan’s announcements about new protection mechanism for deposits in Turkish lira. The Turkish currency traded at 11.72 against the dollar, recording an increase of 2.6% when on Monday afternoon the exchange rate of the two currencies had reached 18.41. Overall the recovery has […]
Tag: Central Bank of Turkey
Turkey: Total pound recovery over 40% – $ 50 billion in reserves, opposition says
LAST UPDATE 14:52 Turkey continues to pleasantly surprise the markets for the time being, following Erdogan’s announcements about new protection mechanism for deposits in Turkish lira. The Turkish currency traded at 11.48 against the dollar, recording a rise of 4.63% when on Monday afternoon the exchange rate of the two currencies had reached 18.41. Overall […]
World-renowned economist: I measure Turkey’s inflation at 137%
Steve Hanke, a professor of economics at Johns Hopkins University, criticized the unorthodox economic policies of Turkish President Recep Tayyip Erdogan, after the latter pledged to reduce Turkey’s inflation to 4%. “He must be dreaming. Today, I measure Turkey’s inflation at 137.76% / year, more than 6 times above the false official interest rate. In […]
Is the Turkish Minister of Finance under persecution?
Turkey’s newly appointed finance minister, Nurettin Nebati, appears to be under pressure, according to sources close to the Justice and Development Party (AKP). According to reports, President Recep Tayyip Erdogan has resented Nebati, as, in a meeting with investors, instead of supporting the statements of the Turkish president, who blames “foreign forces” for the country’s […]
Erdogan is considering firing another Turkish finance minister
Turkey’s newly appointed finance minister, Nurettin Nebati, appears to be under pressure, according to sources close to the Justice and Development Party (AKP). According to reports, President Recep Tayyip Erdogan has resented Nebati, as, in a meeting with investors, instead of supporting the statements of the Turkish president, who blames “foreign forces” for the country’s […]
Danske Bank analysts: Erdogan should impose capital controls
According to Danske Bank analysts, Turkish President Recep Tayyip Erdogan must either tighten monetary policy or impose capital controls in order to stop the dollar / pound rally. They believe that Erdogan will be persistent this time and will not be easily persuaded, but there are some possible factors that could change the game: pressure […]
Figures deconstruct Erdogan: Turkey’s new minimum wage drops to $ 45 in four days
Turkish President Recep Tayyip Erdogan announced the increase in Turkey’s minimum wage yesterday, shortly after the Central Bank of Turkey, on his orders, announced a new reduction of interest rates by 100 basis points, to 14%, launching the dollar / pound, which on Monday afternoon exceeded 18.4. Turkey’s new 4. 4,250 minimum wage has failed […]
‘By the will of God, inflation will be reduced’, says Erdogan – The pound is at a new low (upd)
LAST UPDATE 11:57 The Turkish pound hit a new low against the dollar, following a speech by Turkish President Recep Tayyip Erdogan, who reiterated the country’s need to continue lowering interest rates. The pound traded at 17.41 against the dollar, at a new all-time low after falling last week, and following a 14% drop in […]
Turkey: Pound collapse and galloping inflation boost home sales
Housing markets in Turkey soared in November to a higher level than the government-sponsored lending boom last summer, as Turks rushed to protect themselves from the pound’s fall and rising inflation. Home and apartment sales rose 59% year-on-year to 178,814 last month, according to the Turkish Statistical Service. Existing home purchases rose 62% to 123,108 […]
Central Bank of Turkey: New intervention in the foreign exchange market – No response
The Central Bank of Turkey (TCMB) intervened directly in the foreign exchange market on Friday for the fifth time due to “unhealthy price formations”. The move came after the country’s currency fell to a record high against the dollar. The dive that started in the early hours of Thursday, after expulsion of the two deputy […]
