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Tag: pound

S&P: Degrades Turkey’s credit rating in local currency

S&P: Degrades Turkey’s credit rating in local currency S&P: Degrades Turkey’s credit rating in local currency

The S&P further downgraded Turkey’s credit rating to local currency in the “junk” category, while maintaining a negative outlook for the country and confirmed the rating in foreign currency, according to Bloomberg. The house cut its rating of Turkish debt in local currency by one notch to B +, four levels below the investment grade, […]

The possibility of Johnson resigning could strengthen the pound

The possibility of Johnson resigning could strengthen the pound The possibility of Johnson resigning could strengthen the pound

Foreign exchange traders are beginning to look at a new factor in the British pound rally: the possibility of Boris Johnson resigning, Bloomberg reports. Instead of wiping out gains that led to the pound among the best-performing currencies against the dollar this month, the prospect of the British prime minister’s resignation could give the currency […]

What we learned from the collapse of the Turkish pound

What we learned from the collapse of the Turkish pound What we learned from the collapse of the Turkish pound

By Mike O’Sullivan One of the most shocking changes in asset prices in 2021 was the collapse of the Turkish lira. A development undermined by poor fiscal policy, the downgrading of state institutions by Turkish President Tayyip Erdogan and incoherent monetary policy. The recovery of the pound The days before Christmas may have offered some […]

SPIEGEL: Greeks, Bulgarians use Turkey as ‘shopping paradise’ – Turks in line for bread

SPIEGEL: Greeks, Bulgarians use Turkey as ‘shopping paradise’ – Turks in line for bread SPIEGEL: Greeks, Bulgarians use Turkey as ‘shopping paradise’ – Turks in line for bread

The ups and downs of Greek tourism and the shopping of Bulgarians and Greeks in Turkey in the German press. The taz of Berlin refers to Greek tourism, which due to a pandemic, as he writes, has its ups and downs. “The money left by each tourist is hardly enough to bring the total revenue […]

Erdogan celebrates: We broke the foreign exchange market bubble

Erdogan celebrates: We broke the foreign exchange market bubble Erdogan celebrates: We broke the foreign exchange market bubble

“We have broken the foreign exchange bubble,” said Turkish President Recep Tayyip Erdogan, as he took action this week to protect pound deposits from volatility. “We saw the exchange rate bubble burst in one day, with our package of measures,” Erdogan said. He added that the government went ahead with its economic plan of low […]

Handelsblatt: Erdogan’s risky experiment

Handelsblatt: Erdogan’s risky experiment Handelsblatt: Erdogan’s risky experiment

The press on the agreement between Albania, Serbia and Northern Macedonia on the free movement of workers and the Erdogan package of measures in support of the pound. Handelsblatt comments on Turkish President Tayyip Erdogan’s package of measures in support of the Turkish pound, entitled “Dangerous Experiment”. In the subtitle we read “Erdogan wants to […]

K. Kilicdaroglu: Erdogan guaranteed deposits with ‘money that does not exist’

K. Kilicdaroglu: Erdogan guaranteed deposits with ‘money that does not exist’ K. Kilicdaroglu: Erdogan guaranteed deposits with ‘money that does not exist’

Erdogan’s government has guaranteed the deposits of citizens affected by the collapse of the Turkish economy with “money that does not exist”, the leader of the main opposition, Kemal Kilicdaroglu, said on Tuesday. Speaking to the Turkish parliament, the leader of the Republican People’s Party (CHP) said the Erdogan government could not create an environment […]

Turkey: YPOIK meeting with the banks – A cry of agony from the businessmen

Turkey: YPOIK meeting with the banks – A cry of agony from the businessmen Turkey: YPOIK meeting with the banks – A cry of agony from the businessmen

Turkish Finance Minister Nuredin Nebati briefed the Turkish Banks Association, the BDDK banking authority and state-owned banks on the new low-interest rate economic model, the union said. The meeting takes place in the shadow of the slump of the Turkish pound, which on Friday recorded a new record low, exceeding the level of 17 pounds […]

Turkish media: British ‘block’ on Turkish business credit cards

Turkish media: British ‘block’ on Turkish business credit cards Turkish media: British ‘block’ on Turkish business credit cards

Problems in international trade are also causing problems for Turkish citizens due to the country’s faltering economy, as according to an article in the newspaper Sozcu, they no longer accept Turkish business credit cards in Britain. According to SKAI, the sharp fall in the pound exchange rate is causing problems, with the Turks fearing the […]

Turkey’s central bank intervenes again to halt pound fall to new low

Turkey’s central bank intervenes again to halt pound fall to new low Turkey’s central bank intervenes again to halt pound fall to new low

The Turkish pound set a new record low, prompting the immediate intervention of the country’s central bank, which sold dollars in the market. The new fall of the pound and the subsequent intervention by the central bank, came after the rating agency Fitch revised the country’s outlook from “negative” to “stable”, regarding the risks posed […]