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 […]
Tag: Sahav Kavtzioglou
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 […]
Economists estimate: Turkey inflation at 76.55% in May and 63.5% at the end of the year
Turkey’s inflation rate is expected to have risen to a near 24-year high of 76.55% in May due to high food and energy prices and a weakening pound, according to a Reuters poll published on Monday, while the median estimate for the end of the year amounted to 63.5%. Turkey’s consumer price index has risen […]
Uncontrollable situation in Turkey: Central Bank forecasts 42.8% inflation at the end of the year
LAST UPDATE 12:36 Turkey raised its year-end annual inflation forecast to 42.8% from 23.2% three months ago, and also sees an average forecast of 12.9% at the end of 2023, according to a presentation on Thursday by Commander Sahap Kavtzioglou. The reason is that consumer prices have risen almost three times their original estimate, with […]
The Central Bank of Turkey will keep interest rates stable
The Central Bank of Turkey (TCMB) is expected to keep its key interest rate unchanged this week, according to information from the Bank’s environment cited by various Turkish media today. This will be the second meeting of the year and is within the timeframe of the quarter in which Turkish President Recep Tayyip Erdogan said […]
Inflation in Turkey is at its highest level since April 2002
Turkey’s inflation accelerated to a near 20-year high in January, driven by rising energy prices and pressure from President Recep Tayyip Erdogan on lower borrowing costs. Turkey’s annual inflation rate rose further in January, reaching its highest level since April 2002, the Turkish statistical office Turkstat said on Thursday. The consumer price index increased by […]
The ‘secret’ interventions of the Central Bank of Turkey keep the pound at 13.5
Turkey’s central bank cut its monetary intervention in January, but still spent up to $ 1 billion last week to keep the pound stable after last month’s volatility, according to estimates by bankers and economists who spoke to Reuters. The figures show that the bank sold nearly $ 20 billion in foreign exchange reserves in […]
Turkey, UAE sign $ 5 billion foreign exchange deal
The central banks of Turkey and the United Arab Emirates (UAE) have signed an exchange agreement of a nominal size of 18 billion UAE dirhams and 64 billion Turkish lira ($ 4.7 billion), the Republic of Turkey (TBA) announced on Tuesday. “The agreement, which is designed to promote bilateral trade with the aim of further […]
The fall of the Turkish pound without brakes: Passed all 17 against the dollar
LAST UPDATE 12:45 At noon on Thursday, the Central Bank of Turkey cut interest rates by another 100 basis points to 14%, sending the dollar / pound exchange rate above 15. But the orthodox war of Turkish President Recep Tayyip Erdo Îχειan has investors were indifferent as on Friday morning it seemed that nothing could […]
Central Bank of Turkey cuts interest rates again – Pound losses widen
The Turkish pound plunged to a new low after the Central Bank (TCMB) decided to cut interest rates again, by 100 basis points, to 14%, at the behest of President Recep Tayyip Erdogan. The pound has lost more than 2.5% since the morning, passing the 15 to the dollar, losses that accelerated after the decision […]