USD/TRY retraces previous rally to 15.00 zone. The focus of the markets continues to be on Ukraine. Turkey’s year-end CPI forecast is now at 40.47%. After the new highs of 2022 around 15.00, the USD/TRY lost some bullish momentum and dropped to the current 14.70 region by the end of the week. USD/TRY eyes geopolitics, […]
Tag: Turkey
Turkey: Journalist Sedef Kampas convicted of ‘insulting president’ released
Turkish TV journalist Sedef Kampas was sentenced to 2 years and 4 months in prison for “insulting the president”, but the court ordered her release after the hearing. “Sedef Kambas is now free,” she wrote on her Twitter account, which was used by her own people while she was in prison. The journalist was arrested […]
Turkey: Istanbul paralyzed due to heavy snowfall
Istanbul was paralyzed this morning due to heavy snowfall that continues to hit the Turkish city, with bus traffic stopped, more than 200 flights canceled and schools closed. Turkish Airlines was forced to cancel 180 flights today, 162 flights from Istanbul Airport and 18 from Sabiha Gokcen Airport. The airline expects to cancel other flights […]
Eighth day of slump for the Turkish pound – It reaches 15 against the dollar
The Turkish pound fell for the eighth day in a row amid concerns that the war in Ukraine would push inflation beyond the two-decade high and widen the current account deficit. The pound traded down 1.63% at 14.89 per dollar at 15:13 p.m. local time in Istanbul. This extended the losses to more than 5% […]
Erdogan, Herzog hail ‘turning point’ in relations
The presidents of Israel and Turkey welcomed in Ankara today a “turning point” in relations between the two countries, which have been marked by lively tensions for the past ten years. “This visit (by the Israeli president to Turkey) will mark a turning point in our relations,” said Turkish President Recep Tayyip Erdogan. His counterpart […]
Turkey: We have no intention of stopping buying oil from Russia
Turkish Energy Minister Alparslan Bayraktar said on Tuesday that his country would continue to buy Russian oil. Turkey relies on Russia for 45% of its gas demand, 17% of its oil and 40% of its gasoline, Bayraktar said on the sidelines of the CERAWeek energy conference. “People need more oil,” he said. “It has to […]
Turkey almost triples foreign currency deposit rates to cover losses
Turkish banks have raised interest rates on foreign currency deposits by almost 3% as they try to raise hard currency to overcome market shortages amid rising demand fueled by pound losses, banking sources said. The return on forex deposits was about 0.5% -1% and has risen to 2% -3% as the foreign exchange needs of […]
USD/TRY looks offered and flirts with 2022 highs near 14.6000
USD/TRY is approaching the yearly high near 14.60. Geopolitical tensions continue to weigh on the lira. the turkish lira loses ground for yet another session and encourages the USD/TRY to flirt with 2022 highs around 14.60 on Tuesday. USD/TRY: Focus remains on Ukraine USD/TRY advances for the 7th session in a row and keeps the […]
ECtHR: Turkey sentenced for ‘disproportionate’ judicial treatment of a demonstration
The European Court of Human Rights (ECtHR) today sentenced Turkey to “disproportionate” judicial treatment of a demonstration of about 20 people in 2003 in an Istanbul court that resulted in sentences of almost two years in prison without suspension. In November 2003, 23 people took part in an hour-long demonstration in support of Kurdish rebel […]
Erdogan-Herzog meeting after a tense decade
Turkey and Israel will seek to end a long-running feud between their two presidents this week for the first time in a decade as part of a recent fascination spell launched by Ankara against its regional rivals. Turkey and Israel have exchanged accusations of Israeli occupation of Palestinian territory and Ankara’s support for the Islamist […]
