Georgians traveling to the northeastern province of Artvin to buy food, especially oil, have caused long lines in front of grocery stores. Arriving in the Kemalpasha region of Artvin through the Sarp border crossing between the two countries, Georgians flock to grocery stores to buy food that is much cheaper than in their country due […]
Tag: Turkish pound
The cash inflows allowed Erdogan to calm down over the summer
A windfall of foreign capital flowing into Turkey and increased interest in the government deposit scheme triggered by Christmas 2021 have brought a temporary relief to Turkish President Recep Tayyip Erdogan with less than a year to go before Turkey’s most crucial election in decades . Erdogan’s program centered on monetary stimulus, exports and economic […]
Losses for Turkish lira after reports of petrodollar ‘injections’ from Saudi Arabia
Turkey’s battered lira rallied against the greenback late on Wednesday before starting a new downward slide after the news that Saudi Arabia may deposit up to $20 billion in Turkish bonds and accounts. The pound was trading down 0.50% at 17.9623 per dollar by 1:00 p.m. Greek time at the Istanbul Stock Exchange on Thursday. […]
‘Jump’ for Turkish foreign exchange reserves after the influx of Russian funds
Turkey’s official reserves rose by the most since February, after Russia’s Rosatom injected cash into a Turkish subsidiary. Turkey’s total gross reserves increased by about $3 billion through last week, with gold accounting for $1.6 billion of the increase and foreign exchange the rest. Gross foreign exchange reserves stood at $61.1 billion and gold at […]
German press: ‘Explosion’ of the stock market in Turkey
An unexpected development from Turkey. Inflation may have soared to unimaginable heights, but at the same time the Istanbul Stock Exchange is experiencing an unprecedented boom, with the BIST-100 index up 31% since the beginning of the year. How is this explained? THE Süddeutsche Zeitung points out: “With a closer look we see that Turkey […]
Fitch: Further downgrade to junk for the Turkish economy
Ratings agency Fitch Ratings further downgraded Turkey’s public debt rating to “junk” level, stressing that the government’s policies are contributing to “spiking inflation” and discouraging capital inflows. The rating agency lowered Turkey’s rating to B from B+, taking it five notches below investment grade. The outlook for Turkey is negative, Fitch said. “Guided by policy […]
Turkey: Pound rises, the stock market falls after the announcement of new measures
The Turkish pound is heading for a bigger rise this year, boosting gains on Friday after the government announced new measures to strengthen the currency and slow borrowing. The pound rose more than 5% to 16.0956 against the dollar, recording the highest gains among the emerging, with the two-day rally amounting to about 8%. Meanwhile, […]
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 […]
Capital Economics: Historical Devaluation of Turkish Pound Comes – Erdogan’s Challenges Lead to New Monetary Crisis
Her Eleftherias Kourtali Historical depreciation of the Turkish pound at 24 against the dollar in 2022 and 26 at the beginning of 2023, compared to about 17 currently traded and 18.41 which is the low-record that reached the peak of the monetary crisis last year. year, Capital Economics predicts. As he notes, the Turkish currency […]
Turkey: New intervention by the central bank leads to a jump in bonds
Turkish bond yields plummet today after new measures imposed by the country’s central bank to force Turkish banks to hold more government debt Yields on 10-year Turkey fell 274 basis points on Tuesday, down from 19%, an eight-month low, according to Bloomberg. In the last three sessions, almost 700 bp have receded. as the central […]
