tldrdaily.news logo
Tag

Turkish Lira

All articles tagged with #turkish lira

economy1 year ago

Turkey's Annual Inflation Hits 70% in February

Turkish annual consumer price inflation surged to 67.07% in February, exceeding expectations, with the highest increases seen in the sectors of hotels, cafes, restaurants, and education. The country's persistently high inflation has been driven by the weakened Turkish lira, which has lost 40% of its value against the dollar in the past year. Analysts are concerned that the central bank may need to resume tightening measures despite indicating the end of its rate hiking cycle, and some predict a potential fall in inflation by the end of the year.

via CNBC|
#central-bank#consumer-prices#economy
economy2 years ago

Turkey's Central Bank Implements Aggressive Interest Rate Hikes to Tackle Inflation

Turkey's central bank has raised its key interest rate to 30% in an effort to combat double-digit inflation and stabilize the weakening Turkish lira. The decision follows a series of rate hikes aimed at reversing years of skyrocketing inflation and a significantly weakened currency. The lira has lost 30% of its value against the dollar this year and 78% in the last five years. Turkish President Recep Tayyip Erdogan, who has been critical of interest rates, appointed policymakers committed to implementing economic orthodoxy to address the inflation issue. The central bank aims to bring inflation down to 5% in the medium term, but current forecasts predict it will reach 65% by the end of 2023.

via CNBC|
#central-bank#economy#inflation
economy2 years ago

Turkish Central Bank's Rate Hike Falls Short, Lira Remains Under Pressure

Turkey's central bank raised its key interest rate by 250 basis points to 17.5%, falling below analyst expectations, as it aims to combat double-digit inflation. The Turkish lira weakened against the dollar following the news, which comes after the currency lost 30% of its value this year. The rate hike is part of efforts to implement economic orthodoxy and address the inflation situation, despite President Erdogan's opposition to high interest rates. Analysts expressed disappointment with the decision, questioning whether gradual tightening is sufficient to restore credibility and price stability after years of unorthodox policies.

via CNBC|
#central-bank#economy#inflation
business2 years ago

Turkish Lira Plummets as Bank Rules are Rolled Back.

The Turkish lira hit a new record low against the US dollar after the central bank stopped using its reserves to support the currency. The lira has weakened by 28% this year, with most of the decline occurring since last month's elections. The new finance minister and central bank governor have moved towards orthodox policy, with the central bank raising rates by 650 basis points to 15% and rolling back parts of the dozens of rules and regulations it had adopted since 2021. The simplification steps were meant to free up markets and ensure stability.

via Reuters|
#banking#business#central-bank
finance2 years ago

Turkey's Lira Continues to Struggle Despite Policy Shift and Rate Hike.

The Turkish lira fell to a new record low after the central bank raised interest rates by 6.5%, which fell short of market expectations. The rate hike was a reversal of President Erdogan's previous unorthodox monetary policy, which saw inflation in the Turkish economy accelerate to record levels. The central bank's policy committee said the monetary tightening "will be further strengthened as much as needed in a timely and gradual manner until a significant improvement in the inflation outlook is achieved."

via The Cradle|
#central-bank#finance#inflation
finance2 years ago

Turkish Lira Plummets in Record Time Amidst New Economic Policies

The Turkish lira has fallen to a new all-time low of 23.29 against the dollar, surpassing Goldman Sachs' forecast of 23 against the greenback in three months. Despite the appointment of former economy chief Mehmet Simsek, who is seen as likely to implement market-friendly policies, the currency continues to weaken. The country's recent annual inflation rate for May stood at 39.59%, and it will be "hard to find a floor" for the lira, according to Rachel Ziemba, founder of Ziemba Insights. Turkish state banks appear not to be intervening in the currency market, suggesting there's a managed devaluation playing out.

via CNBC|
#currency-market#finance#goldman-sachs
politics2 years ago

Investor Confidence Revived by US Debt Deal in Congress

A deal to raise the US debt ceiling may face opposition from hard-right Republicans in Congress. The deal includes general spending caps until 2024 and lower funding for the Internal Revenue Service. Meanwhile, Japan stocks remain at 33-year highs, and Tesla CEO Elon Musk is expected to visit China this week. Nvidia's CEO introduced a new AI supercomputer platform aimed at building generative AI models, and the Turkish lira slumped to another all-time low.

via CNBC|
#ai#politics#republican-opposition
finance2 years ago

Turkish Lira Hits Record Low After Erdogan's Re-Election

The Turkish lira has hit a new all-time low following the re-election of President Recep Tayyip Erdogan. The currency was trading at 20.15 against the dollar, having lost over 7% of its value since the start of the year. Analysts have warned that Turkey's economic issues will intensify following Erdogan's return to office, and have called for the appointment of a market-friendly economic point person, such as former finance minister Mehmet Simsek. Turkey's monetary policy prioritises growth and export competition over taming inflation, with Erdogan endorsing the unconventional view that raising interest rates increases inflation.

via CNBC|
#economy#finance#interest-rates
politics2 years ago

Erdogan's re-election sends Turkish lira to new lows.

The Turkish lira has hit a record low after President Recep Tayyip Erdoğan's election win, with analysts predicting further drops this year. Erdoğan's victory, with 52.16% of the vote, gives him a mandate to continue his unorthodox economic policies and rogue foreign policy decisions. The election campaign was divisive, with both sides deploying misinformation. Erdoğan's win was underpinned by hardline nationalist sentiment, leading to warnings of increased attacks on the LGBTQ+ community and women. The AKP will now try to reclaim control of Turkey's largest urban centres in next year's local elections.

via The Guardian|
#economy#election#nationalism
finance2 years ago

Erdogan's re-election causes Turkish lira to hit record low.

Turkey's lira weakened towards a record low after Recep Tayyip Erdogan won a presidential runoff election, extending his time as the nation's longest-serving leader in a tenure that has increasingly alienated foreign investors. Erdogan's unorthodox approach to interest rates has left markets beholden to an unpredictable mix of ad-hoc regulations and interventions, with new measures introduced informally and on a near-daily basis. The lira fell 0.6% to 20.10 per US dollar as of 6:10 p.m. in Istanbul, a record low on a closing basis. Wall Street analysts see more weakness ahead, with Morgan Stanley warning it may slide 29% toward 28 per dollar by the end of the year should Erdogan decline to change course.

via Yahoo Finance|
#currency-weakness#economic-policy#finance
finance2 years ago

Turkish Lira's Volatility Continues Amid Political Uncertainty.

Turkey's lira slipped towards a fresh record low against the dollar as President Tayyip Erdogan claimed victory in the country's presidential election on Sunday. The lira has lost more than 90% of its value over the past decade with the economy in the grip of boom and bust cycles, rampant bouts of inflation, and a currency crisis. Erdogan's victory is unlikely to embrace an outright economic orthodox approach, but some adjustments to the current heterodox approach could be adopted with the aim of gaining time ahead of the March 2024 local elections.

via Reuters.com|
#currency-crisis#economic-policy#finance
business2 years ago

Erdogan's re-election prospects cause Turkish markets to plummet.

The Turkish lira has hit a new record low against the US dollar amid concerns that President Recep Tayyip Erdogan could be re-elected. The country's presidential race is likely headed for a runoff, with Erdogan facing a strong challenge from opposition candidate Muharrem Ince. The lira has lost more than 20% of its value this year, with investors worried about Erdogan's increasing control over the economy and his opposition to raising interest rates to combat inflation.

via CNN|
#business#presidential-race#recep-tayyip-erdogan
finance2 years ago

Dollar's 5-week high rally cools down as lira weakens.

The US dollar fell slightly from a five-week high on Monday, while the Turkish lira sank to a two-month low as weekend elections looked headed for a runoff. The Thai baht rallied after a more decisive election result. Analysts have said many factors could be behind the dollar's recent strength, including concerns about US inflation, and fears about the debt ceiling standoff and global economic growth driving safe-haven buying.

via Reuters|
#fed-rate-hike#finance#inflation