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Apr 25, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►

Turkish central bank

Turks' forex holdings rise by more than $2bn to $225.24bn
Business & Finance

Turks' forex holdings rise by more than $2bn to $225.24bn

  • The holdings have eased from a record high of $236.11 billion in January. Their fall accelerated in mid-March, as Turks converted their hard currencies to benefit from the lira's sharp decline against the dollar.
  • When adjusted for the parity effect, the data showed the hard currency holdings rose by $1.35 billion in the week to April 16.
Published 22 Apr, 2021 05:33pm
Erdogan adviser says central bank unlikely to cut rates early in Turkey
Business & Finance

Erdogan adviser says central bank unlikely to cut rates early in Turkey

  • Erdogan has long called for lower rates and abruptly fired the last three bank chiefs in less than two years, including Naci Agbal on March 20. Analysts say the bank's credibility is tarnished given Erdogan's outsized influence on monetary policy.
  • "I do not think the central bank or the governor knows when they will cut the policy rate, since they will act according to the data. I think it is early to make a comment on rate cuts before seeing the inflation data," said Ertem.
Published 16 Apr, 2021 08:06pm
Forex held by Turkish locals falls to $221.2bn
Markets

Forex held by Turkish locals falls to $221.2bn

  • The holdings have eased from a record high of $236.11 billion in January. When adjusted for the parity effect, the data showed the hard currency holdings dropped by $2.02 billion in the week to April 2.
  • Data also showed on Thursday that foreign investors sold $140.4 million worth of Turkish government bonds in the week to April 2, as well as $364.4 million worth of stocks.
Published 08 Apr, 2021 07:21pm
Turks' hard currency holdings slump after cenbank chief removal
Markets

Turks' hard currency holdings slump after cenbank chief removal

  • The holdings have eased from a record high of $236.11 billion in January. When adjusted with the parity effect, the data showed the hard currency holdings dropped by $8.13 billion in the week to March 26.
  • The lira briefly fell 15% to near its all-time low in a dramatic selloff after President Tayyip Erdogan sacked the hawkish former Central Bank Governor Naci Agbal.
Published 01 Apr, 2021 05:49pm
Turkish bond funds experience biggest weekly selloff this year
Markets

Turkish bond funds experience biggest weekly selloff this year

  • A total of $26.2 million was also pulled from equity funds invested in Turkey, the sixth consecutive week of net selling, the data from Lipper showed.
  • Agbal became an investor darling after his appointment in November by resisting Erdogan's perceived meddling in monetary policy and his repeated calls to cut interest rates.
Published 26 Mar, 2021 05:12pm