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Apr 23, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►

Turkish economy

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
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
Turkish lira firms for second consecutive day
Markets

Turkish lira firms for second consecutive day

  • The lira stood at 7.5320 against the US dollar at 1408 GMT, firming from Tuesday's close of 7.6300.
  • The currency had declined sharply since mid-February, hitting its lowest level since mid-December on Monday, as the yields on US bonds rose.
Published 10 Mar, 2021 07:52pm
Turkish lira on two-week slide that tests central bank's will
Markets

Turkish lira on two-week slide that tests central bank's will

  • Wall Street banks Citigroup and JPMorgan were the latest to predict Turkey would raise interest rates next week to stabilize the currency and address inflation, which rose above 15% last month.
  • Citi and JPMorgan said they expect a tightening of 50-100 basis points and 100 basis points respectively.
Updated 08 Mar, 2021 10:17pm
Turkish economy slowing after strong Q4
World

Turkish economy slowing after strong Q4

  • In the bank's quarterly inflation update, broadcast online, Agbal said the overall recovery in the second half of last year improved employment in the wake of the first coronavirus wave earlier in 2020.
  • Since November, the bank under new chief Agbal has hiked its key interest rate to 17% from 10.25%.
Published 28 Jan, 2021 06:11pm