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Topic

Turkish economy

Smart money runs first

Smart money runs first

Updated 27 Mar, 2025 05:50am
Even by the turbulent standards of emerging markets, the past week was a master class in how quickly capital can...
Turkish central bank's net FX reserves rise to $20.91bn

Turkish central bank's net FX reserves rise to $20.91bn

Published 01 Jul, 2021 04:50pm
  • They plunged in 2019-2020 as state banks sold off $128 billion to stabilise the lira, which still fell 20% in 2020.
  • Bank's outstanding swap transactions stood at $44.689 billion as of Wednesday.
Erdogan adviser says central bank unlikely to cut rates early in Turkey

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

Published 16 Apr, 2021 08:06pm
  • 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.
Turks' hard currency holdings slump after cenbank chief removal

Turks' hard currency holdings slump after cenbank chief removal

Published 01 Apr, 2021 05:49pm
  • 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.
Turkish bond funds experience biggest weekly selloff this year

Turkish bond funds experience biggest weekly selloff this year

Published 26 Mar, 2021 05:12pm
  • 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.
Turkish lira firms for second consecutive day

Turkish lira firms for second consecutive day

Published 10 Mar, 2021 07:52pm
  • 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.
Turkish lira on two-week slide that tests central bank's will

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

Updated 08 Mar, 2021 10:17pm
  • 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.
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