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May 10, 2024 اردو ► PRINT EDITION ► BR MARKETS ► Dollar to PKR ►

Turkish lira

Turkish lira hits new low
Markets

Turkish lira hits new low

ISTANBUL: Turkey’s currency sank to all-time lows on Wednesday after President Tayyip Erdogan said he had urged ...
Published 03 Jun, 2021 04:13am
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
Turkish lira weakens anew as central bank worries resurface
Markets

Turkish lira weakens anew as central bank worries resurface

  • The lira dropped to as far as 8.09 before trimming losses to 1% to stand at 8.01 at 1300 GMT. It has shed some 10% of its value since Naci Agbal was sacked as central bank governor early on Saturday.
  • "The new governor at the very, very least has to hold pat in the April 15 meeting, and ideally with a tightening bias," said Patrick Esteruelas, head of research at Emso Asset management in New York.
Published 26 Mar, 2021 07:54pm
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