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ISTANBUL—Turkey’s central bank said Friday the country’s banking sector remained strong and had enough reserves to withstand the currency crisis, taking some pressure off President Recep Tayyip Erdogan to change course on his economic policies. The announcement indicates Turkey’s banks are unlikely to push the government to reverse policies, including interest-rate cuts, that sparked the crisis in the first place, economists said. Mr. Erdogan has pressured the central bank into cutting interest rates despite surging inflation that reached nearly 20% in October. As a result, the local currency has shed nearly 40% of its value this year, wiping out much of the public’s savings and driving discontent with the government.
Persons: Recep Tayyip Erdogan, Mr, Erdogan Locations: ISTANBUL
Global marches to end violence against women
  + stars: | 2021-11-26 | by ( Dave Lucas | ) www.reuters.com   time to read: 1 min
Demonstrators protest against gender-based violence on the International Day for the Elimination of Violence Against Women, in Istanbul, Turkey November 25, 2021. The banner in the middle reads: "Government resign", and the one in the right reads:...moreDemonstrators protest against gender-based violence on the International Day for the Elimination of Violence Against Women, in Istanbul, Turkey November 25, 2021. The banner in the middle reads: "Government resign", and the one in the right reads: "Women in rebellion". REUTERS/Umit BektasClose
Persons: Bektas Organizations: REUTERS Locations: Istanbul, Turkey
The Turkish lira has crashed to record lows after President Tayyip Erdogan defended recent sharp rate cuts. The lira has lost 43% of its value this year and more than 22% since the beginning of last week alone. The lira has lost 43% of its value this year and more than 22% since the beginning of last week alone. The local prices of phones and computers were some 10% below U.S. prices following the sudden depreciation in the lira. A sales representative at an Istanbul Apple store said people were thinking of electronics as an investment as much as items to use.
Persons: Tayyip Erdogan, iPhones, Sami, Ercument Organizations: Apple, Service, Turkish, Istanbul Apple, Black, Reuters Locations: Turkish, Istanbul
Interpol on Thursday elected a contentious official from the United Arab Emirates as its new president during the international law enforcement body’s annual General Assembly held in Istanbul. He has been accused by human rights groups of involvement in torture and arbitrary detentions in the UAE. Interpol said al-Raisi was elected following three rounds of voting and received 68.9 percent of the votes cast in the final round. “It’s an honor to have been elected to serve as the next president of Interpol,” the global police agency quoted al-Raisi as saying. The president chairs Interpol’s general assemblies and meetings of its Executive Committee.
Persons: Ahmed Naser al, Hu Binchen, Hu, Raisi, , , Meng Hongwei, Matthew Hedges, Hedges, Ali Issa Ahmad, Rodney Dixon, ” Hedges, Sheikh Khalifa bin Zayed Al Nahyan, Saif bin Zayed Al Nahyan, Sayed Ahmed Alwadaei, ” Alwadaei, Kim Jong Yan, Valdecy Urquiza, Garba Baba Umar Organizations: United, United Arab Emirates, Assembly, NBC, Interpol, Asia, Al, Inter, Parliamentary Alliance, Bahrain Institute for Rights, Democracy, Juergen Stock Locations: United Arab, Istanbul, Maj, United Arab Emirates, UAE, Asia, China, France, Turkey, Beijing, Dubai, U.S, South Korea, Germany, Brazil, Americas, Nigeria, Africa
ISTANBUL—Turks abandoned their local currency savings for U.S. dollars and other foreign-currency deposits over concerns about the country’s faltering economy, propelling the Turkish lira to its worst slide in years. Households increased their deposits of foreign currency in Turkish banks last week through Nov. 19 by nearly $1 billion, according to data released by the Turkish central bank on Thursday. About 59% of retail bank deposits are now in foreign currencies, up from nearly 57% the week before.
Organizations: Turks Locations: ISTANBUL, Turkish
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTurkey's currency crisis 'could get worse,' says consultancy firmCan Selcuki of Istanbul Economics Research says the Turkish lira's volatility is a challenge for businesses and long-term trade deals.
Organizations: Istanbul Economics Research Locations: Istanbul, Turkish
Lira drops 3% near record low as Turkey stumbles into unknown
  + stars: | 2021-11-24 | by ( ) www.reuters.com   time to read: +3 min
A U.S. one dollar banknote is seen next to Turkish lira banknotes in this illustration taken in Istanbul, Turkey November 23, 2021. The lira weakened as far as 13.1500 against the dollar before edging back to 13.05 by 0703 GMT. The central bank said on Tuesday it could only do so under certain conditions in "excessive volatility". With the current deposit rate this means a real interest rate of -15%," former central chief economist Hakan Kara wrote on Twitter. read moreAfter a meeting between Erdogan and central bank Governor Sahap Kavcioglu, the bank issued a statement saying the selloff was "unrealistic and completely detached" from economic fundamentals.
Persons: Murad Sezer, Tayyip Erdogan's, Erdogan, Hakan Kara, Sahap Kavcioglu, Nevzat Devranoglu, Daren Butler, Jonathan Spicer Organizations: REUTERS, Twitter, Reuters, Ece Toksabay, Thomson Locations: Turkish, Istanbul, Turkey, ISTANBUL
ADEM ALTAN | AFPThe unpredictability of Turkey's fiscal and monetary policy means investors should stay away until normality is restored, according to Ozan Ozkural, managing partner of boutique investment firm Tanto Capital Partners. "In this context, I just cannot imagine any investor coming into the country in the short term until this changes." The central bank has cut its main policy rate by 300 basis points since September, sending the already depreciating currency into freefall as investors flee Turkish assets. "But it doesn't take away from how important and how significant Turkey will be for investors in the medium to long term." Turkish President Tayyip Erdogan speaks during a meeting with businesspeople in Istanbul, Turkey, January 15, 2021.
Persons: Recep Tayyip Erdogan, ADEM ALTAN, Ozan Ozkural, Ozkural, Erdogan's, Goldman Sachs, Murat Unur, Clemens Grafe, Tayyip Erdogan Organizations: Capital Partners, Presidential Locations: Turkish, Ankara, AFP, Turkey, dollarisation, Istanbul
London/Istanbul (CNN Business) Turkey is plunging into a fresh currency crisis as investors dump the lira in response to the extraordinary decision by the country's central bank to slash interest rates in the face of soaring inflation. The lira stabilized on Wednesday but suffered a huge fall against the US dollar on Tuesday. Tuesday's plunge marked the 11th consecutive day of losses for the lira after the country's central bank last week cut interest rates by 100 basis points. Experts and opposition parties have accused President Recep Tayyip Erdogan of political interference by putting pressure on the central bank to lower rates. Central banks typically raise interest rates when inflation is soaring to stop the economy from overheating.
Persons: Recep Tayyip Erdogan Organizations: CNN Business Locations: London, Istanbul, Turkey
SOFIA, Bulgaria — At least 45 people, including 12 children, died as a bus carrying mostly North Macedonian tourists crashed in flames on a highway in western Bulgaria on Tuesday, officials said. Seven people who leaped from the burning bus were rushed to hospital in Sofia, the Bulgarian capital, and were in stable condition, hospital staff said. Bulgarian investigative service chief Borislav Sarafov said four buses from a North Macedonian travel agency had entered Bulgaria late on Monday from Turkey. North Macedonian Foreign Minister Bujar Osmani said the coach party was returning to Skopje from a weekend holiday trip to Istanbul. This is such a huge tragedy," North Macedonian Prime Minister Zoran Zaev told private television channel BTV.
Persons: Stefan Yanev, Boyko Rashkov, Borislav Sarafov, Bujar Osmani, Zoran Zaev Organizations: NBC, Interior, Macedonian Locations: SOFIA, Bulgaria, Sofia, Bulgarian, Macedonian, Turkey, Skopje, Istanbul
Police and investigators stand by the wreckage of a bus at the crash site in the village of Laskarci, west of Skopje, on February 14, 2019. At least 46 people, most of them tourists from North Macedonia, died as a bus crashed in flames on a highway in western Bulgaria on Tuesday, officials said. "At least 45 people were killed after a bus caught fire and crashed, or crashed and then caught fire," Nikolov said. An official from Sofia emergency hospital said the seven people receiving treatment has jumped out of the burning bus. North Macedonian Foreign Minister Bujar Osmani said the coach party was returning to Skopje from a weekend holiday trip to Istanbul, Turkey.
Persons: Nikolai Nikolov, Nikolov, Stefan Yanev, Bujar Osmani Organizations: Macedonian Locations: Laskarci, Skopje, North Macedonia, Bulgaria, Sofia, Bulgarian, Istanbul, Turkey
LONDON — Turkish start-up Getir on Tuesday agreed to acquire British rival Weezy, in the latest sign of consolidation in the ultrafast grocery delivery market. It now has over 700 employees, a number that includes the firm's delivery drivers. Europe is home to a flourishing online grocery delivery sector that's seen a wave of challengers emerge trying to take on established supermarket chains and convenience stores. It follows a slew of other deals in the space, from American grocery start-up Gopuff's acquisition of British firms Dija and Fancy to German food delivery giant Delivery Hero's purchase of a minority stake in Gorillas. Analysts say the rapid grocery delivery market is entering a phase of consolidation, as the multitude of different players increasingly struggle to differentiate their offerings.
Persons: Weezy, Kristof Van Beveren, Alec Dent, Zapp, It's Organizations: LONDON, Weezy, Getir, Tiger, Heartcore Capital, Left Lane, Analysts Locations: Istanbul, London, Manchester, Birmingham, Liverpool, Getir's, Europe, Silver, Mubadala, Sequoia
The fiancée of slain Saudi critic Jamal Khashoggi has published an open letter in The Washington Post asking singer Justin Bieber to cancel his performance at the Formula One race in Saudi Arabia. "I know that you are dedicated to your fans and are traveling to Saudi Arabia on their behalf. “Nothing of significance happens in Saudi Arabia without his consent, and certainly not an event as important and flashy as this." Bieber's concert in Saudi Arabia comes shortly before he opens a world tour in February that was rescheduled from 2020 due to the pandemic. Saudi Arabia held a trial for some of those involved in his killing, sentencing five to death before sparing them of execution.
Persons: Jamal Khashoggi, Justin Bieber, Hatice Cengiz, Bieber, , Cengiz, Prince Mohammed bin Salman, David Guetta, Tiesto, Jason Derulo, Nicki Minaj, Mariah Carey, who'd, Prince Mohammed, Khashoggi, Joe Biden, , Prince Mohammed — Organizations: The Washington Post, Saudi, MBS, Ticketmaster, Public Investment Fund, Public, Rights Watch, General Sports Authority Locations: Saudi, The, Saudi Arabia, Red Sea, Jiddah, Istanbul, U.S, Saudi Arabia's, Live, COVID
ISTANBUL—Turkey’s currency crisis is driving up the cost of food, medicine and other essentials for average Turks, and poses a threat to the country’s banks and large companies if the lira’s slide isn’t arrested, economists said. The steep drop in the lira, which has lost more than a third of its value to the dollar in eight months, is shaking a Turkish society that had long prided itself as an ascendant economy that rivaled its European neighbors. Ordinary people are now struggling with a decline in their living conditions, with rampant inflation putting pressure on wages and eating into savings.
Locations: ISTANBUL
“Literally insane move which puts the lira in real jeopardy,” Tim Ash of BlueBay Asset Management said of the rate cut on Twitter. The central bank’s policy committee said temporary factors driving up inflation, including supply, would remain through the first half of next year. Erdogan pledged on Wednesday to continue battling interest rates “to the end,” accelerating the currency selloff that has had echoes of a full-blown crisis in 2018. Inflation is four times the central bank’s official 5% target, sharply raising living costs for Turks along with the currency depreciation. Last month the central bank began emphasising the need to address current account deficits.
Persons: Tayyip Erdogan’s, Tim Ash, Erdogan Organizations: MPC, BlueBay, Management, Twitter, Reuters, Analysts Locations: ISTANBUL,
Analysts say it is reckless given the lira meltdown and inflation rise, and reflects Erdogan’s heavy hand on a central bank he has rapidly reshaped this year. The lira tumbled in response to 10.98 versus the dollar, matching a record low hit earlier in the day. “Literally insane move which puts the lira in real jeopardy,” Tim Ash of BlueBay Asset Management said of the rate cut on Twitter. The central bank’s policy committee said “transitory effects of supply-side factors and other factors beyond monetary policy’s control” will keep pressure on inflation through the first half of next year. “You’d have to essentially ask President Erdogan how far he expects the central bank to cut interest rates.”
Persons: Erdogan, Tayyip Erdogan’s, , Tim Ash, , Basak Cagci, Piotr Matys Organizations: Analysts, BlueBay, Management, Twitter, Reuters, Touch, Locations: ISTANBUL, , Istanbul
ISTANBUL (Reuters) - Turkey’s lira sank to another all-time low of near 11 to the dollar on Thursday, ahead of an expected interest rate cut by the central bank that analysts say is ignoring the dangerous market meltdown and inflation running near 20%. FILE PHOTO: A money changer holds Turkish lira banknotes at a currency exchange office in Ankara, Turkey October 12, 2021. The central bank decision is due at 2:00 p.m. local time (1100 GMT). The latest meltdown is the sharpest since March when Erdogan sacked a former hawkish central bank chief, Naci Agbal. GRAPHIC: Turkey rates and inflation
Persons: Cagla, Tayyip Erdogan, Erdogan stoked, Erdogan, , Commerzbank’s Tatha Ghose, Naci, Erdogan’s, Jason Tuvey, Damien Buchet Organizations: REUTERS, Capital Economics, Finisterre, Official Gazette, Finance Ministry Locations: ISTANBUL, Ankara, Turkey, Lira, Wednesday’s
ISTANBUL (Reuters) - Turkey’s lira sank to another all-time low of near 11 to the dollar on Thursday as the central bank pushed forward with an interest rate cut that analysts say ignores a dangerous market meltdown and inflation running near 20%. FILE PHOTO: A money changer holds Turkish lira banknotes at a currency exchange office in Ankara, Turkey October 12, 2021. “The sharp falls in the lira over the past few days clearly weren’t enough for Turkey’s central bank to stand up to President Erdogan,” said Jason Tuvey at Capital Economics. The latest meltdown is the sharpest since March when Erdogan sacked a former hawkish central bank chief, Naci Agbal. The central bank says price pressures are temporary.
Persons: Cagla, Tayyip Erdogan, Erdogan, , Jason Tuvey, Erdogan stoked, Naci, , Merve Tektas, Damien Buchet Organizations: REUTERS, Capital Economics, Sovereign, Treasuries, JPMorgan EMBI Global, Finisterre Locations: ISTANBUL, Ankara, Turkey, Wednesday’s, Istanbul, bitcoin
ISTANBUL—Turkey’s currency sank to a historic low against the dollar on Thursday as investors fled the lira in anticipation of a central-bank decision to cut interest rates demanded by President Recep Tayyip Erdogan. The lira dropped to 10.97 against the dollar early Thursday morning before rebounding to 10.66. The currency has lost nearly 8% of its value since Monday as Mr. Erdogan reiterated a demand for lower interest rates as a part of his unorthodox strategy to spur economic growth.
Persons: Recep Tayyip Erdogan, Erdogan Locations: ISTANBUL
The lira stood at 10.85 against the dollar at 0503 GMT. The central bank decision is due at 2:00 p.m. local time (1100 GMT). The central bank, which says price pressures are temporary, began giving dovish messages in September and embarked on an easing cycle later that month. It has since slashed its policy rate by 300 basis points to 16%. The currency’s decline eats into the earnings of Turks along with mostly double-digit inflation and pushes prices higher in Turkey via imports.
Persons: Tayyip Erdogan’s, Erdogan’s, Erdogan, , , Jason Tuvey, Ali Kucukgocmen, Muralikumar Anantharaman, Richard Pullin Organizations: Capital Economics Locations: ISTANBUL, Friday’s, Turkey
The lira stood at 10.73 against the dollar at 0705 GMT after paring some losses in volatile trade. The central bank decision is due at 2:00 p.m. local time (1100 GMT). The central bank has an “impossible task: Erdogan dictates what monetary policy should do, but then judges the central bank for success in ‘controlling inflation’,” said Commerzbank’s Tatha Ghose. The latest meltdown is the sharpest since March when Erdogan sacked a former hawkish central bank chief, Naci Agbal. The central bank says price pressures are temporary.
Persons: stoked, Erdogan, Tayyip Erdogan, Erdogan stoked, , Commerzbank’s Tatha Ghose, Naci, Erdogan’s, , Jason Tuvey Organizations: Capital Economics, Official Gazette, Finance Ministry Locations: ISTANBUL, Wednesday’s, Turkey
ISTANBUL, Nov 18 (Reuters) - Turkey’s lira sank to an all-time low of near 11 to the dollar on Thursday before paring losses, ahead of a central bank meeting that is expected to cut rates further even as the currency falls sharply and inflation remains near 20%. The lira stood 10.85 against the dollar at 0408 GMT, after earlier declining as much as 10.98, bringing its losses since Tuesday’s close to more than 5.7%. The currency’s decline in recent weeks over concerns of further easing from the central bank were exacerbated on Wednesday by President Tayyip Erdogan’s comments that he will continue his battle against interest rate “to the end”. The lira is down more than 32% against the dollar this year and its decline pushes prices higher in Turkey via imports. (Reporting by Ali Kucukgocmen and Can Sezer; Editing by Muralikumar Anantharaman)
Persons: Tayyip Erdogan’s, Ali Kucukgocmen, Muralikumar Anantharaman Locations: ISTANBUL, Turkey
ISTANBUL—A currency crisis is shaking Turkey’s economy, imperiling President Recep Tayyip Erdogan’s nearly two-decade-long grip on power and upending living standards in a country that had enjoyed years of growth. The Turkish lira hit a record low against the dollar on Thursday after the Central Bank cut a key rate by one percentage point. The currency has lost more than a third of its value since March and is the worst-performing major emerging market currency this year so far.
Persons: Recep Tayyip Erdogan’s Organizations: Central Bank Locations: ISTANBUL
Not only has he seemingly got his way this time, but his central bank chief hinted at another cut next month. The lira enjoyed some respite in 2020 -- it rallied more than 20% between November 2020 and February 2021 -- after a change of finance minister and central bank governor restored some confidence. RUNNING LOW ON AMMUNITIONThe central banks' reserves have risen this year thanks to an infusion of IMF money, but analysts say they are actually still in negative territory due to various funding arrangements with the country's local banks. Turkey's currency reserves3. The central bank chief has said addressing the deficit is key to tackling price stability.
Persons: Murad Sezer, Tayyip Erdogan, Erdogan, JPMorgan, Fitch, Paul Gamble, Forex, Tommy Wilkes, Marc Jones, Karin Strohecker, Lisa Shumaker Organizations: REUTERS, FX, Capital Economics, International Monetary, Thomson Locations: Istanbul, Turkey
FILE PHOTO: Garanti Bank headquarters is pictured in Istanbul, Turkey February 11, 2016. REUTERS/Murad SezerISTANBUL (Reuters) - The offer by Spanish lender BBVA to buy the rest of Turkey’s Garanti Bank shows the confidence in Turkey’s economy, President Tayyip Erdogan said on Wednesday. Erdogan was speaking in a news conference alongside Spanish Prime Minister Pedro Sanchez. “The statements made by the Spanish bank BBVA are a concrete sign of the trust in Turkey,” Erdogan said. BBVA offered on Monday to buy the rest of Garanti for up to 2.25 billion euros ($2.6 billion), taking advantage of a slide in the lira and raising fears in Turkey that foreigners might snap up assets at bargain prices.
Persons: Murad Sezer, Tayyip Erdogan, Erdogan, Pedro Sanchez, , ” Erdogan Organizations: Garanti Bank, REUTERS, BBVA, Turkey’s Garanti Bank, Spanish Locations: Istanbul, Turkey, Murad Sezer ISTANBUL, Spanish, Turkey’s, Garanti
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