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Ex-Senator Flake takes over as U.S. ambassador to Turkey
  + stars: | 2022-01-26 | by ( ) www.reuters.com   time to read: +1 min
Former Senator Jeff Flake (R-AZ) walks through the U.S. Capitol in Washington, U.S., October 19, 2021. Senator Jeff Flake officially became U.S. ambassador to Turkey on Wednesday at a critical time for the NATO allies, after presenting his letter of confidence to President Tayyip Erdogan. After Trump and Erdogan had warm personal ties, President Joe Biden has taken a cooler approach towards Turkey. One of his first steps in the White House was recognising the 1915 massacre of Armenians as genocide - a position that infuriated Turkey. Register now for FREE unlimited access to Reuters.com RegisterReporting by Tuvan Gumrukcu; Editing by Jonathan SpicerOur Standards: The Thomson Reuters Trust Principles.
Persons: Jeff Flake, Elizabeth Frantz ANKARA, Jan, Tayyip Erdogan, Donald Trump, Flake, David Satterfield, Trump, Erdogan, Joe Biden, Jonathan Spicer Organizations: U.S, Capitol, REUTERS, Republican U.S, NATO, Ukraine, Russia, Reuters.com, Thomson Locations: Washington , U.S, U.S, Turkey, Ankara, of Africa, Russia, Kyiv, Moscow, Washington, Russian, Syria, Libya, Ethiopia, Afghanistan, Qatar
Turkey's Erdogan says Russia would be unwise to invade Ukraine
  + stars: | 2022-01-26 | by ( ) www.reuters.com   time to read: +2 min
ISTANBUL, Jan 26 (Reuters) - Russia would be unwise to attack Ukraine and in that case Turkey would do what is necessary as a NATO member, President Tayyip Erdogan said on Wednesday. read moreRegister now for FREE unlimited access to Reuters.com Register"I hope that Russia will not make an armed attack or occupy Ukraine. While forging cooperation with Russia on defence and energy, Ankara has also sold sophisticated drones to Ukraine, angering Moscow. "I repeat that we are ready to do whatever is necessary and I conveyed these messages to President Putin and President (Volodymyr) Zelenskiy," Erdogan said. Last week diplomatic sources said both Russia and Ukraine were open to Turkey playing a role in resolving the crisis.
Persons: Jan, Tayyip Erdogan, NTV Erdogan, Vladimir Putin, Erdogan, Putin, Volodymyr, Zelenskiy, Ezgi Erkoyun, Jonathan Spicer, Leslie Adler, Grant McCool Organizations: NATO, NTV, Kyiv, Thomson Locations: ISTANBUL, Russia, Ukraine, Turkey, Moscow, Ankara, Syria, Libya, Crimean, NATO, Zelenskiy
Turkish lira dips, minister sees more forex converted to lira
  + stars: | 2022-01-24 | by ( ) www.reuters.com   time to read: +3 min
Turkish lira banknotes are seen in this picture illustration in Istanbul, Turkey August 14, 2018. It tumbled 44% last year after the central bank slashed its policy by 500 basis points to 14% since September, but has steadied this month. In a statement, his ministry also cited Nebati as saying that project banking would be accelerated and that value-added tax would be simplified. Turkey's parliament last week approved a law under which lira deposits converted from forex under a scheme to support the currency will be exempt from corporate income tax on gains resulting from the conversion. read moreCompanies have some $90 billion worth of foreign currency bank deposits, central bank data shows.
Persons: Murad Sezer, Jan, Nureddin Nebati, Nebati, Tayyip Erdogan, Nevzat, Daren Butler, Jonathan Spicer Organizations: REUTERS, Thomson Locations: Istanbul, Turkey, ISTANBUL, Friday's
Snow halts flights at Istanbul Airport, shuts roads
  + stars: | 2022-01-24 | by ( ) www.reuters.com   time to read: +2 min
ISTANBUL, Jan 24 (Reuters) - Turkish authorities temporarily halted all flights at Istanbul Airport on Monday due to heavy snowfall in the city, which was blanketed in white, while winter weather snarled transportation across the country. The heavy snowfall halted some of Istanbul's ferry services, shut some roads and caused visibility problems for drivers. Register now for FREE unlimited access to Reuters.com RegisterMany parts of Turkey have been hit with heavy snowfall since last week, which coincided with a winter break at most schools. Turkey's flag-carrier Turkish Airlines (THYAO.IS) said it had cancelled all flights from Istanbul Airport until Tuesday 0100 GMT to ensure "travel safety and for our passengers" and to prevent them from being stranded at airports. The snow was expected to raise water levels in dams to some 70% as it continued in coming days, he said.
Persons: Jan, Ali Yerlikaya, Ekrem Imamoglu, Imamoglu, Nevzat Devranoglu, Ali Kucukgocmen, Ezgi, Daren Butler, Jonathan Spicer, Jane Merriman Organizations: Turkish, Istanbul Airport, Nationwide, Emergency Authority, Turkish Airlines, Twitter, Vehicles, Istanbul's, Istanbul, Reuters, Thomson Locations: ISTANBUL, Istanbul, Turkey, Turkey's
Foreigners paying the minimum $250,000 in the scheme must not sell the property for three years to get a Turkish passport. Under the new regulation, the foreign currency investment sum will be sold to the central bank through another Turkish bank before the transaction goes through. Register now for FREE unlimited access to Reuters.com RegisterAnkara adopted the scheme in 2017 with an initial minimum price of $1 million on homes. However, with the further lira slide in late 2021, more properties were sold to non-citizens. House sales to foreigners surged 77% annually in December to 7,841 properties, official data showed.
Persons: Jan, Nevzat Devranoglu, Daren Butler, Jonathan Spicer Organizations: Foreigners, Reuters.com Register Ankara, Thomson Locations: ANKARA, Turkish
Turkey is also holding talks on hosting the next meeting of the OSCE Minsk Group, at which Ukraine's eastern Donbass region will be discussed, the sources told reporters on condition of anonymity. No date has been set for an Istanbul meeting but representatives from Russia, Ukraine, the OSCE Minsk group and from Donbass were expected to attend, they said, adding the group would meet "frequently". "Both Russia and Ukraine are warm to Turkey's mediation," one of the sources said. Ukraine has welcomed Turkey's involvement in negotiations with Russia. Ukraine has also bought Turkish drones to use in its war against Russian-backed forces in eastern Ukraine, angering Moscow, and agreed a deal with Ankara on manufacturing the drones locally this year.
Persons: Erdogan, Jan, Dmitry Peskov, Tayyip Erdogan, Vladimir Putin, Volodymyr Zelenskiy, Putin, Zelenskiy, Peskov, Natalia Zinets, Dmitry Antonov, Vladimir Soldatkin, Daren Butler, Jonathan Spicer, Toby Chopra, Jonathan Oatis Organizations: Minsk Group, OSCE Minsk Group, OSCE Minsk, Moscow, NATO, Kyiv, European Union, Thomson Locations: Turkey, Ukraine, ANKARA, Russia, Ankara, Donbass, Istanbul, Minsk, Moscow, Syria, Libya, Crimean, Turkish, Russian, European, Kyiv
ISTANBUL, Jan 27 (Reuters) - Turkey's central bank hiked its year-end annual inflation forecast to 23.2%, from 11.8% previously, and its chief dismissed the notion that a series of unorthodox interest rate cuts sent inflation soaring and the lira tumbling. read moreBut the central bank, which has consistently undershot actual inflation in the last few years, said inflation was heading lower and predicted a mid-point of 23.2% for the consumer price index at end-2022. The lira weakening "has nothing to do with the rate cuts" and would have happened irrespective, said Kavcioglu, whom Erdogan appointed in March of last year. He added that rising inflation was not completely due to rate cuts. Erdogan, who has long held the unorthodox view that interest rates cause inflation, launched a new economic programme last year that prioritises low rates, exports, lending and investment.
Persons: Jan, Sahap Kavcioglu, Tayyip Erdogan, Kavcioglu, Erdogan, Nevzat Devranoglu, Jonathan Spicer Organizations: Toksabay, Thomson Locations: ISTANBUL
ANKARA, Jan 19 (Reuters) - Turkish e-commerce firm Trendyol, backed by Chinese internet giant Alibaba (9988.HK), plans a dual-listing IPO in New York or London when its income from foreign sales reaches 30-35% of total revenue, the group's chief executive said. Trendyol, one of Turkey's best known platforms, has drawn backing from foreign investors and holds a leading position in Turkey's fragmented e-commerce market. "Before a public offering we want to see revenue abroad, which is around 5% of total revenue right now, rise to 30-35%," President of Trendyol Group Caglayan Cetin said in embargoed remarks late on Tuesday. In August, Trendyol it had entered into agreements to raise $1.5 billion from a number of high-profile investors, valuing the company at $16.5 billion. Register now for FREE unlimited access to Reuters.com RegisterEditing by Ezgi Erkoyun and Jonathan SpicerOur Standards: The Thomson Reuters Trust Principles.
Persons: Jan, Trendyol, Caglayan Cetin, embargoed, Cetin, Trendyol's, Alibaba, Ezgi Erkoyun, Jonathan Spicer Organizations: HK, Trendyol, General Atlantic, Qatar Investment Authority, Thomson Locations: ANKARA, New York, London, Turkey, Istanbul, Trendyol, East, Europe, Capital
A second person familiar with the matter said bank general managers were calling clients with at least $5 million in foreign deposits to pitch the new programme, while others approached those with smaller holdings. read moreAlong with currency interventions last month, the scheme helped spark a sharp lira rally. Out of those, Ziraat Bank declined to comment, while Vakif Bank (VAKBN.IS) and Halk Bank (HALKB.IS) did not respond to requests sent on Friday. Most, however, has come from existing lira accounts, not from dollars or euros, Reuters has reported. read more read moreIn order to boost uptake, the government added corporate currency accounts to the scheme last week.
Persons: Jan, Tayyip Erdogan, Nureddin Nebati, Erdogan, Erich Arispe, Nevzat Devranoglu, Ali Kucukgocmen, Jonathan Spicer, Tomasz Janowski Organizations: Reuters, Treasury, Ziraat Bank, Vakif Bank, Halk Bank, Finance, Fitch, Thomson Locations: ISTANBUL, forex, Ankara
Turkish lira up slightly as stop-gap measures tested
  + stars: | 2022-01-10 | by ( ) www.reuters.com   time to read: +3 min
The currency slumped 44% in 2021, suffering its worst year since President Tayyip Erdogan's AK Party came to power in 2002. read moreThe government introduced a lira deposit-protection scheme last month to encourage savers to convert forex deposits and support the lira after it hit a record low of 18.4. Under pressure from Erdogan - aiming to boost growth through higher production and exports - the central bank lowered its policy rate by 500 basis points to 14% since September. Atilla Yesilada from Istanbul Analytics said in a note he expected Erdogan to announce early elections in June, with a 65% probability. There was a 25% probability of a September-October election and a 10% probability of it happening as scheduled next year, he said.
Persons: Jan, Tayyip Erdogan's, Nureddin Nebati, Commerzbank, Erdogan, Harriman, Atilla, Nevzat Devranoglu, Daren Butler, Jonathan Spicer Organizations: Tayyip Erdogan's AK Party, Reuters.com, AK Party, Analysts, Istanbul Analytics, Thomson Locations: ISTANBUL, Atilla Yesilada, Istanbul
Turkish lira dips, business group chief questions policy
  + stars: | 2022-01-06 | by ( Can Sezer | ) www.reuters.com   time to read: +3 min
The currency weakened to 13.89 against the dollar, before trimming its losses to 13.745 by 0800 GMT. Simone Kaslowski, chairman of Turkey's leading TUSIAD business association, said on Wednesday evening the leap in annual inflation to 36.1% clearly showed the need to reconsider the policy steps Turkey has taken. Market interest rates were rising despite the central bank rate cuts and dollarisation was continuing to increase, he said, questioning whether Turkey was "missing the big picture as we turn to short-term temporary solutions". In its yearly policy text last year, the central bank said it may resort to government bond purchases as a part of its open market operations. Urged on by Erdogan in his bid to boost economic growth through higher production and exports, the central bank has lowered its policy rate by 500 basis points to 14% since September.
Persons: Dado Ruvic, Lira, Cenbank, Jan, Tayyip Erdogan's, Simone Kaslowski, Turkey's, dollarisation, Nureddin Nebati, Erdogan, Daren Butler, Jonathan Spicer, Alex Richardson Organizations: REUTERS, Tayyip Erdogan's AK Party, Finance, Thomson Locations: ISTANBUL, Turkey
Jan 4 (Reuters) - After inflation surged to a 19-year high of 36.1% last month, Turkey has pushed through a series of price hikes at the start of the year which are set to add to cost pressures as Ankara pursues an unorthodox interest-rate cutting policy. The monthly price rise was 15% for power generators. RAILWAYSTicket prices for the Marmaray rail service through a tunnel underneath the Bosphorus Strait in Istanbul rose by 36%. GRAINSTurkey's TMO state grain board announced price hikes of some 23-24% for wheat and barley to support farmers. Bus fares in Istanbul rose by around 36%.
Persons: Tayyip Erdogan, BOTAS, Daren Butler, Jonathan Spicer, Tomasz Janowski Organizations: Regulatory, Energy, Petroleum, Gas Stations Employers Union, RAILWAYS, Turkish Railways, Thomson Locations: Turkey, Ankara, Bosphorus, Istanbul
ISTANBUL, Jan 3 (Reuters) - Turkey's annual inflation jumped far more than expected to 36.08% year-on-year in December, the highest since September 2002, data showed on Monday reflecting a plummet in value of the liralate last year. The annual inflation forecast was 30.6%. "Annual inflation will probably reach 40-50% by March." The central bank has said temporary factors were driving prices higher and forecast that inflation would follow a volatile course in the short term. The central bank's year-end inflation forecast was 18.4% in a report published in late October.
Persons: Jan, Tayyip Erdogan's, Derici Sengul, Erdogan, Oben Mumcuoglu, Daren Butler, Jonathan Spicer Organizations: Turkish Statistical Institute, Tayyip Erdogan's AK Party, Spinn Consulting, Thomson Locations: ISTANBUL, Istanbul
read moreThe Energy Market Regulatory Authority, citing high global energy inflation, said electricity prices were raised by as much as 125% for high-demand commercial users and by around 50% for lower-demand households for 2022. Register now for FREE unlimited access to Reuters.com RegisterNatural gas prices jumped 25% for residential use and 50% for industrial use in January, national distributor BOTAS said. In Istanbul, home to around a fifth of Turkey's population of 84 million, retail prices jumped 9.65% month on month in December for an annual rise of 34.18%, the Istanbul Chamber of Commerce (ITO) said. Wholesale prices in the city jumped 11.96% from November for an annual rise of 47.10%, ITO said. Petrol prices rose by more than half a lira per litre, while diesel prices increased by 1.29 liras, the Energy, Petroleum, Gas Stations Employers Union (EPGIS) said on Friday.
Persons: Jan, Tayyip Erdogan's, BOTAS, ITO, Erdogan, Azra Ceylan, Jonathan Spicer, Jason Neely, Peter Graff Organizations: Regulatory, Istanbul Chamber of Commerce, Energy, Petroleum, Gas Stations Employers Union, Thomson Locations: ISTANBUL, Turkey's, Istanbul, stoke
Not with this foreign currency or that foreign currency," he told a business group. In response, the lira weakened to as far as 13.63 before recovering to end the day flat at 13.1875. Under it, the state covers the difference between deposit rates and the foreign exchange and gold rate for lira converted into the new instrument. Many economists have warned that if the lira continues to depreciate, the scheme could further stoke inflation and add to the state's fiscal burden. read moreThe central bank announced five direct interventions to support the lira in early December, including more than $2 billion in the first three efforts.
Persons: Lira, Erdogan, Tayyip Erdogan, Goldman Sachs, Marek Drimal, Nureddin Nebati, Karin Strohecker, Daren Butler, Jonathan Spicer, Alex Richardson, Hugh Lawson Organizations: Turkish Lira, International Monetary, AK Party, Societe Generale, Turks, U.S, JPMorgan, Reuters.com Register, Thomson Locations: Central, ANKARA, Turkish, Turkey, stoke, London, Istanbul
Erdogan calls on Turks to keep all savings in lira
  + stars: | 2021-12-31 | by ( ) www.reuters.com   time to read: +2 min
ISTANBUL, Dec 31 (Reuters) - President Tayyip Erdogan said on Friday that Turks should keep all their savings in lira and that recent exchange rate volatility was largely under control after the lira weakened sharply in the last two months. The Turkish Lira, our money, that is what we will go forward with. Register now for FREE unlimited access to Reuters.com RegisterAddressing a business group, Erdogan also called on Turks to bring their gold savings into the banking system and reiterated his unorthodox view that interest rates were the cause of inflation. "Interest rates down, interest rates up. Interest rates make the rich richer and the poor poorer."
Persons: Tayyip Erdogan, Erdogan, Daren Butler, Jonathan Spicer Organizations: Turkish Lira, Ece Toksabay, Thomson Locations: ISTANBUL, Istanbul, Turkish
A woman and her baby stand in front of an exchange office in Istanbul, Turkey December 17, 2021. The losses gathered pace after little initial reaction to the central bank's (CBRT) 2022 policy document, in which it said it will monitor risks related to the foreign exchange market and do what is necessary to ensure it runs smoothly. read moreThe lira plunged as far as 12.45 against the dollar and traded at 12.3 by 1034 GMT. Despite surging more than 50% last week following state-backed market interventions, it has lost 40% of its value this year. Hasnain Malik at Tellimer said this provided a free currency hedge to domestic savers if the lira depreciates.
Persons: Lira, Tayyip Erdogan, Hasnain Malik, Tellimer, Karin Strohecker, Jonathan Spicer, Hugh Lawson Organizations: REUTERS, Erdogan's AK Party, Ece Toksabay, Thomson Locations: Istanbul, Turkey, ISTANBUL, London
Turkish President Tayyip Erdogan addresses the media after a cabinet meeting in Ankara, Turkey, December 8, 2021. Erdogan and senior officials from his ruling AK Party (AKP) have repeatedly dismissed the idea of presidential and parliamentary elections being held before schedule in mid-2023. "The decisions have ... given the impression that the AK Party and Erdogan are excellent managers of the economy," said Mehmet Ali Kulat, chairman of MAK Consulting. "POSITIVE MOMENTUM"To boost the lira, Erdogan announced a scheme in which the state protects converted lira deposits against future depreciation losses versus hard currencies. "The election economy is being implemented", said Metropoll Chairman Ozer Sencar, adding that fiscal support could help win over undecided AKP voters.
Persons: Tayyip Erdogan, Murat Cetinmuhurdar, Erdogan, gambits, Mehmet Ali Kulat, Omer Taspinar, Ozer Sencar, Birsen Altayli, Jonathan Spicer, Daren Butler, Hugh Lawson Organizations: AK Party, AK, MAK Consulting, Brookings, National Defense University, Reuters, Thomson Locations: Ankara, Turkey, Handout, ISTANBUL
The lira got a big boost from what traders and economists called backdoor dollar sales by state banks supported by the central bank. read moreThe state banks have not commented on the issue. The central bank, which was not immediately available for comment, had announced dollar-selling market interventions earlier this month but not this week. "State banks provided significant support to the forex balance but it's not only state banks that are selling dollars," said a bank trader who requested anonymity. Under pressure from Erdogan, the central bank has slashed its policy rates by 500 basis points to 14% since September despite a jump above 21% in inflation.
Persons: Tayyip Erdogan, Nureddin Nebati, Nebati, Hakan Kara, Erdogan, Price, Nevzat Devranoglu, Jonathan Spicer, Jane Merriman Organizations: Treasury, Reuters, Turkish, NTV, Twitter, Turkish Airlines, Thomson Locations: ANKARA, Turkey
Turkish President Tayyip Erdogan addresses the media after a cabinet meeting in Ankara, Turkey, December 20, 2021. Murat Cetinmuhurdar/PPO/Handout via REUTERSISTANBUL, Dec 24 (Reuters) - Turkey's President Tayyip Erdogan said on Friday the government had burst a bubble in the foreign exchange market by taking steps this week to protect lira deposits against volatility. Ahead of a meeting with economists and academics, Erdogan said Turkey economy would enter a very different environment in the summer thanks to the "new economic model". Erdogan then announced a scheme in which the Treasury and central bank would reimburse losses on converted lira deposits against foreign currencies, sparking the biggest intraday rally ever. While his plan to defend lira deposits has given Turkish savers some respite - and possibly laid the ground for an early election - it also risks piling up debt and stoking already rife inflation.
Persons: Tayyip Erdogan, Murat Cetinmuhurdar, Erdogan, Ezgi Erkoyun, Birsen, Jonathan Spicer, Hugh Lawson Organizations: REUTERS, Treasury, Turkish, Thomson Locations: Ankara, Turkey, Handout, REUTERS ISTANBUL
Rates on deposits jumped to more than 20%, from 17-18% a week ago, while rising funding costs pushed SME loan rates to more than 30%. Register now for FREE unlimited access to Reuters.com Register"No one wants to lose lira deposits," one banking source said. When the central bank cut rates I was expecting the investment environment to improve, but interest rates only increased," he said. "Banks need lira deposits. "The banks need to make lira deposits attractive to increase their holdings and that causes a hike in the rates."
Persons: Tayyip Erdogan, Banks, Selcuk Sadir, Sadir, Erdogan, Nevzat Devranoglu, Jonathan Spicer, Catherine Evans Organizations: Erdogan, FX, Reuters, Sadirlar Alliance, Treasury, Thomson Locations: ISTANBUL
Register now for FREE unlimited access to Reuters.com RegisterThe Azeri and Emirati central banks did not immediately respond to requests for comment on Thursday. In June Reuters reported, citing sources, that the Turkish central bank was close to securing a deal with Azerbaijan, which is among Ankara's closest allies. The second source said that the initial amount of the swap deal with Azerbaijan could be small but gradually rise. Turkey had also previously sought deals with central banks in the United States, Britain, Russia and Malaysia, Reuters has reported. The Turkish central bank's reserves remain depleted after a series of interventions in 2019-2020 in which some $128 billion was sold via state banks.
Persons: Turkish Central Bank Governor Sahap Kavcioglu, Jonathan Spicer, Catherine Evans Organizations: Reuters, United, United Arab Emirates ., Turkish Central Bank Governor, UAE, Thomson Locations: ANKARA, Turkey's, Azerbaijan, UAE, Turkey, United Arab, Turkish, Libya, Ankara, China, Qatar, South Korea, United States, Britain, Russia, Malaysia
Lira extends rally in wake of Turkey's rescue plan
  + stars: | 2021-12-23 | by ( ) www.reuters.com   time to read: +3 min
The central bank was not immediately available to comment. In 2019-2020 the central bank backed, via swaps, the sale of some $128 billion via state banks to stabilize the lira, depleting Turkey's foreign reserves. The central bank has announced five direct market interventions this month that bankers say totaled between $6-$10 billion. The central bank will backstop lira converted from hard currencies. Under pressure from Erdogan, the central bank has cut rates by 500 basis points to 14% since September.
Persons: Tayyip Erdogan, Erdogan, Morgan, Ezgi Erkoyun, Nevzat Devranoglu, Marc Jones, Jonathan Spicer, Toby Chopra Organizations: IHS Markit, Reuters, Treasury, Thomson Locations: ISTANBUL, stoke, Azerbaijan, UAE
The selling coincided with a drop in the central bank's foreign reserves, which a second source said amounted to $6 billion on those two days alone. The three big state banks - Ziraat Bank, Vakif Bank (VAKBN.IS) and Halk Bank (HALKB.IS) - did not immediately comment on possible interventions. The Erdonomics effectTHIN RESERVES BUFFERIn 2019-2020 the central bank backed, via swaps, the sale of some $128 billion via state banks to stabilize the lira, depleting Turkey's foreign reserves. Official data shows the bank's net foreign reserves dropped to $12 billion last week, from $21 billion a week earlier, as the interventions weighed. Under pressure from Erdogan, the central bank has cut rates by 500 basis points to 14% since September.
Persons: Tayyip Erdogan, Haluk Burumcekci, Erdogan, Morgan, Marc Jones, Jonathan Spicer, Toby Chopra Organizations: Turkey's, Reuters, Ziraat Bank, Vakif Bank, Halk Bank, Burumcekci Consulting, IHS, Treasury, Thomson Locations: ISTANBUL, stoke, Istanbul, Azerbaijan, UAE
Before Erdogan announced the government's plan on Monday to protect lira deposits from further depreciation, the currency had slumped to a record low of 18.40 to the dollar. More than half of savings held by Turks are in foreign currencies and gold, central bank data shows, with confidence in the lira eroding after years of depreciation and bruised central bank credibility. RISING COSTThe government's commitment to cover depositors' losses in case of a further lira depreciation means any weakening could stoke inflation and drive up the budget deficit, bankers and analyst say. read moreUnder pressure from Erdogan, the central bank has cut rates by 500 basis points since September. The central bank has said it intervened directly in markets five times this month to support lira.
Persons: Murad Sezer, Tayyip Erdogan, Erdogan, Monday's, Jonathan Spicer, Edmund Blair Organizations: REUTERS, Turkish, Treasury, AK Party, JPMorgan, Reuters, Thomson Locations: Istanbul, Turkey, ANKARA
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