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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
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
The lira shed 44% of its value in 2021, its worst performance in Erdogan's near two decades in power. "The swelling inflation is not in line with the realities of our country," Erdogan said, adding that the government's measures would soon soften the burden of "unjust" price hikes. Under pressure from Erdogan, who seeks higher growth by boosting production and exports, the central bank has slashed its policy rate by 500 basis points to 14% since September. In its previous report last June, it had seen growth of 5.0% in 2021 and 4.5% in both 2022 and 2023. read moreGoldman Sachs said it expected Turkish authorities to attempt "more administrative and regulatory measures" to curb inflation before making an eventual monetary policy U-turn.
Persons: Goldman Sachs, Jan, Tayyip Erdogan, Erdogan, Carlos de Sousa, Marc Jones, Ezgi, Daren Butler, Gareth Jones Organizations: Bank, World Bank, Turkey, Treasury, Vontobel Asset Management, Thomson Locations: Ankara, ANKARA, Erdogan's, Tuesday's, Turkey, London, Istanbul
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
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 lira banknotes are seen placed on U.S. Dollar banknotes in this illustration taken, November 28, 2021. At 0800 GMT, the lira was 1.7% weaker at 11.9 to the dollar, having touched a low of 11.949 earlier. read moreAccording to a central bank document sent to banks on Monday it will support these forex-protected lira deposit accounts by not applying required reserve ratios on them. It will impose a higher commission on banks where the transfer from forex accounts to lira accounts does not exceed a certain level. The central bank has slashed its policy rates by 500 basis points to 14% since September, despite inflation that has risen to more than 21%.
Persons: Dado Ruvic, Tayyip Erdogan, Nureddin Nebati, Erdogan, Nevzat, Daren Butler, Gareth Jones Organizations: REUTERS, Reuters.com, Treasury, Central Bank, Finance, Ece Toksabay, Thomson Locations: ANKARA
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
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
One-month implied volatility on the lira , or expected price swings, jumped to the highest on record, reflecting uncertainty about the scheme. Register now for FREE unlimited access to Reuters.com RegisterOn Tuesday, the Turkish central bank said it will support the conversion of foreign currency deposit accounts into lira deposit accounts to further encourage reverse dollarization. Finance Minister Nureddin Nebati said on Tuesday that legal proceedings against speculative market comments made on social media were initiated after the recent currency volatility. read moreA money changer holds Turkish lira banknotes at a currency exchange office in Ankara, Turkey September 27, 2021. Under pressure from Erdogan, the central bank has cut rates by 500 basis points since September.
Persons: Tayyip Erdogan, Erdogan, Nureddin Nebati, Cagla, Cemil Ertem, Gary Schlossberg, Orhan Coskun, Ebru, Davide Barbuscia, Marc Jones, Rodrigo Campos, Jonathan Spicer, Alistair Bell, Sonya Hepinstall Organizations: Treasury, REUTERS, IHS Markit, Reuters, Wells, Wells Fargo Investment Institute, Thomson Locations: Lira, ANKARA, Turkish, stoke, Ankara, Turkey, Wells Fargo, San Francisco, Ebru Tuncay, Istanbul, Dubai, London, New York
One-month implied volatility on the lira , or expected price swings, jumped to the highest on record, reflecting uncertainty about the scheme. Register now for FREE unlimited access to Reuters.com RegisterOn Tuesday, the Turkish central bank said it will support the conversion of foreign currency deposit accounts into lira deposit accounts to further encourage reverse dollarization. read more"In the event that resident real persons, who already had an FX deposit account ... convert their accounts into Turkish lira time deposit accounts will be eligible to benefit from the incentive," the central bank said. A money changer holds Turkish lira banknotes at a currency exchange office in Ankara, Turkey September 27, 2021. Under pressure from Erdogan, the central bank has cut rates by 500 basis points since September.
Persons: Erdogan, Tayyip Erdogan, Nureddin Nebati, Cagla, Cemil Ertem, Gary Schlossberg, Orhan Coskun, Ebru, Davide Barbuscia, Rodrigo Campos, Jonathan Spicer, Alistair Bell Organizations: Lira, Treasury, REUTERS, IHS Markit, Reuters, Wells, Wells Fargo Investment Institute, Thomson Locations: ANKARA, Turkish, stoke, Ankara, Turkey, Wells Fargo, San Francisco, Ebru Tuncay, Istanbul, Dubai, New York
read moreUnder Erdogan's plan, his government promised to guarantee deposits in lira, sending the currency soaring some 25%, its biggest intra-day rally on record, at one point on Monday. The government has pledged to pay the difference between the yield on savings in lira and equivalent dollar deposits. A money changer holds Turkish lira banknotes at a currency exchange office in Ankara, Turkey September 27, 2021. Meanwhile, one month implied volatility in the Turkish lira jumped to 63%, its highest on record. Lira volatility hits record hitFinance Ministry said the new instrument will be available for lira savings by retail investors with maturities of three to 12 months, with the minimum central bank policy rate deposit yield.
Persons: Erdogan, Tayyip Erdogan, Cagla, Cemil Ertem, Refet Gurkaynak, Jeffrey Halley, Orhan Coskun, Ebru, Davide Barbuscia, Jonathan Spicer, Sam Holmes, Ana Nicolaci da Costa, Alexander Smith Organizations: stoke, Treasury, REUTERS, IHS, Turkish, Ministry, Reuters, Thomson Locations: ANKARA, Ankara, Turkey, Asia Pacific, Ebru Tuncay, Istanbul, Dubai
ISTANBUL, Dec 21 (Reuters) - Tayyip Erdogan's plan to defend lira deposits has given Turkish savers some respite as well as possibly laying the ground for an early election by the President, but it risks piling up debt and stoking already rife inflation. What has been done in the economy so far is an election strategy," said Ozer Sencar, president of Turkish polling group MetroPoll. Official data shows term lira deposits held by ordinary Turks were about 1.2 trillion lira ($92.5 billion) on Dec. 10. "There is no escape from re-establishing a credible interest rate policy environment," he added. Is it going to pay once every three months or once every six months?"
Persons: Tayyip Erdogan's, Erdogan, Ozer Sencar, Hursit, Hasnain Malik, Cemil, Orhan Coskun, Birsen, Davide Barbuscia, Jonathan Spicer, Alexander Smith Organizations: Turkish, Treasury, AK Party, Marmara University, Bankers, Reuters, Thomson Locations: ISTANBUL, Ankara, Turkey's, corporates, Dubai, Birsen Altayli, Istanbul
ISTANBUL, Dec 21 (Reuters) - President Tayyip Erdogan's plan to defend lira deposits may have dragged the Turkish currency back from the brink and given savers some respite, but the risks of piling up debt and stoking already rife inflation loom large. read moreErdogan made his announcement just hours after the lira breached 18 to the dollar for the first time ever on Monday, with a series of steps he said would reverse a tidal wave of depositors shifting lira deposits into dollars. Official data shows term lira deposits held by ordinary Turks were about 1.2 trillion lira ($92.5 billion) on Dec. 10. Turkish banks already pay 16-18% rates on deposits and are unlikely to offer much more given the policy interest rate is 14% after an aggressive and unorthodox monetary easing cycle. "There is no escape from re-establishing a credible interest rate policy environment," he added.
Persons: Tayyip Erdogan's, Erdogan, Hursit, pollster, Hasnain Malik, Cemil, Orhan Coskun, Birsen, Davide Barbuscia, Jonathan Spicer, Alexander Smith Organizations: Treasury, Turkish, Marmara University, Bankers, Reuters, Thomson Locations: ISTANBUL, Ankara, Turkey's, corporates, Dubai, Birsen Altayli, Istanbul
read moreUnder Erdogan's plan, his government promised to guarantee deposits in lira, sending the currency soaring some 25%, its biggest intra-day rally on record, at one point on Monday. The government has pledged to pay the difference between the value of savings in lira and equivalent dollar deposits. The lira has plunged to record lows this year over fears of an inflationary spiral brought on by Erdogan's push for monetary easing. Calculations by three bankers estimated around $1-1.5 billion in savings were converted to lira. Meanwhile, one month implied volatility in the Turkish lira jumped to 63%, its highest on record.
Persons: Erdogan, Tayyip Erdogan, Alpaslan Cakar, Cakar, Nurettin Nebati, Cemil Ertem, Refet Gurkaynak, Jeffrey Halley, Orhan Coskun, Ebru, Davide Barbuscia, Jonathan Spicer, Sam Holmes, Ana Nicolaci da Costa, Alexander Smith Organizations: Turkish Banks Association, Treasury, IHS, Turkish, Reuters, Thomson Locations: ANKARA, Ankara, Asia Pacific, Ebru Tuncay, Istanbul, Dubai
Turkish lira banknotes are seen in this illustration taken in Istanbul, Turkey November 23, 2021. The lira , which was down more than 11% at around 18.4 versus the dollar earlier, strengthened some 10% after the announcement by Erdogan. "This country will no longer be a heaven for those adding to their money with high interest rates, it will not be an import haven." read moreEconomists have called his low-rates model reckless and said inflation would soar to beyond 30% next year. read more"We're lowering interest rates.
Persons: Murad Sezer, Erdogan, Ipek Ozkardeskaya, Ozkardeskaya, Nevzat Devranoglu, Erkoyun, Marc Jones, Jonathan Spicer, Shounak Dasgupta, Jason Neely Organizations: REUTERS, Treasury, Democratic, Omicron, Swissquote Bank, Bankers, Ece, Thomson Locations: Istanbul, Turkey, ANKARA, Washington, Gezi, London
Turkish lira banknotes are seen placed on U.S. Dollar banknotes in this illustration taken, November 28, 2021. The lira , which weakened as much as 2.9% to 15.25, was trading at 15.15 at 0935 GMT. The U.S. currency has more than doubled in value against the lira so far this year, rattling Turkey's big emerging market economy. "Interest rates will be brought down as far as they can." The lira was also hit by the U.S. Federal Reserve's hawkish decision on Wednesday to end its bond-buying stimulus in March, and project up to three U.S. interest rate increases next year to tackle heated inflation.
Persons: Dado Ruvic, Erdogan, Tayyip Erdogan, Guldem Atabay, Commerzbank, Orhan Coskun, Daren Butler, Rashmi Aich, Jonathan Spicer, John Stonestreet Organizations: REUTERS, Istanbul Analytics, U.S, U.S . Federal, Thomson Locations: ISTANBUL, Istanbul, tatters, U.S ., Ankara
Turkish lira and U.S. dollar banknotes are pictured at an exchange currency shop in the opposition-held city of Idlib, Syria, December 4, 2021. On Monday, the lira crashed as much as 7% to a record near 15 before whip-sawing back after the central bank (TCMB) intervened for the fourth time in two weeks to prop it up. "The concern that the TCMB will continue with interest rate cuts is triggering an expectation of continued lira losses, so it is difficult to make an optimistic forecast for the lira." read moreLast week, the central bank acted to keep the lira below 14, but abandoned that level on Monday. Three traders estimated the central bank sold $2-2.5 billion dollars in interventions on Monday alone.
Persons: Khalil Ashawi, Lira, Tayyip Erdogan's, Erdogan, Central Bank Governor Sahap Kavcioglu, Nureddin Nebati, Daren Butler, Jonathan Spicer, Bernadette Baum Organizations: REUTERS, Turkish Central, Turks, Central Bank Governor, Finance, Thomson Locations: Idlib, Syria, Erdogan, ANKARA, 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
FILE PHOTO: A logo of Turkey's Central Bank is pictured at the entrance of its headquarters in Ankara, Turkey October 15, 2021. REUTERS/Cagla GurdoganThe Turkish officials said the government intends BOTAS to tap the central bank’s foreign reserves to help limit any further depreciation in Turkey’s currency, which has fallen to all-time lows beyond 10.5 to the dollar. The central bank declined to comment. Instead of securing dollars on the open market - where the lira has shed 29% this year - BOTAS could turn to the central bank. A forex trader at one Turkish bank, asking not to be named, said he understood the central bank had already met BOTAS’s demand in October.
Organizations: Reuters, Turkey's Central, REUTERS, Treasury, Energy Ministry, Analysts Locations: ANKARA, Ankara, Turkey
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