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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
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
Tech reboot lifts shares, dollar takes a breather
  + stars: | 2021-11-25 | by ( Marc Jones | )   time to read: +5 min
"The inflation debate, whether is it temporary or not, is still there," said Dirk Schmacher, Head of European Macro Research at Natixis. Russia's rouble moved away from recent four-month lows, back above 75 per dollar, while South Africa's rand recovered from a one-year trough. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) traded either side of flat all day, and was last 0.04% higher. These expectations have pushed U.S. treasury yields higher, albeit inconsistently, with benchmark 10-year notes last yielding 1.6427% having risen as high as 1.6930% on Wednesday. Brent crude was last at $82 a barrel, down 0.3%, while U.S. crude was at $78.12, also down 0.3%.
Persons: Marija Veitmane, Olaf Scholz, Angela Merkel, Dirk Schmacher, Tayyip Erdogan, Russia's rouble, Hien Yap, Treasuries, Brent, Sujata Rao, Alun John, Angus MacSwan Organizations: Tech, U.S, State Street Global, Social Democrat, European Central Bank, U.S . Federal Reserve, stoke, Nasdaq, Nikkei, HK, U.S ., Standard Chartered Bank, Federal Reserve, Bank of, Thomson Locations: Asia, Europe, Natixis, Austria, Germany, Russia, Ukraine, Hong, Pacific, Japan, Yap, ., Bank of Korea, United States, China, India, South Korea, Britain, London, Hong Kong
ANKARA, Turkey—Turkey’s President Recep Tayyip Erdogan is set to host on Wednesday the de facto leader of the United Arab Emirates in search of foreign investment that could help ease the country’s economic crisis after the local currency extended a sharp slide. Abu Dhabi Crown Prince Mohammed bin Zayed al Nahyan’s visit to Ankara marks a recent thaw in ties after years of animosity between the two countries, which have competed fiercely for influence in the Middle East. It comes as Turkey seeks much-needed foreign investment and offers the oil-rich U.A.E. potential support in a broader struggle against Abu Dhabi’s other main regional rival, Iran.
Persons: Turkey —, Recep Tayyip Erdogan, Mohammed bin Zayed al, Abu Dhabi’s Organizations: United Arab Emirates, Abu Dhabi Crown Locations: ANKARA, Turkey, Abu Dhabi, Ankara, Iran
Turkey may not be the only country facing a currency crisis given the prospects of higher interest rates in the U.S., prominent emerging markets investor Mark Mobius said Tuesday. "Yeah, course it can," Mobius told CNBC's "Closing Bell" in response to a question on whether the sharp depreciation seen in the Turkish currency — the lira — could spread to other countries. "With higher interest rates in the U.S., all these other countries that have debt in dollars will be hit," said the investor, who's the founding partner of investment firm Mobius Capital Partners. Mobius did not specify which other countries are vulnerable to a currency crisis. But he said the good news is that since the 1997 Asian financial crisis, many emerging markets have borrowed more in their local currencies.
Persons: Mark Mobius, Mobius, CNBC's, Recep Tayyip Erdogan, bank's Organizations: Mobius Capital Partners Locations: Turkey, U.S
Lira drops 3% near record low as Turkey stumbles into unknown
  + stars: | 2021-11-24 | by ( )   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
The lira was trading at 12.168 to the greenback at 1 p.m. local time on Tuesday. The sell-off was triggered after Turkish President Recep Tayyip Erdogan defended his central bank's continued contentious interest rate cuts amid rising double-digit inflation. The lira has lost nearly 40% of its value this year and 20% since the start of last week alone, according to Reuters. For perspective, at this time in 2019, the lira was trading at roughly 5.6 to the dollar. And that was already making news, as it was a dramatic drop in value from the mid-2017 level of 3.5 to the dollar.
Persons: Tim Ash, Recep Tayyip Erdogan, bank's Organizations: Bluebay Asset Management, Turks, Reuters Locations: Turkey
Traders are pictured at their desks in front of the DAX board at the stock exchange in Frankfurt, Germany June 12, 2015. MSCI's gauge of Asia Pacific stocks outside Japan (.MIAPJ0000PUS) fell 0.43%, while Hong Kong's Hang Seng Index (.HSI) slid 1%. The sense that a second term under Powell could add to policymakers' desire to curb rising inflationary forces also sent investors buying dollars. U.S. Treasury yields were led higher by two-year notes, which typically move in step with interest rate expectations. "Interest rate hike expectations advanced with the market now pricing almost three hikes into 2022," he added.
Persons: DAX, Jerome Powell, Tayyip Erdogan, Germany's DAX, Hong, Joe Biden, Powell, Lael Brainard, Joe Biden’s, Steen Jakobsen, Bostic, Angela Merkel, Brent, Raissa Kasolowsky, Angus MacSwan Organizations: REUTERS, Stock, Federal,, FTSE, U.S, Monday, Nasdaq, Treasury, Saxo Bank, Fed Atlanta, European Central Bank, U.S . Department of Energy, Strategic Petroleum Reserve, Reuters, Thomson Locations: Frankfurt, Germany, Turkish, United States, Asia Pacific, Japan, U.S, COVID, Europe, Austria
After getting kicked out of the F-35 program, Turkey says it wants to buy more US-made fighter jets. Last week, Turkey's defense minister said that if the US rejects the F-16 request, Ankara will seek alternatives — including from Russia. Mehmet Ali Ozcan/Anadolu Agency/Getty ImagesPerhaps the biggest issue is Turkey's close relationship with Russia, epitomized by Turkey's purchase of the S-400, which was delivered in 2020. It overlooks the Levant, the Middle East, and the Caucasus and commands the southern shore of the Black Sea, where it is the largest NATO military. At the same time, rebuffing Turkey's request will add insult to injury following its removal from the F-35 program.
Persons: Antony Blinken, Turkey's, Recep Tayyip Erdogan's, Sen, Bob Menendez, Menendez, Erdogan, Strange bedfellows Erdogan, Vladimir Putin, Sergei Karpukhin, Assad, Mehmet Ali Ozcan, Pitarakis, Joe Biden, Biden, rebuffing, Constantine Atlamazoglou Organizations: NATO, US State Department, US, Congressional Hellenic Caucus, Senate Foreign Relations, REUTERS, Syrian Democratic Forces, ISIS, of Kurdistan's Workers Party, Murted Air Base, Anadolu Agency, CAATSA, Associated Press, Incirlik, Base, Biden, Fletcher School of Law, Diplomacy Locations: Turkey, Ankara, Moscow, Russia, St . Petersburg, Sergei Karpukhin Turkey, Syria, Turkish, Greece, Washington, Russian, Sanliurfa province, Turkey's, Caucasus
Exercises by US and Greek troops in Greece will increase, and the US presence in Greece will grow. "MDCA is the bedrock of our defense cooperation," Blinken said in a statement, referring to what is essentially a bilateral defense agreement. Elliott PageUnder MDCA, exercises between American and Greek troops in Greece will increase in number and duration, promoting interoperability between the two NATO allies in a tense corner of Europe. Turkey is also increasingly antagonistic toward other NATO members, particularly France, which recently signed a defense agreement with Greece. Although the MDCA is not directed against any particular country, "it does provide certain comfort for Greece in its disputes with Turkey," Novo told Insider.
Persons: Antony Blinken, Foreign Affairs Nikos Dendias, Blinken, Andrew Novo, Novo, Elliott Page, MDCA, USS Whitney, Andre Cameron, Greece Geoffrey Pyatt, Sergey Lavrov, Dendias, Erdogan, Kostas Fragogiannis, Mustafa Kamaci, Recep Tayyip Erdogan, Joe Biden, Renee Seruntine, Jonathan Ernst, Constantine Atlamazoglou Organizations: NATO, Service, Foreign Affairs, Mutual Defense, Cooperation, Center for, US Army, Spc, Elliott, Navy, USS, US, Foreign, Anadolu Agency, Getty, US Army National Guard, United, United Arab Emirates, Operational Squadron, Greece Mutual Defense Cooperation, REUTERS, Fletcher School of Law, Diplomacy Locations: Greece, Europe, Balkans, Alexandroupoli, Bulgaria, Turkey, Russia, Russian, Moscow, Turkish, Athens, Ankara, Cyprus, France, Washington, Israel, Egypt, United Arab, Syria, Tartus, United States
European stock indices edged higher in early London trading on Friday though sentiment was more cautious with a European stock market volatility gauge holding near two-week highs. MSCI’s broadest gauge of world stocks held less than 0.5% below a record high hit earlier this month though Asia-Pacific shares look set for a weekly decline of 1%. The euro is down more than 1% this week versus the U.S. dollar, a second consecutively weekly drop. [US/]Turkey’s lira lingered near Thursday’s record low. [O/R]Elsewehere, bitcoin is headed for its worst week in six months -- 20% below recent record highs.
Persons: Regis Duvignau, , Kenneth Broux, Tayyip Erdogan, Brent Organizations: REUTERS, Societe Generale, , Daily, Capital Economics, Swiss, Central Bank, U.S ., Treasury, Federal Reserve Locations: China, Bordeaux, France, Regis Duvignau While, London, Europe, United States, Germany, Austria, Eastern Europe, Asia, Hong Kong
Germany’s health minister Jens Spahn warned the coronavirus situation in Europe’s biggest economy was so grave that a lockdown, including for those vaccinated, cannot be ruled out. “A total lockdown for Germany would be extremely bad news for the economic recovery,” said Ludovic Colin, a senior portfolio manager at Swiss asset manager Vontobel. As the dollar rallied 0.4%, the euro slid to $1.1283, heading back towards a July 2020 low hit earlier this week . European and U.S. bond yields tumbled 5-6 basis points while equity markets reversed early-session gains. “It’s not a game changer”, said Emmanuel Cau, head of European equity strategy at Barclays, referring to latest COVID developments.
Persons: Jens Spahn, , Ludovic Colin, Vontobel, , STOXX, Christine Lagarde, It’s, Emmanuel Cau, Bitcoin, Tayyip Erdogan Organizations: REUTERS, Regis Duvignau, Delta, European Central Bank, Barclays, Wall, Nasdaq, SAFE, Government, HIT, Japan, Baidu Locations: Germany, Europe, Bordeaux, France, Austria, reimpose, Swiss, Asia
Asia sits out equities rally as Alibaba slides
  + stars: | 2021-11-19 | by ( Alun John | )   time to read: +4 min
The tone was more subdued in Asia, with the Hong Kong benchmark (.HSI) down sharply 1.5%, dragged down by index heavyweight Alibaba (9988.HK). The Chinese e-commerce firm's shares tumbled more than 10% after its second-quarter results missed expectations due to slowing consumption, increasing competition and a regulatory crackdown. Chinese economic data over recent months has also underlined a loss of growth momentum, dragging down stocks across the region. MSCI's Asian regional benchmark is down 13% from its February high, while MSCI's gauge of stocks across the globe (.MIWD00000PUS) sits at a record high. Register now for FREE unlimited access to RegisterReporting by Alun John; Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.
Persons: Aly, HONG, Tayyip Erdogan, Kenny Ng, Fumio Kishida, Brent, Biden, Alun John, Shri Navaratnam Organizations: Shanghai Stock Exchange, REUTERS, Hong, HK, Hung Kai Securities, Baidu, Citi, ANZ, Nikkei, Japanese, FRX, Treasury, Westpac, Reuters, Thomson Locations: Pudong, Shanghai, China, HONG KONG, Asia, Pacific, Japan, Hong Kong, FRX U.S, India
Voters are last brake on Turkey’s lunatic express
  + stars: | 2021-11-19 | by ( Dasha Afanasieva | )   time to read: +3 min
With few other checks on an increasingly autocratic ruler, voters might be the last chance of restoring monetary sanity. Erdogan’s disdain for interest rates is nothing new, but the deteriorating economic backdrop amplifies the costs. Even though analysts were braced for it, Thursday’s rate cut sent the lira down 6% to another record low against the dollar. Goldman Sachs reckons Ankara will be forced into a U-turn before April because of the vicious inflationary circle created by a weakening currency and real negative interest rate of almost 5%. He has cycled through three central bank chiefs since 2019, purged the monetary policy committee of anyone remotely hawkish and sidelined the finance ministry.
Persons: Tayyip Erdogan, Goldman Sachs, Erdogan, , , Ed Cropley, Oliver Taslic Organizations: Reuters, AK Party, Thomson Locations: Turkey, Ankara, Turkish
Euro rebounds off 16-month low as dollar surge pauses
  + stars: | 2021-11-18 | by ( Tommy Wilkes | )   time to read: +3 min
The euro , which on Wednesday touched a 16-month low below $1.13, rose 0.2% to $1.1345 in European trading hours on Thursday. It was last at 10.85, having hit a record low of 10.98 per dollar overnight. The Canadian dollar was at a six-week low. Markets are expecting the Bank of Canada to start raising interest rates early next year. The Australian dollar touched a six-week low of $0.7263 but later bounced back, aided by the Kiwi's rally and was last up 0.3% at $0.7290.
Persons: Gary Cameron, Lira, Luc Luyet, Tayyip Erdogan's, Mark Heinrich Our Organizations: Engraving, REUTERS, New Zealand, European Central Bank, Federal Reserve, ING, Pictet Wealth Management, U.S ., Bank of, Canadian, Bank of Canada, Thomson Locations: Washington, Turkey, U.S, United States, Bank of England, Norwegian
* Turkey cuts key rate by 100 bps to 15%* SARB decision at 1300 GMT (Updates after Turkey central bank decision)Nov 18 (Reuters) - Turkey’s lira slid more than 3% after the central bank cut the benchmark policy rate by 100 basis points as expected and signalled the possibility of another cut in December. The central bank cut the rate to 15% as President Tayyip Erdogan, who has replaced hawkish central bank governors in the past, ratcheted up pressure to provide more stimulus for economic growth. While most emerging market central banks in Asia have held rates to spur growth, peers elsewhere, with some exceptions like South Africa and Turkey, have turned aggressively hawkish to stave off inflation. A Polish rate setter said the probability of an interest rate rise in December was “quite high”. For GRAPHIC on emerging market FX performance in 2021, see For GRAPHIC on MSCI emerging index performance in 2021, see TOP NEWS across emerging marketsFor CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see
Persons: Tayyip Erdogan, , Cristian Maggio, Yi Gang, Russia’s Organizations: TD Securities, South African Reserve Bank, CENTRAL Locations: Turkey, Asia, South Africa, Hungary, Poland
“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
In emerging markets, Turkey’s lira was flirting with a collapse through 11 per dollar. The yen, which posted its sharpest one-day slump in three months a day ago, hovered at 114.18 per dollar as the greenback’s rally paused. Germany’s 10-year yield, the benchmark of Europe, was down 2 basis points at -0.26% but the inflation pressure was still showing. Hinting at division among European Central Bank policymakers, board member Isabel Schnabel had said on Wednesday that the central bank must be ready to rein in inflation if it proves to be more stubborn than expected. By contrast, Europe is grappling with a wave of COVID-19 cases and fresh restrictions to curb it, while the central bank is pushing back on pressure to raise rates.
Persons: Brent, Tayyip Erdogan, Erdogan, , Vladimir Demishev, Jun Bei Liu, Alibaba, Paytm, Gold, Isabel Schnabel, “ You’ve, Matt Simpson Organizations: Sova, Target, Tribeca Investment Partners, Japan’s Nikkei, Ant, European Central Bank, BIG, Federal Reserve Locations: SYDNEY, United States, China, Sydney, U.S, Asia, Japan, Hong Kong, India, Europe
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
The decision from the Central Bank of Turkey (CBT) is due at 1100 GMT. “If CBT were to cut the rate, it will hardly matter whether it is by 50bp, 100bp or 200bp. “The significant rise of the headline inflation since the spring supports a rate hike at today’s meeting,” Commerzbank said. Emerging market stocks looked set for their worst session in three weeks. For GRAPHIC on emerging market FX performance in 2021, see For GRAPHIC on MSCI emerging index performance in 2021, see TOP NEWS across emerging marketsFor CENTRAL EUROPE market report, seeFor TURKISH market report, seeFor RUSSIAN market report, see
Persons: Tayyip Erdogan, Erdogan, , Tatha Ghose, 50bp, ” Commerzbank, Russia’s Organizations: HK, Turkey, Central Bank of Turkey, Commerzbank, South African Reserve Bank, West, China Evergrande Group, HengTen Network Group, CENTRAL Locations: HengTen, Indonesian, Philippine, South Africa, South
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
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