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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
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 ( )   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
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA regional contagion from the plunge in the Turkish lira is unlikely, says think tankSinan Ulgen of the Center for Economics and Foreign Policy Studies discusses the Turkish government's methods of boosting economic growth and explains why the country's currency crisis is unlikely to spread in the region.
Persons: Sinan Organizations: Center for Economics, Studies Locations: Turkish
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
"Part of what distinguishes the Monarch Estate is that this is the kind of sprawling sanctuary typically seen in Palm Beach," said Adzem. Kitchen Daniel PetroniThe kitchen includes two large islands, clad in ivory marble, and features white wood cabinets with stainless steel appliances. Breakfast dining area Daniel PetroniRetractable floor-to-ceiling glass doors in the great room and breakfast area open to a loggia and pool. Balcony view Daniel PetroniHowever, the view from the New York City-inspired bedroom's balcony looks nothing like the Big Apple. Daniel PetroniThe suite also includes a pair of walk-in closets.
Persons: Daniel Petroni, Weston, Senada Adzem, Adzem, Daniel, Daniel Petroni Adzem, Daniel Peroni Organizations: University of Florida's, Economics, Business Research, Weston, Monarch, Miami Realtors, New, Apple Locations: Weston Florida, Weston , Florida, Miami, Broward County, Florida, Weston , FL, Fort Lauderdale, Palm Beach, Soho, New York City Soho, New York City, Turkish Carrara
Turkish Lira Tumbles After Erdogan Defends Rate Cuts
  + stars: | 2021-11-23 | by ( Anna Hirtenstein | )   time to read: 1 min
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Organizations: Wall Street
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
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTurkish lira falls to historic low as inflation in Turkey nears 20%CNBC's Steve Liesman joins 'Squawk Box' to break down the latest moves in the Turkish lira.
Persons: Steve Liesman Locations: Turkey, Turkish
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
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
ANKARA, Nov 19 (Reuters) - Midas was born with two sets of ears and a defective jaw due to a genetic mutation, but this has not stopped the four-month-old Turkish cat from becoming an internet sensation with over 73,000 followers on social media. The young feline was born in a backyard in Ankara alongside five siblings and later adopted by Canis Dosemeci and her family. 1/6 Midas, a four-month-old kitten born with four ears, sits next to a toy on a sofa at her home in Ankara, Turkey November 19, 2021. What sets Midas apart is that all four of her earflaps are connected to the ear canal. Dosemeci said she hopes Midas' popularity can persuade people to adopt pets rather than buying them from stores.
Persons: Midas, Canis Dosemeci, Dosemeci, Phrygia, Suzi, Zeyno, Gurdogan, Resat Nuri Aslan, Mark Heinrich Our Organizations: REUTERS, Thomson Locations: ANKARA, Ankara, Turkey
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 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
LONDON/SYDNEY (Reuters) -Wall Street was tipped for a firmer open on Thursday after the German and French bourses rose to record highs despite big falls in energy stocks, while the day’s big loser was the Turkish lira following a 100 basis-point interest rate cut. However, the dollar pullback offered little respite for emerging markets, with the Turkish lira in the spotlight. That comes on top of 300 bps in cuts in recent months, as the central bank responds to calls from President Tayyip Erdogan for lower borrowing costs. [GVD/EUR]Hinting at division among European Central Bank policymakers, board member Isabel Schnabel said on Wednesday that the central bank must be ready to rein in inflation if it proves to be more stubborn than expected. The dollar index, which measures the currency against a basket of six rivals, reached its highest since mid-July 2020 on Wednesday at 96.226, but was last down 0.2% at 95.654.
Persons: Kim Kyung, Germany’s DAX, Switzerland’s, , Graham Secker, Morgan Stanley, , Tayyip Erdogan, Jason Tuvey, Isabel Schnabel, China’s Alibaba Organizations: Nikkei, REUTERS, CAC, Brent, Royal, Shell, BP, Treasury, Capital Economics, Nasdaq, Target, European Central Bank, Japan’s Nikkei Locations: SYDNEY, French, Turkish, Tokyo, Japan, China, United States, Turkey, Asia, China’s, Hong Kong, HK
Dollar dips from 16-month highs as rally takes a pause
  + stars: | 2021-11-18 | by ( Tommy Wilkes | )   time to read: +3 min
REUTERS/Gary CameronThe dollar has rallied in recent weeks as traders bet on tighter U.S. monetary policy. And while volatility in FX markets remains low, it is markets’ assessment of global central banks’ differing responses to rising inflation that is driving currencies. The New Zealand dollar jumped 0.6% to $0.7041 after a central bank survey showed near-term inflation is expected to rise in the fourth quarter. [O/R]The Canadian dollar was at a six-week low. The Australian dollar hit a six-week low of $0.7263 but later bounced back aided by the Kiwi’s rally and was last up 0.3% at $0.7286.
Persons: Gary Cameron, , Luc Luyet Organizations: New, Engraving, REUTERS, New Zealand, Bank of, ” ING, Pictet Wealth Management, U.S ., Traders, Canadian, Bank of Canada Locations: New Zealand, U.S, Washington, United States, Bank of England, TURKEY, Turkish, Norwegian
The Turkish lira on Thursday continued its slide ahead of the country's central bank meeting. Turkish President Recep Tayyip Erdogan on Wednesday sent the lira spiraling when he said he will continue to fight to bring interest rates down. Erdogan previously said interest rates are "the devil" and that lower rates will reduce inflation, in direct contrast to what most economists believe. The president has also fired multiple central bank policymakers this year, including central bank chief Naci Agbal, who raised the country's main interest rate during his time in the position. While the lira has already plunged 30% this year, MUFG Bank said the currency could fall even further.
Persons: Recep Tayyip Erdogan, Erdogan, Naci Agbal, Ehsan Khoman Organizations: Wednesday, MUFG Bank, Lira, CNBC Locations: Asia, Turkish
(Reuters) - Greek yogurt maker Chobani on Wednesday disclosed paperwork for its U.S. initial public offering (IPO), revealing a nearly 14% jump in nine-month net sales. The New York-based firm did not reveal the terms of its offering, but Reuters had reported in July that an IPO could value the company at above $10 billion. Chobani, which means shepherd in Turkish, makes yogurt, oatmilk, and dairy- and plant-based creamers and probiotic beverages. The first cup of Chobani Greek yogurt hit store shelves in 2007. Goldman Sachs and BofA Securities are the lead underwriters for the offering.
Persons: Hamdi Ulukaya, CHO ”, Goldman Sachs Organizations: Reuters, United States, PepsiCo Inc, Oatly, Foods Inc, Nasdaq, BofA Securities, underwriters Locations: New York, Turkish, United, New York , Idaho, Australia, IPOs
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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