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Many investors think that will only happen if interest rates go to levels just too high for investors to pass up. "You wonder whether they have left it too late" said Mikhail Volodchenko at one of Europe's largest fund managers AXA IM. Reuters Graphics4/LOCAL PROBLEMSIn contrast to the dollar bonds, Turkey's 'local' lira-denominated bonds have had a shocker. Even if the lira is taken out of the equation the bonds are still down around 13% since Erdogan's election win. Reuters Graphics($1 = 0.8920 euros)Reporting by Marc Jones and Canan Sevgili Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Tayyip Erdogan, Erdogan, Mehmet Şimşek, Hafize Gaye Erkan, Mikhail Volodchenko, Enver Erkan, Yatirim, Treasuries, COVID, Wednesday Erdogan, Simon Lue, Fong, Vontobel, Turkey's, Jeff, Michael Metcalfe, Metcalfe, Marc Jones, Shri Navaratnam Organizations: LONDON, AXA, Reuters, JPMorgan EMBI Global, NATO, Investment, Wednesday, United Arab Emirates, JPMorgan GBI, Street Global Markets, Reuters Graphics, Thomson Locations: Central, Turkish, Nigeria, Argentina, Turkey, U.S, Arab, Swiss, Lira

With the use of central bank reserves to protect the lira’s value before the election, reserves fell to a historical low in early June, with net reserves at minus $5.7 billion. Hence, there is no use of foreign exchange reserves and a period of increasing reserves has started," he added. His comments echoed the view of bankers that the central bank had "completely stopped" using its reserves. CENTRAL BANK MEASURESUnder new central bank steps announced at the weekend, the securities maintenance ratio that banks are required to allocate to their foreign currency deposit was reduced to 5% from 10%. The new regulation said banks whose lira deposits are less than 57% of total deposits will have to hold an additional seven percentage points of securities, compared to the previous seven additional points applied to banks that held less than 60% lira deposits.

Persons: Murad Sezer, Lira, Tayyip Erdogan, Hafize Gaye Erkan, Enver Erkan, Daren Butler, Canan, Jonathan Spicer, Emelia Sithole Organizations: REUTERS, Securities, Bankers, Thomson Locations: Istanbul, Turkey, ANKARA, backtrack, Turkish

☆ Istanbul bourse rises nearly 10% after quake closure, govt measures
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +4 min

RAPID NEW REGULATIONSTurkish authorities pushed through new regulations including measures incentivizing company share buyback programs, and increasing obligatory pension fund allocation for stocks. The general assembly decision mandate for share buybacks was also waived, allowing listed companies to start share buyback programmes with just a management board decision. Additional measures could still be needed to stabilize the stock exchange, according to Tunc Satiroglu, strategist and founder of financial consulting firm Kanal Finans. The cancellations followed multiple market-wide circuit brakers in the two trading days following the earthquake, which failed to halt the slide to no avail. "I expect the stock market to be more stable...

☆ Istanbul bourse trading halted for second time with benchmark index down 7%
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

Feb 7 (Reuters) - Trading on the Istanbul stock market was halted for a second time on Tuesday as a market-wide circuit breaker kicked in following heavy losses in the wake of Monday's devastating earthquake in Turkey and neighbouring Syria. The second circuit-breaker was issued at 1004 GMT, with the benchmark BIST-100 index (.XU100) down 7.01% and the banking index down 6.41%. The stock market said trading was due to resume at 1034 GMT. The magnitude 7.8 quake that hit Turkey and Syria early on Monday toppled thousands of buildings and left thousands of people injured or homeless. ($1 = 18.8285 liras)Reporting by Gdansk newsroom; Editing by Susan Fenton and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

The 2023 budget includes 4.47 trillion lira ($239 billion) in spending and sees a deficit of about 3.5% of GDP for this year and next. "The annual salary burden is likely to reach approximately 150-180 billion lira, whereas the severance pay burden that will be shouldered by both the public and private sectors may exceed 300 billion lira," he said. A total of 142.9 billion lira has been earmarked for 2023 spending in the farm sector on support programmes and investment payments. SOCIAL AID, OTHER SPENDING:Spending on social aid in the 2023 budget was raised to 258.4 billion lira. Spending on education will be 650 billion lira, while 145.4 billion lira was set aside for support to the real sector.

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