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Top related persons:
Goldman Sachs - 1 Mehmet Simsek - 1 Hafize Gaye Erkan - 1 Clemens Grafe - 1 Grafe - 1 Karin Strohecker - 1 Dhara - 1
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Turkey
Top related orgs:
Thomson - 1

Search resuls for: "Clemens Grafe"


3 mentions found


☆ Goldman Sachs: "Fully orthodox" policy maker could raise Turkey rates to 40%
  + stars: | 2023-06-09 | by ( ) www.reuters.com   time to read: +1 min
The Wall Street bank, in an overhaul to a number of its forecasts for Turkey, said stabilising the economy "will require a large, and we think discontinuous, adjustment to the exchange rate." While guidance was for the monetary policy framework was still missing at this stage, the bank noted, a "fully orthodox policy-maker" would allow the exchange rate to adjust upfront and would raise the repo rate to a level where it anchored interest rates in the economy. "In our view, this suggests that an orthodox policy-maker would raise rates to 40%, the current level of deposit rates," Clemens Grafe said in a note to clients. Grafe added that once the exchange rate and inflation expectations stabilised, rates could be lowered quickly, possibly to 25% by end-year. Goldman Sachs also cut Turkey's GDP forecast to 2.3% year-on-year in 2023, from previously 2.9%.
Persons: Goldman Sachs, Mehmet Simsek, Hafize Gaye Erkan, Clemens Grafe, Grafe, Karin Strohecker, Dhara Organizations: Thomson Locations: Turkey
☆ Turkey stocks rally, lira slips to record low after Erdogan victory
  + stars: | 2023-05-29 | by ( ) www.reuters.com   time to read: +7 min
The nation is grappling with a cost of living crisis, a plunging currency and depleted foreign reserves. MARKET REACTION:LIRA: The Turkish currency touched a fresh record low of 20.105 on Monday. "In a scenario where Turkey ran out of foreign currency, lira’s value would likely collapse, inflation would explode and goods shortages could occur. A painful crisis affecting all assets is on the way, with very high inflation, very low interest rates and no net foreign reserves. Only the most optimistic would hope that Erdogan now feels sufficiently secure politically to revert to orthodox economic policy."
☆ ANALYST VIEW Markets tumble as Turkey faces runoff election after Erdogan leads first round
  + stars: | 2023-05-15 | by ( ) www.reuters.com   time to read: +6 min
[1/2] Supporters of Turkish President Tayyip Erdogan wave flags outside the AK Party headquarters, in Ankara, Turkey May 15, 2023. DEBT: Five-year credit default swaps jumped over 100 basis points from Friday and dollar bonds fell more than 7 cents. STOCKS: Borsa Istanbul issued a market-wide circuit breaker after the benchmark index (.XU100) dropped 6.38% in pre-market trading and was last down 2.7%. PIOTR MATYS, SENIOR FOX ANALYST, IN TOUCH CAPITAL MARKETS, POLAND:"When/if President Erdogan is re-elected, the lira should be trading far more freely. CLEMENS GRAFE AND BASAK EDIZGIL, GOLDMAN SACHS, LONDON:"The (rates and CDS) market dynamics post the initial move will be dependent on the FX market.
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