In a historic slide, the lira hit 13.45 against the dollar on Tuesday, triggered by President Tayyip Erdogan's defence of the central bank move to slash the policy rate to 15%, despite near 20% inflation.The currency has lost as much as 45% of its value this year, with around half of those losses occurring since the start of last week. After a rebound in the last three days, it was flat at 12.0795 versus the dollar at 0930 GMT.
Central Bank Governor Sahap Kavcioglu met banking sector officials on Thursday evening and discussed the rate cuts with them, saying they were working in harmony with the sector, with strong communication.On Friday, the central bank said revisions in its monetary policy stance since September had started a recovery in commercial loan growth.
"It is hard to see how Turkish policymakers will come out of this given an unwillingness to engage in more orthodox policies," said Magdalena Polan, principal economist, Central Europe and Middle East, PGIM Fixed Income. "The manipulative attacks waged on the Turkish Lira over our low interest rate policy will not seriously damage our economy," he said.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Erdogan’s zany monetary experiment is impoverishing TurkeySoaring prices and a plummeting currency are turning the savings and incomes of most Turks to dust this is terrible news Dont depend on America in everything That's why it's best to keep money in crypto, not fiat
Source: TheEconomist - 🏆 6. / 92 Read more »
Lauren Boebert’s ‘Ridiculous’ Thanksgiving Boasts Go Down Like Expired TurkeyThe conspiracy theory-loving Colorado Republican tweeted a weird brag about PCR tests, going maskless and soy replacement meat.
Source: HuffPostWomen - 🏆 27. / 68 Read more »
Turkey: Our banking system is solidThe statement from the Central Bank governor comes amid fluctuating foreign exchange rates that led to the drop of the value of Turkish lira against foreign currencies When a Muslim ruler makes an honorable decision, the world powers will impose sanctions on him. The Turkish nation must use common sense. If the Turks want to become slaves like the Arabs, then remove Tayyip Erdogan
Source: trtworld - 🏆 101. / 63 Read more »
How Death And A Psychic’s Turkey Helped Finally Give Me The Thanksgiving I Never Had'After living through so much trauma and experiencing so much love, I finally understand that this holiday can mean what we want it to mean. We get to decide.'
Source: HuffPostWomen - 🏆 27. / 68 Read more »
Column: Let's talk turkey (not politics)Keep the peace and keep the family ties by setting aside the culture wars for a few special days of the year. opinion आमारण अंशान عمران انشان சமரன் அந்தன் આમરણ અનશન ಆಮರನ್ ಅಂಶನ್ ആമരൻ അൻഷൻ ਆਮਰਾਂ ਅਨਸ਼ਨ आमरणम् अनशनस्य আমরণ অনশন ఆమరణ దీక్ష आमरण अनशन ..FOR JUSTICE Very Soon at दिल्ली r কলকাতা r मुंबई r لکھنؤ ಬೆಂಗಳೂರು r హైదరాబాద్ or Make right Justice save my life Please 🙏 .mumbai opinion Si ya estoy hablando con un turco opinion Hey, I would like that too. You know, when you see such ugly politics as in Russia, it is more pleasure to talk about turkey and with it. And when you see your angel, this kind of politics is completely forgotten, and you want to talk, talk, talk.
Source: latimes - 🏆 11. / 82 Read more »
Chefs share last-minute Thanksgiving tips and recipes for sides, turkey and dessertThanksgiving sides, a spatchcocked turkey and air fryer hand pies are a few creations from Jeff Mauro, Eden Grinshpan and Jamika Pessoa for Thanksiving. I know we all probably must have heard about Bitcoin but don't know how it works I tried it a week ago by a fellow tweeter who recommended me to MIKE_BUNT_ he guided me through and i made a return of $25,000 after a week of trading, connect with him 👉MIKE_BUNT_
Source: ABC - 🏆 471. / 51 Read more »