A logo of Turkey's Central Bank is pictured at the entrance of the bank's headquarters in Ankara, Turkey. REUTERS/UMIT BEKTASWith President Recep Tayyip Erdogan’s sacking of his third central bank governor in less than two years, Turkey’s dominant political leader of the past century has demonstrated yet again his determination to fight the conventions of modern economics.
The abrupt move at the central bank wrong-footed lira bulls who had come to believe in Erdogan’s apparent switch to mainstream economic policies in November, when he installed Agbal and appeared to cede to economic choices needed to contain spiralling prices that were eating into his popularity. State lenders did not appear to be defending a specific lira level as they did for much of the past two years when they were selling Turkey’s foreign FX reserves, the traders said, asking not to be identified, in line with their companies’ regulations.
The approach under finance minister Berat Albayrak, Erdogan’s son-in-law who resigned from that position in November, was to use foreign reserves to prop up the lira. Goldman Sachs estimated that policy cost Turkey more than $100bn in lost assets, leaving little ammunition to defend the currency now.
EricWalker01 𝗶𝘀 𝘁𝗵𝗲 𝗯𝗲𝘀𝘁, 𝗵𝗲 𝗵𝗮𝘀 𝘁𝗵𝗲 𝗯𝗲𝘀𝘁 𝘁𝗿𝗮𝗱𝗶𝗻𝗴 𝘀𝗸𝗶𝗹𝗹𝘀. 𝗬𝗼𝘂 𝗰𝗮𝗻 𝗰𝗼𝗻𝘁𝗮𝗰𝘁 𝗵𝗶𝗺 ,𝗵𝗶𝘀 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝘆 𝗶𝘀 𝗼𝗻𝗲 𝗼𝗳 𝘁𝗵𝗲 𝗯𝗲𝘀𝘁 𝘆𝗼𝘂 𝗰𝗮𝗻 𝘁𝗿𝘂𝘀𝘁
I would advise and recommend Rolandwolf123 for anyone who is seeking to migrate to 100% better dream life 🤭🤭🤭
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Central Bank of Erdogan makes Turkey a tougher sell to foreign investorsInvestor flight drives lira down 15%, adding to losses that have kept inflation in double digits Couple of months ago I came across a recommendation about marksust6 wealth how he helped investors to earn lots of money with their investments. and I decided to give a trial with the little I have. Now my little has turned into something great which was not my expectation
Source: BDliveSA - 🏆 12. / 63 Read more »
Turkey’s lira tumbles after Erdogan sacks central bank chiefDismissal of Naci Agbal, announced in the early hours of Saturday, shocks local and foreign investors Trading had really becomes amazing for me ever since I got in contact with investorlisaT So thankful for the recommendation I got. It has changed my life and that of my family and friends here in RSA. Reasons Why Not To Invest&Visit in South Africa: 1. Racist BBBEE laws 2. Corruption 3. Crime 4. Unfriendly labour legislation 5. Land Expropriation without compensation 6. No electricity 7 Illegal foreigners 8 City Name Changes(PortElizabeth)
Source: BDliveSA - 🏆 12. / 63 Read more »
Turkish lira volatile as Erdogan replaces central bank deputy governorA week after firing central bank governor Erdogan replaces deputy with a former Morgan Stanley executive
Source: BDliveSA - 🏆 12. / 63 Read more »
Bank of England sets up taskforce to explore central bank digital currencyMore than 60 central banks are now exploring digital currencies, says PwC report
Source: BDliveSA - 🏆 12. / 63 Read more »
Nigerian central bank warns staff of heightened risk of kidnappingThe warning comes after Nigeria's parliament called on the president to declare a state of emergency amid a wave of attacks
Source: BDliveSA - 🏆 12. / 63 Read more »