Having secured his re-election on 28 May as Turkey’s president, Recep Tayyip Erdogan has appointed a new finance minister who promises “rational” fiscal policies.
80 search results for: lira
Post
TURKEY ADOPTS NEW MEASURE TO RESCUE THE LIRA
The Turkish government has announced a new “revenue-indexed” savings bond in an attempt to salvage the value of the lira, its failing national currency. (See “Turkey’s Economy Weakens Further Under Erdogan’s Policy” in this issue.) Officials have given few details about the new bond, other than to say that it will offer a guaranteed minimum...
Post
TURKISH LIRA PAUSES ITS DECLINE; ERDOGAN FIRES STATISTICS CHIEF
The Turkish lira lost about 44 percent of its value against the dollar last year but recently has stabilized after the government unveiled a new savings scheme and the central bank flooded the economy with cash. Under the savings program, the government guarantees to make up any loss to savings accounts’ value due to inflation...
Post
TURKS DUMP LIRA TO BUY CRYPTO
The lira, Turkey’s national currency, has become such a risky store of value that Turks are placing their faith in cryptocurrencies. Despite a government ban on using crypto as a form of payment, ads touting crypto have been plastered on buses and billboards and popped up in the airport at Istanbul; crypto shops have opened...
Post
TURKEY: THE FAMOUS LIRA DIVE
Once again, Turkey’s central bank has cut interest rates, sending its currency to a new low against the dollar and heightening fears that inflation will worsen and crash the country’s economy. The bank cut its one-week repo rate by 1 percentage point to 15 percent, the third cut since economist Sahap Kavcioglu became the bank’s...
Post
TURKEY: INTEREST RATES DOWN, LIRA CRASHING. WAR NEXT?
Recep Erdogan, Turkey’s president, abruptly fired two central bank deputy governors and one policy committee member who were leery of cutting interest rates yet again as the country struggles with runaway inflation. Erdogan has serially fired top bank officials over the past 12 months, most notably bank governor Naci Agbal, who was shown the door...
Post
IF FED TIGHTENS, TURKEY’S LIRA COULD SUFFER
If the U.S. Federal Reserve begins to raise interest rates, the resulting shock wave could rattle markets for Turkey’s currency, the lira. The lira’s value has been sliding for months as the country’s central bank, pressured by president Recep Erdogan, kept interest rates lower than the rate of inflation. Naci Agbal, whom Erdogan appointed to...
Post
TURKEY’S VOTERS REBUKE ERDOGAN’S ECONOMIC POLICIES
On 31 March, the Justice and Development Party (AKP) led by Turkey’s President Recep Erdogan was drubbed in municipal elections, suffering what Bloomberg called “an unprecedented defeat.”
Post
AMERICAN FOREIGN POLICY SEEMS TO HAVE NOWHERE TO GO
Over the past four months I have carried out my daily morning scan of the major online news websites increasingly concerned over what I would be seeing given the mainstream media’s reluctance to report honestly and the persistent management by government propaganda mills of what is leaked to the journalists.
Post
GOING OUT OF BUSINESS TRENDS
In recent times, the economic landscape has presented an array of challenges that have profoundly affected the business community.