Jakarta, CNBC Indonesia – Turkey is currently in the midst of a currency crisis, the exchange rate of the lira plummeting by more than 37% against the United States (US) dollar in the last 30 days. Meanwhile, so far this year, the lira (TRY) has fallen by 55%. Unusual monetary policy triggered the lira’s slump, … Read more
According to analysts, concerns about the president’s interventions in the economy and the functioning of the central bank are behind the fall in the lira’s exchange rate. Despite high inflation, the key interest rate is expected to fall further in Turkey this week. Shortly after noon, the dollar sold for about 14.10 lire and added … Read more
Jakarta – Turkey’s currency, the lira, is down 45% this year. However, Turkish President Recep Tayyip Erdogan doesn’t seem worried about it. Quoted from the BBC, Monday (12/6/2021) Erdoan continues to encourage his country’s economy with various policies that are contrary to the concerns of economists. One of them is lowering interest rates in Turkey, … Read more
Jakarta, CNN Indonesia — President Turkey Recep Tayyip Erdogan replaced the country’s finance minister on Wednesday (1/12) local time because of economic problems that caused the value of the Turkish currency, the lira, to plummet. According to a presidential decree, Erdogan accepted the resignation of Turkey’s former finance minister, Lutfi Elvan, and appointed Nureddin Nebati … Read more
The Turkish leader wants to rock the economy ahead of next year’s parliamentary and presidential elections. Had the vote taken now, neither Erdogan nor his Justice and Development Party (AKP) would have succeeded, according to polls. At the same time, most respondents state the unfavorable economic situation as the reason why they would not choose … Read more
Jakarta, CNN Indonesia — President Turkey Recep Tayyip Erdogan insists it will not hold early presidential and parliamentary elections despite opposition pressure to step down as a result inflation currency lira which keeps getting worse. Erdogan stressed that the presidential and parliamentary elections would still be held as scheduled, namely June 2023. “They (the opposition) … Read more
Jakarta, CNBC Indonesia – The Turkish lira has been slumping recently, even reaching its lowest ever recorded against the United States (US) dollar. The movement of the lira next week risks getting worse in response to steps taken by Turkish President Recep Tayyip Erdogan to expel 10 ambassadors from western countries, including the US. “I … Read more
12/30/2020 1:16 p.m. The Turkish banking sector made a net profit of 57.3 billion Turkish lira (over € 6 billion) in the first eleven months of 2020, the country’s banking regulator said on December 29. The sector’s net profit increased 23 percent from 45.55 billion Turkish Lira for the same period last year. This emerges … Read more
1.12.2020 10:22 pm In its latest move to help the markets work, Turkish banking regulators raised the limit on domestic banks’ transactions with foreign banks in Turkish lira to 2.5 percent of their equity on November 30th. The banking regulatory authority (BDDK) announced in May that the banks may not exceed 0.5 percent of their … Read more
Turkish Finance Minister Berat Albayrak announced his resignation via social media on Sunday evening, various media write, including Bloomberg. The resignation follows the resignation of the governor of the Turkish Central Bank on Saturday and the fall of the Turkish lira. Albayrak is President Recep Tayyip Erdogan’s son-in-law. In his announcement, Albayrak said he wanted … Read more