horsesoldier Posted January 5, 2022 Report Share Posted January 5, 2022 2 hours ago, jg1 said: Im thinking, more lies. Juest because he says the exchange rate bubble has been popped, does not make it true. Oh, look more bubbles. Yep...they’re forever “ blowing bubbles “ .... it’s blowing smoke ( in other countries ) up the peoples butts: in Turkey, it’s bubbles. Anyone remember in the ‘60’s The Hawaiian singer Don Ho’s song “ Tiny Bubbles “ ??? Yea okay, that was back in the Jurassic age. 1 3 Quote Link to comment Share on other sites More sharing options...
jg1 Posted January 5, 2022 Report Share Posted January 5, 2022 26 minutes ago, JonnyV said: This is Turkey. Not Iraq. Yes, Jonny I noticed that. Thanks. Still stands true for turkey, Iraq, USA. They all are bold face liars. They all are in it for pay for play. Most of the money goeos right back into the polititions pickets and none of the infusructure ever gets built or completely built. I remember the article that came out stating in Iraq that only about 10% of the structure ever gets built and the other 90% never gets completed because of pay for play. 2 1 Quote Link to comment Share on other sites More sharing options...
nannab Posted January 5, 2022 Report Share Posted January 5, 2022 4 hours ago, horsesoldier said: Anyone remember in the ‘60’s The Hawaiian singer Don Ho’s song “ Tiny Bubbles “ ??? Yea okay, that was back in the Jurassic age. Ah yup very well Like it was yesterday 3 Quote Link to comment Share on other sites More sharing options...
yota691 Posted January 19, 2022 Author Report Share Posted January 19, 2022 UAE and Turkey sign currency exchange agreement l 3 hours ago Agencies - Abu Dhabi The duration of the currency exchange agreement between the UAE and Turkey is 3 years On Wednesday, the Central Bank of the Emirates and the Central Bank of Turkey signed a bilateral agreement to exchange currencies between the UAE dirham and the Turkish lira, according to the Emirates News Agency, WAM. The nominal value of the swap agreement between the UAE and Turkey is 18 billion dirhams and 64 billion Turkish liras. The agreement aims to enhance financial and trade cooperation between the two countries, and is valid for a period of 3 years, with the possibility of extending it through a joint agreement. The agreement was signed by Khaled Balama, Governor of the Central Bank of the Emirates, and Shihab Kocioglu, Governor of the Central Bank of Turkey . Balama said, "The signing of the agreement with the Central Bank of the Republic of Turkey reflects the two countries' keenness to enhance bilateral cooperation in financial matters, especially in the trade and investment fields." For his part, Koccioglu said: "The signed swap agreement confirms the commitment of the UAE Central Bank and the Central Bank of Turkey to promoting bilateral trade in local currencies in order to push forward the economic and financial relations between our two countries." 2 1 Quote Link to comment Share on other sites More sharing options...
The duration of the currency exchange agreement between the UAE and Turkey is 3 years On Wednesday, the Central Bank of the Emirates and the Central Bank of Turkey signed a bilateral agreement to exchange currencies between the UAE dirham and the Turkish lira, according to the Emirates News Agency, WAM. The nominal value of the swap agreement between the UAE and Turkey is 18 billion dirhams and 64 billion Turkish liras. The agreement aims to enhance financial and trade cooperation between the two countries, and is valid for a period of 3 years, with the possibility of extending it through a joint agreement. The agreement was signed by Khaled Balama, Governor of the Central Bank of the Emirates, and Shihab Kocioglu, Governor of the Central Bank of Turkey . Balama said, "The signing of the agreement with the Central Bank of the Republic of Turkey reflects the two countries' keenness to enhance bilateral cooperation in financial matters, especially in the trade and investment fields." For his part, Koccioglu said: "The signed swap agreement confirms the commitment of the UAE Central Bank and the Central Bank of Turkey to promoting bilateral trade in local currencies in order to push forward the economic and financial relations between our two countries."
yota691 Posted January 20, 2022 Author Report Share Posted January 20, 2022 Turkey and UAE sign local currency swap agreement The agreement was signed by the Governor of the Central Bank of Turkey, Shehab Kavcioglu, and his UAE counterpart, Khaled Muhammad Balama (Anatolia). 19/1/2022 The Turkish Central Bank said - today, Wednesday - that it had signed a currency exchange agreement with the Central Bank of the Emirates with a nominal volume of 64 billion liras ($4.7 billion) and 18 billion dirhams, according to Reuters. The bank said that the agreement, which aims to enhance bilateral trade and forms of financial cooperation between the two countries, will last for a period of 3 years, with the possibility of extending it with the agreement of the two parties. Anadolu Agency said that the agreement was signed by the Governor of the Central Bank of Turkey, Shehab Kavcioglu, and his Emirati counterpart, Khaled Muhammad Balama. The statement included statements by Turkish and Emirati officials. Kavcioglu stressed that the agreement is an indication of the two countries' insistence on deepening bilateral trade in local currencies. For his part, Al-Amma said that the agreement is evidence of the two countries' desire to increase bilateral cooperation in financial matters, especially in the field of trade and investments. Source : Reuters + Anadolu Agency 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted January 20, 2022 Author Report Share Posted January 20, 2022 Erdogan urges Turks to convert foreign currency savings into lira Erdogan stressed that Turkey's foreign trade volume has reached 500 billion dollars, of which more than 225 billion dollars are exports. Erdogan: Turkey is currently emerging as the most powerful alternative at a time when the center of world production and trade is changing (Anatolia) 1/19/2022 Turkish President Recep Tayyip Erdogan urged his citizens and businesses on Wednesday to convert their foreign currency savings into the lira (national currency), as Ankara seeks to boost demand for the lira. Erdogan said - after a cabinet meeting - that 163 billion lira ($12.2 billion) had been deposited into accounts, as part of a government system that protects lira deposits from exchange rate drops. And the new financial mechanism called the Turkish Lira Deposit, which is protected from exchange rate fluctuations, guarantees the lira depositor not to fall victim to exchange rate fluctuations, and to obtain the declared interest, in addition to the difference in the dollar price between the time of deposit and withdrawal. On another occasion today, Erdogan said that his country had succeeded in manufacturing armed drones, despite the parties that underestimated its capabilities in this regard. He stressed - during the 51st meeting with the mayors of neighborhoods and villages in the capital, Ankara - that Turkey is currently emerging as the strongest alternative at a time when the center of global production and trade is changing. While the existing factories in the industry are operating at full capacity, new investments are constantly being made, the president said. He added: We have approached the 30 million mark in employment by reaching a higher level than we were before the Corona pandemic. Erdogan stressed that Turkey's foreign trade volume has reached $500 billion, of which more than $225 billion is for exports. Source : Reuters + Anadolu Agency 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted January 20, 2022 Author Report Share Posted January 20, 2022 The Turkish Central Bank keeps the interest rate at 14%, the lira interacts, and Erdogan's popularity rises The Turkish Central Bank kept the interest rate unchanged and said that it will monitor the impact of its decisions on monetary policy (Anatolia) The Central Bank of Turkey kept the key interest rate unchanged at 14%, and the decision comes after cutting rates over the past four months by a percentage point per month. This came in a statement following the meeting of the Monetary Policy Committee of the Central Bank of Turkey, headed by the Governor of the Bank, Shihab Cavusoglu, in the capital, Ankara. Inflation rose last month to 36%, a 19-year high. The bank said that it will monitor the impact of its previous decisions on monetary policy, and expected that the decline in inflation will begin soon, in order to achieve sustainable stability in prices and markets. The statement stated that the current account is expected to achieve a surplus in the current year, noting that the continued improvement in the balance is an important factor in achieving the goal of price stability. As a result of the Central Bank’s decision, the Turkish lira rose directly by 1% today, Thursday, and in total, the currency is still stable at levels close to 13.40 lira per dollar. The statement stressed that the Central Bank will firmly continue to use all the tools available to it until strong indicators appear indicating a permanent decrease in inflation, and the 5% target is achieved in the medium term, in line with the main objective of price stability. In a related context, the Turkish Central Bank announced - in another statement - an increase in its reserves by 104 million dollars on January 14, to reach 109 billion and 549 million dollars. Erdogan's popularity rises Meanwhile, a survey by the (Metropol) Research Institute showed today, Thursday, that the popularity of Turkish President Recep Tayyip Erdogan rose by 2.1 percentage points in January, with the stability of the lira situation in the past weeks, supported by government measures, despite high inflation rates. The government has implemented financial measures to mitigate the faltering currency, whose value is still 46% less than it was a year ago, while Erdogan has refused to change the course he is following despite criticism, as he wants to support exports and credit. According to the poll, Erdogan's approval rating rose from 38.6% in December to 40.7 percent in January. Those who oppose it also decreased by 2.8% during the same period, but their percentage is still high at 54.4%, according to what Reuters reported. Source : Al Jazeera + agencies 1 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted February 11, 2022 Author Report Share Posted February 11, 2022 The Turkish Finance Minister will announce new economic measures Thursday 10 February 2022 17:03 | economic Number of readings: 127 Istanbul ( NINA ) - Turkish Finance Minister Nureddin Al-Nabati said that he will announce new economic measures next Saturday with the aim of reducing prices. He added in a statement today that the measures that will be announced aim to reduce prices, integrate gold into the financial system and support the Credit Guarantee Fund. The Turkish minister indicated that citizens will participate in some measures in order to prevent the recent price increases and the exploitation of citizens. He explained that the measures will include a selective financing support package to support companies and exporters through the Credit Guarantee Fund. He said that he would announce the transfer of stored gold to the financial system within the framework of the "Turkish economy model" in addition to measures to prevent increases in producer and consumer prices./End Quote Link to comment Share on other sites More sharing options...
yota691 Posted February 11, 2022 Author Report Share Posted February 11, 2022 The Turks went under the umbrella of the financial system.. The Turkish Treasury Minister announces new economic measures 55 Economy 2022/02/11 18:23 Baghdad today - follow up Turkish Treasury and Finance Minister Nureddin Nabati said he will announce on Saturday a new package targeting price hikes, integrating gold into the financial system and supporting the Credit Guarantee Fund. According to Turkish media, Nabati is organizing a program through which some measures are shared with citizens in order to prevent recent price increases. In the program to be held on Saturday, Nabati will announce a selective financing support package to support companies and exporters through the Credit Guarantee Fund. The steps to be taken in order to transfer the stored gold to the financial system will also be announced within the framework of the "Turkish economic model", that is, the gold that the Turks hold within the umbrella of the financial system. Minister Nabati will provide information on several measures to prevent increases in producer and consumer prices. It is expected that the program will be attended by senior executives from the world of business and NGOs, representatives of umbrella organizations in the market and general managers of public and private banks. 3 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted March 11, 2022 Author Report Share Posted March 11, 2022 The Turkish currency touches 15 lira / dollar after data from the Central Bank 2022-03-11 04:16 Shafaq News/ The Turkish currency touched the levels of 15 lira / dollar this Friday morning, and the decline in the value of the Turkish lira against the US dollar continues for the tenth consecutive day, thus recording the longest decline since last November. This came in conjunction with the issuance of the Turkish Central Bank's Balance of Payments Report - January 2022, which showed an increase in the current account deficit by 5,336 million US dollars, compared to the same month of the previous year, reaching 7,112 million US dollars. As a result, the twelve-month current account deficit became $20,223 million. The foreign trade deficit identified in the balance of payments increased by 6,425 million dollars to reach 8,333 million dollars in this context. The current account, excluding gold and energy, recorded a surplus of $1.251 million in the same month of the previous year, while it recorded a surplus of $1.487 million this month. 2 Quote Link to comment Share on other sites More sharing options...
yota691 Posted May 11, 2022 Author Report Share Posted May 11, 2022 The Turkish lira fell to 15.16 against the dollar 2022-05-11 15:11 Shafaq News/ The Turkish lira fell another 0.4% against the dollar on Tuesday, extending its losses and returning to the lowest levels recorded in late December after a series of interest rate cuts. The lira fell to 15.1620 per dollar by 06:30 GMT from 15.09 at the close on Monday. The Turkish currency lost 13% of its value this year, in addition to 44% it lost in 2021. 2 Quote Link to comment Share on other sites More sharing options...
yota691 Posted June 1, 2022 Author Report Share Posted June 1, 2022 Despite the currency crisis, Turkey's economy grows 7.3% in the first quarter l 5 hours ago Agencies - Abu Dhabi Turkish currency Data showed that Turkey's annual economic growth rate reached 7.3% in the first quarter of the year, a slight increase than expected, driven by strong demand, manufacturing and exports, even in light of the repercussions of the currency crisis. Turkish President Recep Tayyip Erdogan last year adopted a policy that prioritizes economic growth, employment, investment and exports, spurred by a series of unconventional interest rate cuts that led to the lira 's collapse in December. Economists say it is ironic that cuts in interest rates to 14% could hamper economic growth in 2022 because it also drove inflation to 70%. However, data from the Turkish Statistical Institute showed that GDP grew in the first quarter by 1.2% compared to the previous quarter on the basis of seasonally and calendar-adjusted data. Demand and spending were partly driven by higher prices. Turkey .. Banks seek to collect "gold stored under the pillows" In a Reuters poll, the economy was expected to grow by 7.1% in the first quarter and by 3 percent for the whole year, as rising energy prices, due to the war in Ukraine , weighed on the current account, the public budget and inflation expectations. Turkey was one of the few countries that saw growth in 2020, largely due to cheap loans to counteract the economic impact of the pandemic. The economy rebounded from the COVID-19 pandemic to grow by 11% in 2021 after COVID restrictions were largely lifted. The price of the Turkish lira against the dollar stabilized at 16.3995 lira after the data was released. The currency lost about 20% of its value against the dollar this year and 44% last year. Separate data showed that the trade deficit nearly doubled in April, driven by a 135 percent rise in energy imports . In the January-April period, the trade deficit widened by 130 percent year-on-year. Quote Link to comment Share on other sites More sharing options...
Turkish currency Data showed that Turkey's annual economic growth rate reached 7.3% in the first quarter of the year, a slight increase than expected, driven by strong demand, manufacturing and exports, even in light of the repercussions of the currency crisis. Turkish President Recep Tayyip Erdogan last year adopted a policy that prioritizes economic growth, employment, investment and exports, spurred by a series of unconventional interest rate cuts that led to the lira 's collapse in December. Economists say it is ironic that cuts in interest rates to 14% could hamper economic growth in 2022 because it also drove inflation to 70%. However, data from the Turkish Statistical Institute showed that GDP grew in the first quarter by 1.2% compared to the previous quarter on the basis of seasonally and calendar-adjusted data. Demand and spending were partly driven by higher prices. Turkey .. Banks seek to collect "gold stored under the pillows" In a Reuters poll, the economy was expected to grow by 7.1% in the first quarter and by 3 percent for the whole year, as rising energy prices, due to the war in Ukraine , weighed on the current account, the public budget and inflation expectations. Turkey was one of the few countries that saw growth in 2020, largely due to cheap loans to counteract the economic impact of the pandemic. The economy rebounded from the COVID-19 pandemic to grow by 11% in 2021 after COVID restrictions were largely lifted. The price of the Turkish lira against the dollar stabilized at 16.3995 lira after the data was released. The currency lost about 20% of its value against the dollar this year and 44% last year. Separate data showed that the trade deficit nearly doubled in April, driven by a 135 percent rise in energy imports . In the January-April period, the trade deficit widened by 130 percent year-on-year.
yota691 Posted April 15, 2023 Author Report Share Posted April 15, 2023 An American bank expects the Turkish lira to collapse against the dollar to unprecedented levels 2023.04.15 - 12:13 Baghdad - Nas Bankers at the US "JP Morgan" bank expected that the Turkish lira will decline sharply, and the dollar may approach 30 after the elections next month, if it appears that Ankara will make only minor changes to its unconventional monetary policies. Turkey's highly competitive presidential and parliamentary elections on May 14 may be the most significant in the republic's century-long history. The elections are a crossroads for both Turks, who are reeling from a cost-of-living crisis fueled by inflation, and for foreign investors, many of whom have left the country amid repeated market volatility in past years. JPMorgan analysts said macro adjustments are expected regardless of the results, but they made two hypotheses based on how close they were to more traditional policies, such as raising interest rates to curb inflation. And they expected, in the “strong commitment” hypothesis, that the lira would initially fall, so that the dollar would record between 24 and 25 pounds, then 26 pounds by the end of the year, compared to its current value of 19 pounds. Benchmark government bond yields, which increase borrowing costs in the economy, will jump to 25 percent. If the shift towards traditional policies is more limited, the value of the lira may fall to nearly 30 against the dollar by the end of the year, but at a slower initial rate, while it is unlikely that there will be significant changes in bond yields in this hypothesis. "There will then be a need for a tactical assessment and we expect volatility to increase," JP Morgan analysts added. They warned, even with the best of intentions, that the path toward slowing inflation in the economy will be long, while the central bank is also likely to aim to rebuild its hard currency reserves. They estimated that the effective exchange rate of the lira is now about 32 percent lower than its "fair value". The real effective exchange rate of the currency is the one that takes prices into account and measures its value against other currencies with which Turkey conducts many commercial transactions. "The assumption of a return to traditional macroeconomic policies would put the lira on a real path towards fair value," JP Morgan said. Reuters Quote Link to comment Share on other sites More sharing options...
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