Turkey ramps up efforts to defend currency ahead of elections

30 March, 2019, 14:54 | Author: Mary Valdez
  • U.S. senators introduce bill to stop transfer of F-35 fighters to Turkey

Turkey's President Recep Tayyip Erdogan addresses the supporters of his ruling Justice and Development Party, AKP, during a rally in Adiyaman, Turkey, Tuesday, March 26, 2019, ahead of local elections scheduled for March 31, 2019.

Turkey's central bank on Thursday sought to reassure investors over its foreign currency reserves after the sharpest drop in the local lira since a spat with the United States triggered a currency crisis previous year.

Erdogan on Thursday also said Turkey has to cut interest rates or the problem with high inflation will persist. Meanwhile, his habit of putting pressure on the central bank to keep interest rates low is a recurrent headache. After recovering losses early this week, the lira fell again around 5 percent to 5.59 against the dollar on Thursday morning.

The BDDK issued two statements on Saturday which said there had been complaints over "misleading and manipulative" guidance from JP Morgan and other unnamed banks.

"Investors who try to buy large amounts of foreign currency quickly with the thought that the lira is cheap and will remain that way were not able to find liras for the foreign currency that they acquired", Aydın said.

Cowboys acquire Dolphins DE Quinn for 6th-round pick
So while they play this game during the summer months, until at least July 15, the deadline for franchise players. The 26-year-old hasn't signed the offer, worth $20.5 million, after doing so nearly immediately a year ago.

Brickyard 400 has new date for 2020 race
He would have done a doubleheader, but said he believes it should be a unique event and special to Pocono. The complete Monster Energy NASCAR Cup Series schedule can be found on the next page.

Investigators believe anti-stall system activated in Ethiopian crash
Investigators into a deadly 737 MAX crash in Indonesia in October have also focussed on the new anti-stall system, called MCAS. It said it would take a €200m hit should Boeing 737s resume flights at the latest by mid-July.

The West fears a strong Turkey, which acts exclusively in its own interests, said Turkish President Recep Tayyip Erdogan, Trend reports referring to the Turkish media. The tables have turned. "As interest rates are brought down, inflation will fall", CNBC cited the Turkish leader as saying. "While they can't do this, the lira firms and the dollar falls", Erdogan said.

The lira had weakened to 5.8490 on Friday before settling at 5.7625, its lowest closing value since October.

The lira lost nearly a third of its value last year and has weakened 6.2 percent this year.

He said: "The psychological factor of losing the capital, losing one of the big cities in Turkey, could be perceived by voters as the beginning of the decline". He added that Turkey needed to "discipline speculators in the market".

Piotr Matys, an EM FX strategist at Rabobank, said in a note: "The response from the administration to the outcome of this crucial vote - seen by many as a referendum on President (Tayyip) Erdogan and his executive powers - will be critical for the lira and local assets".

Recommended:



Popular

Michigan's new rules could make CBD products easier to find
The Ohio Senate has voted unanimously to legalize hemp and related products, including cannabidiol oil. The sale of CBD-based beauty & skincare products has therefore turned easier for most retailers.

Miley Cyrus resurrects Hannah Montana, causes social media frenzy
However, they said, "that might not be a forever statement". "She was getting a lot of press this week... thanks to me! ". Now Miley has stoked the rumours further by bringing back her Hannah Montana hair and performing a few of her hits.

Trump Team Hits Democrats Over Crushed Russian Collusion Claims
Trump said earlier Monday that the release of Mueller's report "wouldn't bother me at all" but that it was up to Barr. The House of Representatives voted unanimously to make the report public.

Barbara Bush Blamed Trump For Heart Attack, Said She's No Longer Republican
Bush wrote to Trump when there was speculation over whether the new first lady would remain in NY or move to Washington . The red, white, and blue digital clock displayed how many days, hours, minutes and seconds remained in Trump's term.

Nicolas Cage files for annulment 4 days after marrying 4th wife
Cage and Koike had kept their relationship low-key; back in April 2018, they were spotted on vacation in Puerto Rico. The Mandy actor then married Lisa Marie Presley in August 2002 but filed for divorce in November of the same year.

Golden State Warriors' Jordan Bell suspended by team
The efficiency of his shooting was highly impressive, as he shot 12-for-13 from field goal range, with only one three-point shot. Head coach Steve Kerr did not divulge any information related to what caused the suspension.

Christchurch attacks: National remembrance service held
Australian Brenton Tarrant, 28, has been charged with murder and is scheduled to make his next court appearance on April 5. Cat Stevens , the British singer who converted to Islam in the 1970s, also performed.

People seen falling as they try to escape burning building in Bangladesh
But fire officials on Friday said most had been rescued, and firefighters and forensic investigators were working at the scene. Relatives crying for dear ones as many were trapped inside the FR Tower in Dhaka's Banani during a fire incident on Thursday.

How do you slice your bagel? Debate heats up on social media
Alek Krautmann on Monday tweeted a photo of his Panera purchase and called the vertical slices "the St. The meme also pivoted to the absurd new Hudson Yards development in New York City.

Lyft raises IPO price target as investor fret over missing out
Lyft now accounts for about 39% of the ride-share market in the United States , up from about 22% in 2016, the company says. The Lyft's rival's IPO might value it in the unheard of range of $100 billion to $120 billion, the largest in history.