A widening current account deficit could deepen the recession through a further
lira depreciation, leading to higher inflation and borrowing costs, Markov said."The central bank should raise policy rates but that won't happen because of pressure from the government," although AKP electoral losses could reduce that pressure, he said.
The bank said it cut the
lira reserve requirement ratio, a cash buffer held by banks, by 250 basis points for all maturity brackets and lowered reserve requirement ratios for non-core FX liabilities by 400 bps for maturities up to three years.
"The
lira even managed to claw back some lost ground...
The downturn in the new
lira's fortunes seems to be connected to the same fundamental economic factors that were behind the old
lira's downfall.
Ankara has long charged that the
lira's fall is part of a "conspiracy" by local and foreign financial market players who want to destabilize the Turkish economy.
Looking across at the Westmont girls basketball teams bench, Fentons Ashley
Liras confidence grew ever so slightly.
Turkey's large external borrowing requirement also makes the
lira one of the currencies most vulnerable to tightening by the U.S.
BEIRUT: Profits of Bank Audi's fully owned Turkish subsidiary Odeabank jumped remarkably to 50.29 million
lira ($17.23 million) in 2015 from 0.35 million
lira in 2014, according to the balance sheets of the bank.
I had flagged the Turkish
lira as a strategic short when skews in London foreign exchange option markets suggested that the smart money was bailing out of the
lira.
Istanbul, Safar 24, 1436, Dec 16, 2014, SPA -- Turkey's
lira hit a record low versus the dollar on Tuesday amid worries over domestic politics and a general concern for emerging markets.
While the credit volume stood at 1.077 trillion Turkish
lira ($505 billion) as of June 20, it increased by 13.5 billion Turkish
lira ($6.3 billion) in a week, Anadolu news agency reported.
Revenue at the conglomerate rose 20 percent to 6.37 billion
lira. Excluding Akbank, revenues rose 63 percent to 2.54 billion
lira, according to results filed with the Istanbul stock exchange.
BANKING AND CREDIT NEWS-January 28, 2014-Turkey calls crisis meeting regarding
lira plunge
M2 EQUITYBITES-January 28, 2014-Turkey calls crisis meeting regarding
lira plunge
