Turkey

Ratings agencies serve warnings to Turkey in lira battle, officials told to stop “muddling through”

bne IntelIiNews August 7, 2020

In public, Erdogan shows no sign of listening. Tells reporters: “Turkey is flying, but there are those who are blind to this reality.”

BEYOND THE BOSPORUS: The lira hits the canvas

bne IntelIiNews August 7, 2020

Turkey's currency dazed at all-time low, but saved by the bell. With dire warnings that a full-blown balance of payments crisis is approaching, banking regulator makes some concessions to international investment banks.

Turkey’s money markets starting to malfunction say analysts with lira back beyond seven-to-dollar

bne IntelIiNews August 5, 2020

Erdogan officials end day still with some measure of control on currency but strategists suggest they may be running out of ammunition.

Turkish doctors dispute official coronavirus infections count

bne IntelIiNews August 4, 2020

Government has since June been claiming new cases are running at around 1,000 a day. The medics say that Ankara alone is suffering nearly 1,000 a day.

Turkish manufacturing saw sharp expansion in output and new orders July PMI data shows

bne IntelIiNews August 4, 2020

The growth “will help to claw back some of the output lost” during the pandemic-triggered downturn “but will have to be sustained for a longer period for a full recovery to be secured”, says IHS Markit.

BEYOND THE BOSPORUS: Burn after reading—MI6 appointment means British, French and US intel services now all headed by Turkish speakers

Akin Nazli in Belgrade August 3, 2020

And let’s not forget… Boris Johnson “is a Turk”, while Dmitry Peskov is a Turkologist.

ViennEast Compass: CESEE outlook, planning for new normal

Marcus How of Vienneast in Vienna August 3, 2020

There is no end to the COVID-19 pandemic in sight, but the new normal that will emerge could benefit the countries of Central Eastern and Southeastern Europe (CESEE), due to the new opportunities that will arise.

TURKEY INSIGHT: With the lira through the looking glass, global finance questions whether Erdogan can sell eurobonds

Akin Nazli in Belgrade August 2, 2020

Robustness of country’s banks also scrutinised with observers fearing a perfect storm scenario ahead of ‘Currency Crisis II’.

Turkish canned fish company accused of holding workers “captive” in production under quarantine operation

Akin Nazli in Belgrade July 29, 2020

Union says “closed circuit working system”, introduced after some employees tested positive for COVID-19, is unlawful and inhumane. Workforce told to live in company barracks.

Erdogan takes firm grip on social media

bne IntelIiNews July 29, 2020

Outrage as Turkish parliament passes “chilling” law that “will lead to identifying dissenters”.

COMMENT: The military flare-up along the Armenia-Azerbaijan border is a modern-day James Bond film plot

James Dey founder and co-chair of Friends of Azerbaijan in South Africa July 29, 2020

The outbreak of a fresh military conflict on the Armenian and Azerbaijani border is straight out of a James Bond film and threatens both the region’s and Europe’s energy security among other things

TURKEY INSIGHT: The lira awakens with a start to face the perennial question. Is it the endgame?

Akin Nazli in Belgrade July 28, 2020

Officials scramble to build new wall to defend currency after it escapes narrow range versus dollar that held sway for two months. Amid jitters, Grand Bazaar free market rates make a return.

Turkey’s Armenia, Azerbaijan conflict role should be to “keep itself as far away as possible” says Armenian diplomat as military exercises are announced

bne IntelIiNews July 27, 2020

Ankara attempting to export “very destabilising” presence it has shown in eastern Mediterranean, North Africa and Middle East to South Caucasus says Yerevan’s envoy to Netherlands.

Turkish lira nears record low versus euro with market anxious over EU sanctions and tie to dollar

bne IntelIiNews July 27, 2020

Spanish foreign minister was in Ankara attempting to ease tensions over eastern Mediterranean drilling plans that have upset Greece and Cyprus.

As first Friday prayer is held at Hagia Sophia since 1930s observers ask: “Is secularism dead in Turkey?”

bne IntelIiNews July 25, 2020

Erdogan wants Islamised one-party state says academic.

TURKEY INSIGHT: How the central bank is actively using six different funding rates

Akin Nazli in Belgrade July 24, 2020

National lender's approach makes a nonsense of relying on its headline policy rate.

Erdogan’s power to ban layoffs in Turkey extended to July 2021

bne IntelIiNews July 24, 2020

New poll, meanwhile, determines country can only expect U-shaped recovery from COVID-19 crisis and will this year suffer first GDP contraction for a decade.

Turkey’s policy rate held again as central bank weighs risk of inflation overshooting

bne IntelIiNews July 23, 2020

Analyst concludes: “We think rates will now be left on hold for the next couple of years. But given high rates of inflation as well as the lingering threat of renewed falls in the lira, the risks are skewed towards tighter policy.”

Risk analysis identifies Turkey, Iran and Russia among 37 nations likely to face mass ‘post-Covid’ protests

bne IntelIiNews July 22, 2020

“It’s a tinderbox” says analyst who determined projections of civil unrest and ability of countries to bounce back from pandemic.

Russia, Turkey ‘agree to continue work towards sustainable Libya ceasefire’

bne IntelIiNews July 22, 2020

Announcement comes after vote by Egyptian parliament to give green light to possible military intervention.

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