Watchdog amends asset ratio calculation methodology after lenders find loopholes. President determined all banks should play a full role in delivering more cheap money. But some non-state players appear to be getting heartily fed up.
Reading improves to 40.9 from 33.4 in April. Move to growth should follow as long as COVID-19 continues to be brought under control, says IHS Markit.
Capital Economics pencils in second-quarter contraction of around 15% q/q on pandemic impacts.
Turkey’s state banks sold around $44bn of hard currency in first four months of this year and $77bn since start of 2019 to support embattled lira, analyst’s calculations indicate. May expected to bring 2020 sales to $50bn+.
News service uses documents deposited by PR firm to reveal Mehmet Ali Yalcindag’s activities. Now head of Turkey-US Business Council, the businessman, once called a “close friend” by Donald Trump, is pushing to build up agriculture and LNG shipments.
Gas delivered via pipelines from Russia and Iran down 72% y/y and 33% y/y in March. US expanding shipments of liquefied natural gas amid glut as spot prices fall.
Erdogan administration officials are working around the clock trying to convince the world the currency can defy gravity. Nothing adds up in their favour. The worry is that they will end up trying to defy voters instead.
Easing comes on back of some stabilisation in the embattled lira but markets remain concerned by country’s lack of FX reserves.
Currency falls slightly after news. Markets want to see more. Finance minister remarks “Imports will not be easy” as Ankara moves to boost domestic production. Turkish officials, meanwhile, said to be concerned by possible new rush for dollars.
Rating agency also downgrades Halkbank from ‘B’ to ‘B+’. Ability of sovereign to support lenders in event of need has declined, it says.
Slowdown in new cases in Eastern Europe, while lockdowns already being lifted in Central and Southeast Europe.
Ankara appears to be in swap line talks with UK, Japan, Qatar and China.
Despite onset of pandemic and lockdowns market was expecting some growth.
“I’m fairly sure that we will end up there eventually,” says academic in response to prospect of IMF bailout or capital controls.
Critic says Erdogan’s cajoling to keep rates low has caused investors to dump lira. With FX reserves sinking, back-door ways to lift currency, such as by squeezing trade, will be needed, but will shred central bank's remaining credibility, they add.
Academics say directive may prompt journalists to self-censor for fear of being fined.
A worldwide lockdown has created havoc for retailers as their customers are forced to stay at home. There has been a little respite as sales in March surged due to panic buying but that has given way to a lockdown that keeps stores closed
Officials lift UBS, Citi, BNP lira trading ban. Under regulator’s beady eye, local brokers stop offering FX trading on margin to retail clients. Foreign investors exit country at breakneck speed.
Seen as sitting on strategic Asia-Europe trade junction along China's Belt and Road initiative to develop infrastructure and associated investments.
Government media point finger at foreign market players as Turkish currency falls to all-time low. Banking watchdog issues wide-ranging regulation on manipulative trading. Critics say it has no parallel anywhere else in the world.