Turkey’s own COVID-19 troubles are, meanwhile, intensifying. Data from opposition-controlled major cities showing alarming infection rates make a mockery of the official picture of how the country is faring in the pandemic.
NPLs will be “flattered” by regulatory forbearance and loan growth, ratings agency complains.
Foreigners have fled the market. But, despite the Turkish lira carnage, an ‘invisible hand’ keeps the main index above the 1,000 threshold. Tread carefully, or better still, don’t tread at all.
Knowing central bank is politically hamstrung when it comes to formal rate hikes, market waits to see if it will bring in more backdoor monetary tightening.
It remains to be seen if this is yet another tactical balancing act on Baku’s part, or the sign of a more substantial shift.
Government resisting calls for lockdown in capital. Health minister blames “carelessness at weddings and during religious holidays” for new Covid peak.
Many of country’s 434 malls that provide jobs to more than half a million people appear vulnerable to a knockout blow.
Export shock caused by demand contraction in EU. Automotive exports crash. Gold imports roughly double as embattled lira sinks.
Capital Economics and the Institute of International Finance report capital flows have reversed and are returning to EMs in July for the first time since the coronavirus (COVID-19) crisis began.
Ever since the plague in Athens in 430 BC described by Thucydides, epidemics have followed movements of people and changed the course of history. Today Covid-19 risks challenging the foundations of business in our modern interconnected world
Manufacturers raised their selling prices to the greatest extent in 23 months.
Big stimulus and decision not to go into full lockdown amid pandemic helped limit economic damage. But the lira is now feeling the effects of another wave of cheap credit.
Number of cases moves ahead of Italy’s total. “Obvious burnout” among Turkish doctors. Health workers start ‘WeAreDying’ hashtag. Unofficial picture of coronavirus situation seen as far, far worse than official picture.
Financial engineering to keep the Turkish lira from crashing through the floor may soon be in a head-on collision with some unavoidable market realities.
Russia, Kazakhstan and Iran make top 10 in electricity consumption index for digital currency mining industry.
Noting July skirmishes took place far from contested Nagorno Karabakh territory, former US diplomat says clashes “may have unleashed a dangerous new geopolitical dynamic” partly given their proximity to strategic oil and gas pipelines.