As banking regulator follows surprise rate hike with relaxation of lenders’ FX swap limits, all the signs are that the Erdogan administration is in the market for a shot in the arm that, ultimately, can only do more damage.
“It’s more of a ‘catch-up’” says one analyst. New benchmark rate of 10.25% still below average cost of funding.
Acceptance of migrants has declined globally, and the nations of the Western Balkans that bore the brunt of the 2015-2016 migration crisis are now the least tolerant in the world, a new Gallup poll shows.
Debts have ballooned from $230mn a year ago. Payment not forthcoming despite US commerce secretary raising issue with president Erdogan.
Updates previous expectation of 7.50. As fears mount of currency crisis, IIF notes “historically low non-resident holdings of lira-denominated assets—with only $20.9bn in stocks and $5.8bn in bonds remaining”.
MHP says body should be shut down after doctors repeat claims that Turkey’s official coronavirus data bear no relation to situation on the ground.
Ratings agency wary of possible moratorium on FX payments, capital controls and disorderly exchange rate adjustment. But isn’t this all too little, too late from its analysts? The warning signs have been there for years.
Emerging markets capital markets have been through a revolution in the last decade, but the coronavirus pandemic and rising political and economic risks in some markets have seen these investors turn tail and flee.
Iran, Kyrgyzstan and Tajikistan among countries ranked most vulnerable by inaugural edition of Ecological Threat Register.
“Sad to see Turkey's weight in MSCI Emerging Markets index hitting all time low at 0.3%,” remarks observer. Regulator cuts “direct market access” of UBS’ London branch to stock exchange. Garanti BBVA's Spanish parent at lowest level since 1995.
The "Cezeri" flew up to 33 feet in the air before landing.
Day also sees Turkish lira slump to latest all-time low.
Statement comes after Republican senator said US was considering shifting forces to Crete given that the path Turkish president Erdogan is on “is not good”.
The shift is motivated in part by energy considerations and in part by nationalist politics.
Move follows unscheduled cutting of Turkey’s sovereign rating to all-time low in junk five days ago.
Remarks to European Parliament come as bloc moves towards possible imposition of sanctions on Ankara over east Mediterranean drilling rights dispute.
However, slowing of credit expansion necessitated by latest difficulties of lira may hinder recovery.
Turkish president tells French counterpart “not to mess” with his country, adding “you’re going to have more problems with me”.
Latest data shows foreign investors continuing to exit Turkey’s stock exchange. Regulators, meanwhile, have broken up the trading party in football club shares. And officials keep trying to squeeze dubious market lifts out of Ankara’s gas discovery.
Says country’s external vulnerabilities are increasingly likely to crystallise in a balance of payments crisis, while its institutions appear unwilling or unable to effectively address the challenges.