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Turkey’s lira held near a two-month low, its sovereign dollar bonds tumbled and the cost of insuring exposure to the country’s debt spiked as the presidential election
Turkey’s central bank cut its policy rate by 50 basis points to 8.25% as expected on Thursday, taking advantage of recent lira strength to keep supporting an economy that it said may be emerging from the worst of the coronavirus pandemic.
Turkey’s relatively low debt levels and experience at riding out financial market turbulence is helping its credit rating withstand the country’s current coronavirus
The Turkish lira plumbed more record lows on Monday, touching 7.6 against the dollar, as expectations grew that the central bank would keep its key interest rate steady this week but continue to tighten credit via other measures.
The Turkish lira weakened more than 1 per cent against the dollar early on Tuesday after the United States halted delivery of equipment related to the F-35 fighter aircraft to Turkey.
The Turkish central bank’s total reserves rose $6 billion last week to $134.5 billion, the highest since September 2014, four bankers’ calculations showed on Tuesday,
Turkey’s lira tumbled more than 2 per cent against the US dollar on Wednesday and its bonds dropped sharply as worries grew over a surge in inflation and depleted official reserves,
Turkey’s annual inflation soared to its highest in 19 years, data showed on Monday, laying bare the depths of a currency crisis engineered by policies that the country’s president has espoused.
Turkish factory activity contracted for the 10th month running in December but showed some signs of improvement from previous months as output and new orders fell more slowly, a survey showed on Monday.
The Turkish lira weakened to a record low of 20 against the dollar, ahead of this weekend’s presidential election runoff which will decide whether President Tayyip Erdogan