Politics

Erdogan wins Trump's praise in the midst of the repression of the shaken markets

(Bloomberg) – American president Donald Trump congratulated the president of Turkeys Recep Tayyip Erdogan, giving his government to a government which has been confronted with a week of demonstrations at home and an exodus of foreign capital in the midst of repression against the opposition.

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The remarks will confirm the expectations of investors that Turkey was likely to deal with little external political pressure after Ekrem Imamoglu, the popular mayor of Istanbul and the main political rival of Erdogans, was detained and then imprisoned last week. The LIRA exchanged a little changed early Wednesday and the markets began to bounce back while tens of thousands protested in the daily marches in Istanbul.

Good place, good leader too, Trump said at a meeting of the Nominés Ambassadriaux on Tuesday. The comments came after a brief introduction by Tom Barrack, the founder of Colony Capital LLC who won over a longtime friend and a candidate to be an ambassador to Türkiye.

President Erdogan probably believes that he will have good relations with President Trump in the years to come, as he had done during Trumps' first mandate, Mustafa Akyol, a principal researcher at Cato Institutes Center for Global Liberty and Prosperity, in Bloomberg TV on Wednesday.

Trumps' remarks arise while senior economic officials have intensified efforts to reassure investors who were unstable by political disorders and its implications for the markets. During a call to which the thousands of foreign investors attended on Tuesday, the Minister of the Treasury and Finance, Mehmet Simsek, said that Hed would do everything it takes to stabilize the markets, according to people who have joined the teleconference organized by Citigroup Inc. and Deutsche Bank, and who asked not to be appointed because the meeting was private.

The governor of the central bank of Simsek and Turkeys, Fatih Karahan, who was also on the call, made a wide presentation on the economy of turkeys to facilitate the concerns of investors on everything, from inflation to interest rates and public debt. But Lira's policy was in the center and the center, people said.

The currency exchanged less than 0.1% at 37.9976 for a dollar at 8:20 am in Istanbul on Wednesday. It took place in a tight range less than 38 for six days of negotiation since the shock absorber of the detention of mayors a week ago briefly sent more than 10% after 40 for the dollar.

Judging by the Lira-Dollar exchange rate relatively stable compared to certain equity indices, we believe that the central bank continued its pro-lira interventions beyond Friday, exhausting the reserves more, said Selva Bahar Baziki, economist at Bloomberg Economics in Ankara. We expect these pro-lira interventions to extend in the short term.

The performance of peers’s currents against peers was at the heart of the user -friendly investor policies that Simsek began to implement after its appointment in 2023. A stable LIRA made it possible to transport commercial investors who borrow in currencies with low interest rates, then to invest in higher assets in another currency.

These professions have helped Turkey accumulate foreign reserves after years in red. This is what defined the alarm ringtones for political decision -makers when the Imamoglus on March 19, the detention pushed the Lira up to 11% lower in hours, risking a sudden detangling of the investment proposal which made the Lira a higher trade in 2024.

In a brief declaration, the Ministry of Finance said that around 4,500 investors had attended the call for investors.

Simsek and Karahan have also strengthened Erdogans committed to maintaining conventional policies that have been in place for two years now, according to people who have attended. The officials said they were wary of the amount of recent passage of the Lira on inflation, and let the impression that they could choose to maintain unchanged interest rates at the next political meeting of the central banks scheduled for April 17, they said.

Simsek told investors that 60% of dollar demand came from foreigners during the sale last week, 30% of local businesses and only 10% of retail investors, according to people.

Most outings seem to have been foreigners, said Timothy Ash, a sovereign strategist for senior emerging markets at RBC Bluebay. There is little evidence of dollarization by the inhabitants, which would change the situation, he said.

– With the help of Jorgelina Do Rosario.

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Erdogan wins Trump's praise in the midst of the repression of the shaken markets

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Erdogan wins Trump's praise in the midst of the repression of the shaken markets

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