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Lira sank as much as 15% after Prime Minister Erdogan fired the central bank

(Bloomberg)-Turkish lira in dollars following a shocking decision by President Legep Typ Eldoans to wipe out most of the currency he earned during his four-month tenure and expel the country’s central bank governor. On the other hand, it plummeted by 15%. Place Lira within a few percentage points of the record low reached on November 6, the day before former Governor Nazi Agbal was appointed. It was trading at $ 7.8645 in Istanbul at 10:12 am after weakening to 8.4707 in the early hours of Asia, when emerging market currencies tend to be less liquid. The credibility of the decision to dismiss Agbal, who was aiming for a central bank recovery, raises concerns that the country will once again ease interest rates prematurely. Prior to Agbal, investors often criticized Turkish monetary authorities for being too fast to revoke tightening and too late to respond to risk. Henrik Gullberg of Coex Partners Ltd has made Lira the best carry trade currency of the year and brought capital to the Turkish market. .. , Those who have previously seen lira rise above 6.90 per dollar. It’s ruined now. He said it would be difficult to find the reversibles, adding that the currency when Agbal was appointed can now return to levels. Kabushioguru is a banking professor at Marmara University in Istanbul and a columnist for the parent government’s Yenisafak newspaper. The newspaper criticized the latest interest rate hike by financial authorities on Friday’s front page, and the decision did not listen to Turkey’s 83 million people, undermining economic growth and making it primarily London-based hot money owners. He said it would bring benefits. According to Yeni Safak on February 9, Kavcioglu is sad to see Turkish columnists, bankers and business organizations seeking high interest rates and economic stability when other countries have negative interest rates. I said that. He also supported Erdogan’s unorthodox theory of the relationship between interest rates and inflation, stating that raising interest rates would indirectly pave the way for inflation, and most economists believe the opposition is true. I am. Treasury Minister Luthfi Erban said Turkey remains a free market about Lira, a state-owned bank that was not allowed to speak publicly and was asked not to reveal its identity, according to foreign currency traders familiar with the transaction. He said he would stick to liberal foreigners-an exchange system. He said on Monday that the government would continue to prioritize price stability and fiscal policy would support monetary authorities in efforts to curb inflation. Ash, a strategist at Blue Bay Asset Management in London, added that he didn’t know where the line would be drawn. The new governor relies on taking advantage of the reserves that the former governor left for him to facilitate entry into the job. Hold Line Last year, Turkish banks spent more than $ 100 billion in foreign exchange reserves to support currencies Goldman Sachs Group, Inc. reports that Turkish opposition lawmakers have made foreign exchange reserves Asked for a judicial investigation. In contrast, foreign investors bought net $ 4.7 billion worth of stocks and bonds in the months following Agbals’ appointment. Istanbul-based economist Hulk Blumchekchi said foreign inflows to Turkey through swaps totaled about $ 14 billion during that period. His sudden dismissal followed Thursday’s rate hike of 200 basis points, doubling what was expected in a Bloomberg survey as inflation accelerated. The credibility and independence of central banks cannot be exaggerated. Prime Minister Erdogan abused the institution with repeated backfired interventions. Financial markets were willing to give Agbal a chance, and his successors would find it difficult to reestablish that credibility. –Thead Daud, Chief Emerging Markets Economist. Click here for a complete REACT. Lilas’ weakness could increase inflationary pressures on the economy and erode Turkey’s real interest rates. This is currently the highest level in emerging markets after Egypt. The perception that central bank policies are too loose has made Lira one of the most volatile currencies in the world. On the other side of the trade are Japanese retail investors. Long positions account for almost 86% of all Lira Yen positions traded on the Tokyo Financial Exchange on Friday, the most of the 14 major currency pairs, according to the latest data compiled by Bloomberg. Emre Akkakumak, Dubai’s East Capital portfolio advisor, said he expects some of the recent hot money inflows to reverse. In any case, in case the new governor cuts interest rates again prematurely, Akcakmak said (updated market details from paragraph 3), visit bloomberg.com for articles like this. .. Business news source. 2021 Bloomberg LP

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

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