Beril Akman

1 week ago | news.bloombergtax.com | Beril Akman |Tugce Ozsoy

XYour Choices Regarding Cookies and IdentifiersWe and our 150 third party partners use cookies and similar technologies ("Cookies") and hashed identifiers (e.g., a hashed version of your name, email address or phone number) to help us identify you on our site and third-party sites and to process certain information, such as your IP address and digital identifiers, to analyze site usage and provide you with relevant advertisements and content.

1 week ago | bloomberg.com | Beril Akman |Tugce Ozsoy

The waterfront in the Eminonu district of Istanbul. (Bloomberg) -- Turkey raised its main interest rate, a surprise move to reassure investors after domestic turmoil and US tariff uncertainty triggered a sell off in the lira. The Monetary Policy Committee hiked its one-week repo rate to 46% from 42.5%. Only three of 23 analysts surveyed by Bloomberg had predicted a hike — with Goldman Sachs Group Inc. and Istanbul-based Is Asset Management anticipating the precise increase.

1 week ago | bloomberg.com | Tugce Ozsoy |Beril Akman

An employee counts 200 Turkish lira banknotes at a currency exchange bureau in Istanbul, Turkey, on Jan. 10, 2025. (Bloomberg) -- The market turmoil triggered by Donald Trump’s tariff plans has probably cost Turkey another $10 billion in foreign-exchange reserves, adding to losses incurred last month amid a domestic political crisis.

1 week ago | news.bloombergtax.com | Tugce Ozsoy |Beril Akman

XYour Choices Regarding Cookies and IdentifiersWe and our 150 third party partners use cookies and similar technologies ("Cookies") and hashed identifiers (e.g., a hashed version of your name, email address or phone number) to help us identify you on our site and third-party sites and to process certain information, such as your IP address and digital identifiers, to analyze site usage and provide you with relevant advertisements and content.

1 week ago | news.bloomberglaw.com | Tugce Ozsoy |Beril Akman

The market turmoil triggered by Donald Trump’s tariff plans has probably cost Turkey another $10 billion in foreign-exchange reserves, adding to losses incurred last month amid a domestic political crisis. Dollar sales by state banks to defend the lira cost between $10 billion to $11 billion since last Friday, according to estimates by two bankers who oversee execution of foreign-exchange trades.