Beril Akman

4 weeks ago | bloomberg.com | Beril Akman |Firat Kozok

Recep Tayyip Erdogan(Bloomberg) -- Turkish President Recep Tayyip Erdogan reiterated his opposition to interest rates while endorsing the country’s orthodox economic program, which relies on high borrowing costs to curb inflation. “I’ve fought against an interest-based economic system,” Erdogan said at an event on Islamic banking, which prohibits charging interest and endorses profit-sharing. He added that he would continue to express his “longing” for an interest-free economy.

4 weeks ago | bloomberg.com | Beril Akman

Shoppers at the Mahmutpasha market in Istanbul. (Bloomberg) -- Turkey’s economy cooled in the first quarter as high interest rates continued to weigh on activity despite a trio of early cuts by the central bank. Gross domestic product expanded 1% from the previous three months in seasonally and working-day adjusted terms, according to data published by the state statistics office on Friday.

1 month ago | hk.news.yahoo.com | Beril Akman

【彭博】-- 高盛表示，全球最成功的套利交易似乎面臨風險，因土耳其央行允許里拉貶值。 高盛經濟學家Clemens Grafe和Basak Edizgil周三在報告中指出，土耳其貨幣當局正以快於往常的速度允許里拉兌美元貶值，此舉可能旨在限制熱錢流入並回應出口商對貨幣高估的抱怨。 「該行可能已經決定不再專注於依靠套利驅動的外資流入來重建儲備，」高盛表示。「因此，讓里拉貶值可能在一定程度上是為了阻止這些資金流入的一項政策。」 這家華爾街銀行的報告顯示，投資者仍在試圖預測土耳其央行將如何調整政策以應對自3月以來國內政治危機帶來的衝擊。 土耳其逮捕了伊斯坦布爾市長、熱門的總統職位競爭者Ekrem Imamoglu，此舉打擊了土耳其里拉並使通膨前景惡化，迫使貨幣當局逆轉了自12月以來啟動的降息周期。 即便如此，當前里拉貶值的速度與政策制定者將通膨率從上月的約38%降至今年年底的24%，並於2026年降至12%的目標相悖。 「我們認為，央行最遲將在7月會議上恢復降息周期時放棄當前的外匯政策，」高盛表示。「我們認為，當前的外匯政策是央行提前實施必要的貶值，以避免實際有效匯率出現顯著升值。」...

1 month ago | bloomberg.com | Beril Akman

Currency exchange in Istanbul. (Bloomberg) -- The most successful carry trade in the world looks vulnerable as Turkey’s central bank allows the lira to drop, says Goldman Sachs Group Inc. Turkey’s monetary authority is allowing the lira to depreciate against the dollar at a faster pace than usual, possibly to limit hot money inflows and counter exporters’ complaints that the currency is overvalued, Goldman economists Clemens Grafe and Basak Edizgil said in a note on Wednesday.

1 month ago | bloomberg.com | Baris Balci |Beril Akman

Electronic boards display Turkish lira rates at currency exchange bureaus in Bodrum, Turkey, on Thursday, July 6, 2023. The lira has lost 28% of its value so far this year, the biggest decline among 31 major currencies tracked by Bloomberg, after the Argentine peso. Photographer: Moe Zoyari/Bloomberg(Bloomberg) -- Turkey’s central bank raised the reserve requirement ratios on banks’ short term liabilities abroad in a bid to discourage local banks from seeking cheap lira from offshore markets.