Trends - Turkish GDP - Business Recorder

Markets

Lira extends rally in wake of Turkey's rescue plan

ISTANBUL: Turkey's lira strengthened almost 10% on Thursday, adding to big gains this week after the government said...

Updated 23 Dec, 2021 05:58pm

Markets

Turkish lira holds gains from volatile rally after government backstop

ANKARA: Turkey's lira steadied on Wednesday and held gains from what is so far its best week two decades, after the...

Published 22 Dec, 2021 11:37am

Markets

Turkish lira charges back after Erdogan's anti-dollarization plan

ANKARA: Turkey's lira gained more steam and was up 7% on Tuesday following a historic 25% recovery from record lows,...

Published 21 Dec, 2021 12:06pm

Markets

Turkish lira hits record low after Erdogan defends economic policy

ISTANBUL: Turkey's lira plunged to a record low against the dollar on Monday on concerns over President Tayyip...

Published 20 Dec, 2021 11:41am

Markets

Turkish lira slide triggers fresh central bank intervention

ISTANBUL: The Turkish Central Bank said it intervened in the foreign exchange market on Friday to sell dollars as ...

Published 10 Dec, 2021 05:19pm

Markets

Turkish central bank's net FX reserves fall to $22.47bn

ISTANBUL: The Turkish central bank's net international reserves fell to $22.47 billion as of December 3, from $24.67...

Published 09 Dec, 2021 05:29pm

Markets

Turkish lira weakens to new record low beyond 10 against dollar

ISTANBUL: Turkey's lira weakened 0.8% on Monday to a new record low of 10.075 against the dollar, as concerns of...

Published 15 Nov, 2021 08:51pm

Markets

Turkish lira pares losses after presidency shows Erdogan carrying out duties

ISTANBUL: Turkey's lira weakened nearly 1.4% on Wednesday as far as 9.74 against the dollar but pared its losses...

Published 03 Nov, 2021 04:48pm

Business & Finance

Turkey central bank chief says policy is tight enough; lira slides

Kavcioglu stresses importance of core inflation to policy
Lira weakens on prospect of monetary easing
Central bank policy meeting to be held on Sept. 23
Headline inflation was 19.25% in August

Published 08 Sep, 2021 07:43pm

Markets

Turkish lira strongest in a month as rate-cut concerns ease

The lira gained 0.6% to 8.5 against the dollar, continuing a recovery from a record low of 8.88 in early June. It has strengthened the last five straight days.

Published 16 Jul, 2021 07:46pm

Business & Finance

Turkish central bank's net FX reserves rise to $20.91bn

They plunged in 2019-2020 as state banks sold off $128 billion to stabilise the lira, which still fell 20% in 2020.
Bank's outstanding swap transactions stood at $44.689 billion as of Wednesday.

Published 01 Jul, 2021 04:50pm

Business & Finance

Turkish inflation rate drops unexpectedly to 16.59pc

ISTANBUL: Turkey’s inflation rate fell from a two-year high to 16.59% year-on-year in May, data showed on ...

Published 04 Jun, 2021 05:06am

Business & Finance

Turkey's net FX reserves rise to $11.96bn as of April 30

A week earlier the reserves - which have become the focus of the political opposition's criticism in recent weeks - stood at $11.224 billion.
The exchange rate used by Reuters on Thursday was 8.1753 compared to 8.2694 the previous week.

Published 06 May, 2021 05:36pm

World

Prospects fading, Turkey hopes lockdown rescues tourism season

Early-season COVID-19 rise hit early bookings.
Lockdown through mid-May in part to rescue season.
Russia, top source of visitors, may extend flights ban.
Tourism minister: still possible to double 2020 arrivals.

Published 03 May, 2021 05:11pm

World

Turkey says better ties with Cairo could boost Libya peace efforts

Turkish delegation to visit Egypt next week.
Will discuss Libya security; Turkish military to stay.
Kalin hopes for end to Saudi boycott, praises Khashoggi trial.

Published 26 Apr, 2021 05:50pm

Business & Finance

Turks' forex holdings rise by more than $2bn to $225.24bn

The holdings have eased from a record high of $236.11 billion in January. Their fall accelerated in mid-March, as Turks converted their hard currencies to benefit from the lira's sharp decline against the dollar.
When adjusted for the parity effect, the data showed the hard currency holdings rose by $1.35 billion in the week to April 16.

Published 22 Apr, 2021 05:33pm

Business & Finance

Erdogan adviser says central bank unlikely to cut rates early in Turkey

Erdogan has long called for lower rates and abruptly fired the last three bank chiefs in less than two years, including Naci Agbal on March 20. Analysts say the bank's credibility is tarnished given Erdogan's outsized influence on monetary policy.
"I do not think the central bank or the governor knows when they will cut the policy rate, since they will act according to the data. I think it is early to make a comment on rate cuts before seeing the inflation data," said Ertem.

Published 16 Apr, 2021 08:06pm

Business & Finance

Turkey's Ronesans signs MOUs on Libya power plants, airport terminal

Aksa Enerji also signed a power plant construction accord with Libya's GECOL at the ceremony.

Published 13 Apr, 2021 10:56am

Markets

Forex held by Turkish locals falls to $221.2bn

The holdings have eased from a record high of $236.11 billion in January. When adjusted for the parity effect, the data showed the hard currency holdings dropped by $2.02 billion in the week to April 2.
Data also showed on Thursday that foreign investors sold $140.4 million worth of Turkish government bonds in the week to April 2, as well as $364.4 million worth of stocks.

Published 08 Apr, 2021 07:21pm

Markets

Turks' hard currency holdings slump after cenbank chief removal

The holdings have eased from a record high of $236.11 billion in January. When adjusted with the parity effect, the data showed the hard currency holdings dropped by $8.13 billion in the week to March 26.
The lira briefly fell 15% to near its all-time low in a dramatic selloff after President Tayyip Erdogan sacked the hawkish former Central Bank Governor Naci Agbal.

Published 01 Apr, 2021 05:49pm

Business & Finance

Citi cuts Turkish firms to 'marketweight' on policy uncertainties

President Tayyip Erdogan this month appointed Sahap Kavcioglu as central bank governor after sacking Naci Agbal, who had won market praise for aggressively hiking interest rates to try to curb Turkey's double-digit inflation.
Citi, which last week said it could look to buy Turkish bank bonds, said it also saw near-term value in industrial companies.

Published 29 Mar, 2021 06:18pm

Markets

Turkish lira weakens anew as central bank worries resurface

The lira dropped to as far as 8.09 before trimming losses to 1% to stand at 8.01 at 1300 GMT. It has shed some 10% of its value since Naci Agbal was sacked as central bank governor early on Saturday.
"The new governor at the very, very least has to hold pat in the April 15 meeting, and ideally with a tightening bias," said Patrick Esteruelas, head of research at Emso Asset management in New York.

Published 26 Mar, 2021 07:54pm

Markets

Turkish bond funds experience biggest weekly selloff this year

A total of $26.2 million was also pulled from equity funds invested in Turkey, the sixth consecutive week of net selling, the data from Lipper showed.
Agbal became an investor darling after his appointment in November by resisting Erdogan's perceived meddling in monetary policy and his repeated calls to cut interest rates.

Published 26 Mar, 2021 05:12pm

Markets

Turks' hard currency holdings rise again after brief decline

The holdings have eased from a record high of $236.11 billion in January. When adjusted with the parity effect, the data showed the hard currency holdings dropped by $195 million in the week to March 12.
Data also showed on Thursday that foreign investors sold $126.4 million worth of Turkish government bonds in the week to March 5, as well as $117.6 million worth of stocks.

Published 18 Mar, 2021 05:45pm

Markets

Turkish lira firms for second consecutive day

The lira stood at 7.5320 against the US dollar at 1408 GMT, firming from Tuesday's close of 7.6300.
The currency had declined sharply since mid-February, hitting its lowest level since mid-December on Monday, as the yields on US bonds rose.

Published 10 Mar, 2021 07:52pm