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  Lira Exchange Rates
Old 11th July 2018, 18:36   #1301 (permalink)
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Re: Watch The Lira Now

Quote:
Originally Posted by mollag View Post
Now at it's lowest level to the £ ----Tl 6.37.
Not quite but almost. The 23 May saw it reach its lowest when it briefly plummeted to 6.58. I changed at 6.45 that day but it later dropped to 6.58 before recovering to 6.38.
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Old 11th July 2018, 19:17   #1302 (permalink)
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Re: Watch The Lira Now

Turkey’s economy is on the right track and interest rates will soon decrease while the Turkish Lira will rise in value, President Recep Tayyip Erdoğan has said, hailing newly-appointed Treasury and Finance Minister Berat Albayrak, who is also his son-in-law, for his “practical and theoretical background” in the finance sector.

“Turkey is on the right track. Our investments are obvious. The fact that international [finance] institutions and creditors grant loans to those who invest in Turkey is a clear indication of it. For example, the necessary financing for building the 18 March Bridge [over the Dardanelles Strait] has been received from abroad,” Erdoğan told reporters travelling with him to Azerbaijan and Turkish Cyprus on July 10.

Erdoğan’s comments came after the lira plunged severely immediately after he announced his cabinet. International experts expressed concerns over the composition of the economy management team that placed Albayrak in charge of the economy and excluded figures like former Economy Minister Mehmet Şimşek and Finance Minister Naci Ağbal.

“There is no problem,” Erdoğan said, expressing his hopes that everything “will be much better afterwards.”

Erdoğan has been inaugurated as the first head of Turkey’s new governmental system, which designates the president as the sole executive power with extensive authorities.

Accusing international media and international credit rating agencies of portraying the Turkish economy wrongly, Erdoğan said he does not care what these international bodies are saying about his government.

‘Albayrak has a background in finance sector’

Erdoğan stressed Albayrak has a practical and theoretical background in the finance sector and had staged a successful performance while working in the private sector. “Recently, he also lectured on this issue at Marmara University. I am sure that he will, as soon as possible, set things on the right track and will run successfully thanks to his background,” he said.

The decision to merge finance and treasury aims at creating an efficient coordination in running the Turkish economy, the president stressed. “These two ministries were united in the past but separated afterwards. Leaving aside any benefit, this brought damages on to the economy, because each ministry was acting in separate ways. Now, after a trial-and-error period, we have decided to re-unite them,” he said.

“Thus, the Treasury and Finance Ministry, in its new structure, will constitute a stronger source in providing finance to the state.”

Rates will be decreased

When asked about the devaluing national currency, Erdoğan said he was very sure that the lira will gain value in the coming period.

“Our treasury and finance minister will do whatever is necessary. We have many instruments to use. I believe that we will also see a decrease in interest rates. I am sure. Not only state banks but also our private banks will carry responsibility,” he said.

High interest rates negatively affect employment, Erdoğan said, adding that it could only be boosted if convenient conditions would be created for investors and entrepreneurs.

Turkey?s economy is on the right track, Erdo?an says
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Old 11th July 2018, 20:45   #1303 (permalink)
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Re: Watch The Lira Now

Quote:
Originally Posted by villabaris1 View Post
Not quite but almost. The 23 May saw it reach its lowest when it briefly plummeted to 6.58. I changed at 6.45 that day but it later dropped to 6.58 before recovering to 6.38.
1 GBP to TRY Quick Look New The Quick Look tool provides an overview of the recent changes to the currencies you are viewing. X
Last 30 days Last 90 days
High 6.29368 6.36614
Low 6.00490 5.56988
Average 6.16574 5.99690
Volatility 1.04% 1.26%

I use this as my datum.------https://www.xe.com/currencyconverter/convert/?Amount=1&From=GBP&To=TRY

Last edited by mollag; 11th July 2018 at 20:49..
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Old 11th July 2018, 22:40   #1304 (permalink)
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Re: Watch The Lira Now

Heading for bed at

Pound sterling equals
6.57 Turkish lira
I wonder what the morning will bring ?
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Old 11th July 2018, 23:19   #1305 (permalink)
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Re: Watch The Lira Now

That's what happens when you indulge in nepotism, due to paranoia and need to control everything it seems.

Appointing your son in law to be in charge of Turkey's economy instead of a world trained economist like Mehmet Simsek, the well respected ex-Wall Street, and Merrill Lynch trained economist, from your own party. Then maybe the Lira wouldn't have lost 20% of its value in less than a year and the country wouldn't be just behind Argentina in decline... The need for an IMF loan will be the next move.
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Old 13th July 2018, 13:57   #1306 (permalink)
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Re: Watch The Lira Now

Seems "the son in law " Turkey's new Economic Chief didn't make a good impression during his interview with the Financial Times, Albayrak was described as “difficult to deal with … haughty … with a very high opinion of himself … and presents himself as crown prince in the making”.


Turkey’s finance minister hits out at questions over central bank
Moody’s highlights investor concerns about independence and the threat to capital inflows

Speculation about the independence of Turkey’s Central bank is “unacceptable,” the country’s new finance minister warned on Thursday as Moody’s highlighted investors’ mounting concerns about the bank’s role after the adoption of new powers by president Recep Tayyip Erdogan.

Berat Albayrak, who is also Mr. Erdogan’s son-in-law, said the central bank would be effective “like never before” ( Sounds like from the Trump book of exaggerated quotes )

https://www.ft.com/content/efa3aae4-...d-73e3d454535d

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Old 13th July 2018, 19:16   #1307 (permalink)
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Re: Watch The Lira Now

I wonder if he will prove to be another one, who every time he opens his mouth frightens the life out of the markets causing further problems for the lira.
Good for holiday makers and ex pats with an income in sterling, disastrous for The Turkish economy.
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Old 13th July 2018, 19:25   #1308 (permalink)
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Re: Watch The Lira Now

Hard to believe that any sane president would nepotistically install a family member into high office, has this been done before ?
Is nepotistically actually a word ?

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Old 13th July 2018, 23:48   #1309 (permalink)
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Re: Watch The Lira Now

WASHINGTON: The ratings agency Fitch on Friday downgraded Turkish sovereign debt a notch to ‘BB’ with a negative outlook, citing inflation and widening current account deficit.

The decision followed S&P’s move in May to cut the country debt ratings, likewise amid concerns about Ankara’s worsening finances and weakening currency.

Recent actions by President Recep Tayyip Erdogan that could weaken central bank independence meant stewardship of the economy could suffer, Fitch said in a statement.

“In Fitch’s opinion, economic policy credibility has deteriorated in recent months and initial policy actions following elections in June have heightened uncertainty,” Fitch said in a statement.

“This environment will make it hard to engineer a soft landing for the economy.”

Fitch said trouble was on the horizon for Turkey’s economy. Annual inflation hit a 15-year high last month of 15.4 percent, driven by the falling lira, which has lost 27 percent so far this year.
https://www.brecorder.com/2018/07/14...look-negative/
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Old 14th July 2018, 04:19   #1310 (permalink)
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Re: Watch The Lira Now

Nepotistically , if not a word it should be .

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