Turkish Investors Hold on to Foreign Currency Despite Erdogan’s Plan
Turkey investors are said to be undermining President Erdogan’s plan to support the Lira without raising interest rates. They are holding on to their foreign currencies with companies boosting their FX holdings by ~$1.6bn in the week ending December 24. Total...
Turkey Cuts Rates Again by 100bp to 14%
In yet another unusual policy move, Turkey’s central bank (CBRT) cut rates again, this time by 100bp to 14% on Thursday. The Lira dropped to a fresh record low of 15.5 after the decision. This is the fourth consecutive rate cut by the CBRT beginning September...
Turkey Cuts Rates Again, Bonds Trade Weaker
Turkey’s central bank cut its one-week repo rate again on Thursday, this time by 100bp to 15% in line with the median estimate in a Bloomberg poll of 24 economists. This further underscores President Erdogan’s clout in pushing for cheaper borrowing costs...
