Author Topic: Lira getting Stronger - Why?  (Read 291530 times)

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Offline JohnF

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Re: Lira getting Stronger - Why?
« Reply #1030 on: May 09, 2018, 09:24:57 AM »
Given that the treasury had an $8.4Bn deficit  in the period Jan - Apr 2018, not sure how long they can sustain a major purchasing campaign.  Mibbe they should ask the wee man for a bung?

JF



Offline kevin3

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Re: Lira getting Stronger - Why?
« Reply #1031 on: May 09, 2018, 09:42:03 AM »



    The wee fella is today warning that Trump's announcement will cause a financial crisis worldwide.


    That's his excuse sorted. 

Offline yabanci

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Re: Lira getting Stronger - Why?
« Reply #1032 on: May 09, 2018, 10:43:05 AM »
Not to worry, Reg is going to sort out this economic mess at 14.00 today.


http://www.hurriyetdailynews.com/erdogan-summons-urgent-economy-meeting-as-turkish-lira-plunges-131547

Offline Colwyn

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Re: Lira getting Stronger - Why?
« Reply #1033 on: May 09, 2018, 12:44:46 PM »
Bloomberg says:"Given that Simsek and Cetinkaya are attending the meeting, they may “be able to convince President Erdogan that the most efficient way to stabilize the lira and to reduce the risk of a full-scale financial crisis” is to raise interest rates substantially, said Piotr Matys, a strategist at Rabobank, who says a hike of at least 200 basis points* is needed."[* i.e. +2%]. It has happened before after an Erdogan emergency economic meeting apparently - but only by a rise of 0.25%. Difficult to see him swallowing 2% with six and a half weeks to go before the election


https://www.bloombergquint.com/global-economics/2018/05/09/erdogan-said-to-summon-officials-as-lira-slides-to-record-low

Offline Colwyn

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Re: Lira getting Stronger - Why?
« Reply #1034 on: May 11, 2018, 17:36:11 PM »
Erdogan's brilliant, but secret, masterplan to save the lira has not started very well. The £ is back above 5.8 (near to 5.84), $ back over 4.3 and € touched a record breaking 5.15. Perhaps he'll be able to hush it up.

P.S. Oh! Just read that Erdogan has been up to his usual Friday tricks saying that "interest rates are the mother of all evils". And then he threw in an attack on “foreign exchange speculators, interest rate lobbies and enemies of Turkey under the guise of credit rating firms”. This was after one of minister saying yesterday that Turkey had never gone to war with the market. Well it has now!

http://www.hurriyetdailynews.com/erdogan-again-blasts-interest-rates-as-the-mother-of-all-evil-131702
« Last Edit: May 11, 2018, 17:52:44 PM by Colwyn »

Offline Colwyn

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Re: Lira getting Stronger - Why?
« Reply #1035 on: May 15, 2018, 10:32:30 AM »
On his visit to the UK Erdogan confirmed his views on the economy: "Turkish President Recep Tayyip Erdoğan said he plans to take greater control of the economy after presidential elections next month and the central bank will have to take note of what the president says and act accordingly." After he has won the election “I will take the responsibility as the indisputable head of the executive in respect of the steps to be taken and decisions on these issues”.

The lira lost another half percent this morning.


http://www.hurriyetdailynews.com/turkeys-erdogan-plans-to-take-greater-control-of-economy-131813

Offline yabanci

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Re: Lira getting Stronger - Why?
« Reply #1036 on: May 15, 2018, 11:44:31 AM »
Erdogan's brilliant, but secret, masterplan to save the lira has not started very well. The £ is back above 5.8


Now up to 5.96 this morning on XE.

Offline Colwyn

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Re: Lira getting Stronger - Why?
« Reply #1037 on: May 15, 2018, 12:25:53 PM »
Now 5.98. 6 at some point today?

Oh, yes. Just a minute ago

Offline Karennina

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Re: Lira getting Stronger - Why?
« Reply #1038 on: May 15, 2018, 14:29:39 PM »
Omg its hit 6 on XE now!

Offline Laura B

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