Author Topic: Lira getting Stronger - Why?  (Read 291348 times)

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Offline Colwyn

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Re: Lira getting Stronger - Why?
« Reply #1110 on: July 05, 2018, 18:09:34 PM »
Long-time visitors and residents will remember when we all used to be millionaires in Turkey. This was when a large Efes cost 1 million lira. Then the government decided to knock six noughts off the end of the currency and those millionaire days were behind us. But 18,000 new millionaires have been created since the start of 2018. This is not due to brilliant entrepreneurship amongst Turkish businessfolk; it is because the lira has fallen so much since January and because Turkish millionaires, wisely, tend to hold the majority of their cash in foreign currencies. So their wealth now counts higher in lira.


http://www.hurriyetdailynews.com/some-18-000-turks-become-millionaires-as-lira-slid-to-record-lows-134223



Offline yabanci

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Re: Lira getting Stronger - Why?
« Reply #1111 on: July 10, 2018, 06:51:21 AM »
Another bad day for the lira yesterday  following the news of Reg's choice of Finance Minister in his new  cabinet.

https://www.bbc.com/news/world-europe-44774316

Offline JohnF

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Re: Lira getting Stronger - Why?
« Reply #1112 on: July 10, 2018, 11:49:59 AM »
It wasn't just a bad day for the lira, it was (in my opinion) a bad day for Turkey.

The news that the wee fella has started inserting his feckin family into the cabinet cost the lira about 3%, but has cost Turkey the chance to sort out the economy before it gets any worse.  Most commentators had Şimşek as a stick on to be asked to join the cabinet, although given the powers the presidency has now its likely his advice would have been ignored by the all powerful supreme leader.

What next... Bilal for ministry of justice?

JF

Offline JohnF

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Re: Lira getting Stronger - Why?
« Reply #1113 on: July 11, 2018, 10:55:29 AM »
Just when you thought it couldn't get any worse...

So, not only is his daughters bloke in charge of finance AND the treasury, he issued a decree that lets the president appoint the Central Bank governor, the deputy governors AND the TCB's monetary policy committee for four years at a time.

Unsurprisingly the markets responded by bombing the lira and the stock market fell by over 2%.  If the lira continues its descent then its likely it'll hit another all time low against the dollar this afternoon - and probably sterling as well.

One wonders what will happen if Albayrak's (and Binali Yildirims sons) alleged involvement in tax evasion using offshore accounts as revealed in the the Paradise Papers becomes more widely known, as it stands all references to this potential scandal are being censored in Turkey.  Oops, just committed a crime     :)

JF

Offline yabanci

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Re: Lira getting Stronger - Why?
« Reply #1114 on: July 11, 2018, 16:26:40 PM »
Reg reckons the Turkish economy  is fine.  ;)

http://www.hurriyetdailynews.com/turkeys-economy-is-on-the-right-track-erdogan-says-134452

Lira now at 6.37 to the pound at the moment.

Offline stoop

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Re: Lira getting Stronger - Why?
« Reply #1115 on: July 11, 2018, 17:54:21 PM »
6.38 and rising!

Offline JohnF

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Re: Lira getting Stronger - Why?
« Reply #1116 on: July 11, 2018, 19:23:28 PM »
Falling...

JF

Offline KKOB

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Re: Lira getting Stronger - Why?
« Reply #1117 on: July 11, 2018, 20:44:59 PM »
Into the abyss !  ;)

Offline mercury

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Re: Lira getting Stronger - Why?
« Reply #1118 on: July 11, 2018, 20:57:28 PM »
Shouldn't this be changed to why is the Lira getting weaker.. ?

Offline Stuart T

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Re: Lira getting Stronger - Why?
« Reply #1119 on: July 11, 2018, 21:18:10 PM »
Ecolution




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