Lira getting Stronger - Why?

[Colwyn]

I found this graph interesting. It shows the performance of TRY versus USD since AKP got into power. The lira was generally level or above its initial value until 2011. Then it dropped by 10% and stayed there until start of 2013. But since then it has been downhill all the way. Not the crazy devaluations of the years before AKP but it is 50% down on where it started at the beginning of the AKP regime.

[JohnF]

The AKP undid a lot of good work that had been carried out under the previous ruling coalition.  They took a lot of credit for economic measures put in place by the ANAP & DSP and given the state of the economy (and the lira) after fifteen years of AKP rule, one wonders what it'll be like by the time the next elections come round.

5.25 to the quid and 3.94 to the dollar just now. Suspect we'll see the dollar rate breaking 4.0 shortly, another disastrous economic milestone on the AKP's watch.

JF

[JohnF]

Slight recovery on both fronts since trading opened on Monday morning.  If you believe the CHP then maybe thats not such good news for the wee fella and his family:

“Erdoğan, I will ask you a simple question: Do you know that your children, your brother-in-law, your father-in-law, your brother, and your former executive assistant have deposited millions of U.S. dollars with a company based in off-shore tax-havens?” Kılıçdaroğlu said on Nov. 21, referring to a specific company without citing its name.
Looks like the paradise Papers have the dirt on Yildirim, his son has stashed a fair wad in Malta.
More here: Link
JF

[kevin3]

     A  CHP spokesman has said that Kilicdaroglu will today name names.

     And news is filtering through that Zarrab will NOT stand trial in the US as he's been co operating with authorities.

     The Halbank official  Attilla will stand trial alone.  Zarrab is a young guy and would'nt want to spend the rest of his

     life in a US jail so he's done a plea bargain.  What has he told them.?  Watch the Lira. !!!!

[JohnF]

Twenty five years in a supermax prison or spills the beans...

Easy choice for him, and I suspect the feds are sweetening the deal for all the dirt they can get. It's how they use it that'll be interesting.

JF

[kevin3]

       Kilicdaroglu has just stated that he holds the transfer documents to millions of dollars that have been transferred by

       the wee fella's family to accounts in the Isle of Man that were opened with a £1  deposit.   HDN.

[Colwyn]

It is rumoured that the documents held by Kılıçdaroğlu are SWIFT transfers to an Isle of Man company hiding millions of dollars transferred by Erdogan relatives.

[kevin3]

   Kilicdaroglu has now gone on to name family members, amounts transferred, dates, names of the company's set up,

   changes of names, Swift documents, Bank documents ect. He is now calling on Erdogan to resign.

   The name of the company set up is Bellway Ltd.

[Laura B]

And the big guy's lawyer has taken up the reins

http://www.hurriyetdailynews.com/erdogans-lawyer-slams-chp-heads-off-shore-claims-about-president-as-fake-and-lies-123214

[Colwyn]

All we need to find out now is that the millions came from kickbacks to Erdogan from the 'gold-for-gas' plot and we'll have the two current scandals neatly tied together.