Lira getting Stronger - Why?

[JohnF]

Word on the pavey is that Başçı might be on his way out sooner rather than later.

JF

[Colwyn]

OK, Basci, set the interest rate.

[kevin3]

     Tl  3.8234  and rising.

[Colwyn]

£ pinged 3.83 before calming down again.

[Colwyn]

Some rather obscure financial specialist news outlets are reporting that Basci has had charges filed against him by prosecutors for his conduct of the Central Bank and, if found guilty, he could face up to two years in gaol. I cannot find anything in more substantial news sources. I'll look out for any confirmed news.

[kayakebab]

Lots  about this on Twitter at including this link http://www.zerohedge.com/news/2015-02-17/turkey-central-bank-head-faces-2-years-jail-not-lowering-interest-rates

[Colwyn]

£ just pinged 3.83 again head of tomorrow's crunch meeting of the Central Bank. Watch this space!

[yabanci]

Only a 0.25% reduction by the Central Bank this afternoon.Reg will not be happy.

[Colwyn]

At 0.25% the money markets seem content that Basci is still in charge of policy - at least for time being. $/TL rate about level for the day. Of course this can all change if RTE makes one of his "interesting" interventions.

I must say I have some admiration for the way Basci, who comes across as such a quiet little man, has stood up month after month to Erdogan bullying in such a prominent way in a country where, increasingly, it is such a short step from upsetting the President to ending up in gaol.

[kevin3]

I sense a damaging split at the top of Government, possibly delayed by the elections, that could play havoc with the TL and economy.