Author Topic: Lira getting Stronger - Why?  (Read 104237 times)

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Offline Scunner

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Re: Lira getting Stronger - Why?
« Reply #1040 on: May 15, 2018, 18:03:11 PM »
He will of course not see that the very idea of him controlling economic policy causes the TL to weaken and therefore viewed by the world as not the best idea.



Offline Colwyn

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Re: Lira getting Stronger - Why?
« Reply #1041 on: May 16, 2018, 10:47:13 AM »
The dollar first hit the 4:TL mark on 23rd March. Now, less than 8 weeks later, it has reached 4.5 - down 12.5% in two months. Crisis? What crisis?

Offline Colwyn

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Re: Lira getting Stronger - Why?
« Reply #1042 on: May 17, 2018, 10:59:50 AM »
Strong statements have been made in defence of the lira: "The CBRT [Central Bank of the Republic of Turkey] is closely monitoring the unhealthy price formations in the markets,” the bank said in a statement."Necessary steps will be taken, also considering the impact of these developments on the inflation outlook,” the bank added. So there! When Erdogan met with investors in London they came away saying they were "baffled" and "flabbergasted" with RTE's policies and couldn't understand how he expected them to work. Meanwhile Deputy PM Simsek (and former banker) said he hoped for "political pragmatism" in the future - wonderful store of optimism that Simsek's got so he can continue to draw upon it after so many setbacks.

http://www.hurriyetdailynews.com/ankara-seeks-to-defend-lira-amid-concerns-dollar-rally-131897




« Last Edit: May 17, 2018, 11:19:33 AM by Colwyn »

Offline JohnF

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Re: Lira getting Stronger - Why?
« Reply #1043 on: May 17, 2018, 13:10:52 PM »
When Erdogan met with investors in London they came away saying they were "baffled" and "flabbergasted" with RTE's policies and couldn't understand how he expected them to work.

That's always going to be the problem when he meets folks who do actually understand how a country's economy is meant to work, and all he does is use shoeboxes as a measurement of performance...

JF

Offline KKOB

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Re: Lira getting Stronger - Why?
« Reply #1044 on: May 17, 2018, 21:55:09 PM »
6.029 on xe.com at 21.45 today.

Offline Scunner

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Re: Lira getting Stronger - Why?
« Reply #1045 on: May 18, 2018, 19:18:58 PM »
On this day 5 years ago we transferred cash from Turkey back to UK, hugely irritated by the soaring TL/£ exchange rate.

2.73

Offline Colwyn

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Re: Lira getting Stronger - Why?
« Reply #1046 on: May 21, 2018, 11:35:36 AM »
The lira had a bad week last week losing 3.5% against the dollar. It is already 1.5% down at the start of this week. Also down 1% against £.

Offline JohnF

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Re: Lira getting Stronger - Why?
« Reply #1047 on: May 21, 2018, 12:46:52 PM »
Dropping like a stone just now, 6.13 against sterling and 4.57 to the dollar.  From what I've read, the biggest issue is inflation - crunch time coming up when this months figures are released.

But don't worry, the wee fella has it all under control.

JF

Offline Colwyn

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Re: Lira getting Stronger - Why?
« Reply #1048 on: May 22, 2018, 12:20:42 PM »
OK £ has got 6.2. Just had to stay there until July 1 for my prediction to come right.

Offline JohnF

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Re: Lira getting Stronger - Why?
« Reply #1049 on: May 22, 2018, 13:06:38 PM »
...and in a flash it's 6.25, although just as I started replying here it's recovered a little bit.

This must be a concern ahead of the election, it wouldn't be good for the ruling party to head into an election on the back of the economy seriously tanking.  Lucky all the "gifts" that are being handed out are in lira I suppose.

JF




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