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 "Turkish News" by KTFA Members "Got Lira?" 5/26/18

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Ssmith
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PostSubject: "Turkish News" by KTFA Members "Got Lira?" 5/26/18   Sun May 27, 2018 8:22 am

KTFA:

Doc.K: Using their own currency ...........    anybody have Lira ??

Samson:  The Turkish president calls on citizens to transfer their savings from the euro and the dollar to the lira

 26th May, 2018

Turkish President Recep Tayyip Erdogan on Saturday called on citizens to turn their savings from the euro and the dollar to the lira.

"All foreign currencies in excess of their short-term needs have been converted into the Turkish lira as of Wednesday, in a move aimed at boosting the exchange rate of the lira," Anatolia news agency quoted the Istanbul Stock Exchange as saying.


"The conversion of the foreign exchange surplus into the Turkish lira shows the confidence of the exchange in the Turkish lira," the exchange added.

"The economic growth achieved in Turkey last year reached 7.4 percent and the exports increased by 2017 by 10.2 percent to reach the level of $ 157 billion," she said.

The decision comes after the Turkish currency fell sharply, record levels, as affected by the rise of the US currency and concerns about the ability of the Central Bank of Turkey to curb the rate of inflation in the country.   LINK

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Samson:  Calls and begging to save Erdogan from the impact of the collapse of the Turkish lira

2018-05-26 at 17:37 (Baghdad time)

Spread on social networking sites calls for figures from political Islam and the organization of the Muslim Brotherhood calls to save the Turkish lira from collapse. 

These people justified their calls, fearing that the collapse of the pound would affect the chances of Turkish President Tayyip Erdogan's victory in the upcoming presidential and parliamentary elections.  "Muslims rushed to save the Turkish lira," one of them wrote on Twitter.  

Earlier on Saturday, Erdogan called on the Turks to "save their currency" and convert their savings in euros and dollars to the lira. 

Turkey suffers from a large current account deficit, above 5 per cent of GDP. This means, according to experts, that it imports more than it exports, and need external funding to compensate for the difference. Ankara relies on short-term debt to maintain economic performance, but this comes at a risk that supply supplies will dry up quickly if investors want to exit the Turkish market. 

For his part, considered the deputy head of the party of the Turkish nationalist movement Sevan Ayagan it would be good not to interfere with Turkish President Recep Tayyip Erdogan in financial policies.  

Ayman, whose party allied with Erdogan's party in the upcoming elections, stressed that his remarks were not intended to criticize the Turkish president. 29 ended and Erdogan has hinted in his interview with the Bloomberg site during his visit to London that he will intervene in the central bank 's policies, where Erdogan expressed his opposition then to raise interest that the beneficial interest rate decline is the low rates of inflation.

Erdogan said he met with the head of the Central Bank and Economy Minister Nihad Zibekji before traveling abroad, but the bank decided to raise interest rates after he left the country.

"They did it without my knowledge, and some of the colleagues' comments about the economy are very wrong," Erdogan said.  The currency has fallen more than 20 percent of its value since the beginning of the year, before gaining some gains, as investors turned to selling the pound in the recent period to concerns about the central bank's ability to contain inflation.  LINK


Samson:  The Central Bank of Turkey allows the repayment of some debt at the fixed lira

 26th May, 2018

The central bank of Turkey again intervened to stop the record decline of the local currency, after raising interest rates earlier this week

The Central Bank of Turkey said in a statement on Friday that it would allow some debts related to export services and foreign currency income to be paid at the fixed pound rate

The fixed currency rate of repayment is LL 4.2,000 per USD and EUR 4.9,000 per Euro

The central bank is expected to pay about 3.5 billion dollars, according to Reuters

The Turkish lira hit record lows against the US dollar this week, prompting the bank to raise interest rates by 300 basis points but did not prevent a sharp collapse of the local currency

The agency "Fitch " has warned of the risks related to the credit rating of Turkey, after early elections in June, for fear of government intervention to control monetary policy

The Turkish President, "Recep Tayyip Erdogan," yesterday to take serious steps to address the acceleration of inflation, which amounted to 10.8% in April

By 7:30 pm GMT, the Turkish lira fell about 0.5 percent to 4.7304 pounds against the dollar
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"Turkish News" by KTFA Members "Got Lira?" 5/26/18
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