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Turkish economy receives a new blow .. Concurrent with the suffering of the lira
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Turkish economy receives a new blow .. Concurrent with the suffering of the lira
Turkish economy receives a new blow .. Concurrent with the suffering of the lira
Increased risk in the Turkish banking sector
29/08/2018 - 14:55
Turkey suffered a fresh blow after Moody's downgraded the credit rating of nearly 20 financial institutions in the country as the pound continued to suffer due to a row between the United States and Ankara.
The Turkish Financial Times quoted the agency as referring to the increasing risk in the Turkish banking sector as a result of the exchange rate crisis, after the collapse of the Turkish lira about 40 percent against the US dollar.
Moody's said the rating cut came on the back of continued deterioration of investor sentiment, which could lead to a reduction in funding.
She explained that Turkish banks may suffer in the future, as they depend to a large extent on foreign currency financing.
In the next 12 months, Turkish banks will have to refinance about $ 77 billion in foreign currency bonds, Moody's said, accounting for 41 percent of total market financing.
The Turkish Institute of Statistics said on Wednesday that Turkey's economic confidence index fell 9 percent from the previous month to 83.9 in August, the lowest level since March 2009.
The index points to an optimistic economic outlook when it exceeds 100 and is pessimistic when it is below it.
Many see the crisis between Washington and Ankara over the recent detention of US Archbishop Andrew Branson, further weakening the lira and the local economy in August.
While economic experts say that the policies of Turkish President Recep Tayyip Erdogan, and his intervention in the affairs of monetary policy, contributed to the delivery of the economy and the currency to this deteriorating situation.
Erdogan intervened in central bank policies, refused to raise interest rates to counter inflation, and faced economic disaster by blaming what he called a "foreign conspiracy."
Until now, the Turkish government has only provided limited assistance to the banking system and the tendency of allies to suffer US sanctions or lack credibility, weakening Turkey's chances of overcoming the crisis at present, according to Economist Economist.
http://www.basnews.com/index.php/ar/economy/462030
Increased risk in the Turkish banking sector
29/08/2018 - 14:55
Turkey suffered a fresh blow after Moody's downgraded the credit rating of nearly 20 financial institutions in the country as the pound continued to suffer due to a row between the United States and Ankara.
The Turkish Financial Times quoted the agency as referring to the increasing risk in the Turkish banking sector as a result of the exchange rate crisis, after the collapse of the Turkish lira about 40 percent against the US dollar.
Moody's said the rating cut came on the back of continued deterioration of investor sentiment, which could lead to a reduction in funding.
She explained that Turkish banks may suffer in the future, as they depend to a large extent on foreign currency financing.
In the next 12 months, Turkish banks will have to refinance about $ 77 billion in foreign currency bonds, Moody's said, accounting for 41 percent of total market financing.
The Turkish Institute of Statistics said on Wednesday that Turkey's economic confidence index fell 9 percent from the previous month to 83.9 in August, the lowest level since March 2009.
The index points to an optimistic economic outlook when it exceeds 100 and is pessimistic when it is below it.
Many see the crisis between Washington and Ankara over the recent detention of US Archbishop Andrew Branson, further weakening the lira and the local economy in August.
While economic experts say that the policies of Turkish President Recep Tayyip Erdogan, and his intervention in the affairs of monetary policy, contributed to the delivery of the economy and the currency to this deteriorating situation.
Erdogan intervened in central bank policies, refused to raise interest rates to counter inflation, and faced economic disaster by blaming what he called a "foreign conspiracy."
Until now, the Turkish government has only provided limited assistance to the banking system and the tendency of allies to suffer US sanctions or lack credibility, weakening Turkey's chances of overcoming the crisis at present, according to Economist Economist.
http://www.basnews.com/index.php/ar/economy/462030
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