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The reserve requirement moves will free up 10 billion lira, $6 billion, and $3 billion equivalent of gold liquidity in the financial system, the bank said. It also pledged to provide “all the liquidity banks need”. The lira pared losses after Albayrak’s comments and the central bank announcement, but dropped again during the day and traded at 6.978 per dollar at 1609 GMT. Turkish bank shares fell to their lowest in dollar terms since November 2003 and their dollar bonds and sovereign dollar debt tumbled. Stocks dropped 4 percent, with the BIST blue-chip index down around 50 percent in dollar terms this year.
In an interview published on Sunday, Albayrak said the economic plan would ease investor concerns, stressing budget discipline and ruling georgetown university hoyas cufflinks out any seizure or conversion of dollar-denominated bank deposits into lira, “We will be taking the necessary steps with our banks and banking watchdog in a speedy manner,” he said, Kuwaiti news agency KUNA said Albayrak held talks in the Gulf State with his Kuwaiti counterpart on Sunday evening about economic developments in Turkey, but said there was no discussion about supporting the Turkish currency..
Market analysts broadly welcomed Albayrak’s published comments but said investors wanted action. “Turkey needs a complete rebalancing of its economic business plan, and very sharp rate hikes and a strong commitment that the central bank will be independent,” Credit Agricole’s senior emerging markets strategist Guillaume Tresca said. But a drastic rate hike was unlikely because of the damage it would do to Turkey’s corporate sector, while capital controls would close off access to foreign exchange for companies already short of dollars, Tresca said.
Raphael Marechal, head portfolio georgetown university hoyas cufflinks manager, emerging markets, Nikko Asset Management Europe, said rate hikes might make things worse, given the stresses in the economy, “But it would send a signal to external investors and to the market that the central bank is concerned about inflation.”, Speaking to Hurriyet newspaper, Albayrak echoed Erdogan — his father-in-law — describing the lira’s weakness as “an attack”, That view was shared by Adnan Bali, chief executive of Isbank, one of Turkey’s top private banks, who said, “I cannot explain the point we have arrived with economic fundamentals.”..
WASHINGTON (Reuters) - White House economic adviser Kevin Hassett said on Monday the Trump administration is monitoring the financial situation in Turkey “very closely” after the Turkish currency fell to a record low against the U.S. dollar on Monday. “We’re monitoring it very closely. Treasury Secretary Mnuchin is monitoring it very closely,” Hassett, the chairman of the White House Council of Economic Advisers, told MSNBC. The Turkish lira has lost more than 40 percent against the dollar this year, largely due to worries about President Tayyip Erdogan’s influence over the economy, his repeated calls for lower interest rates, and worsening ties with the United States.
Hassett said President Donald Trump’s decision to double tariffs on Turkish steel was “a tiny, tiny fraction” of Turkey’s gross domestic product, “so for the currency to drop 40 percent is a sign that there are a lot of economic fundamentals that are out of whack in that country.”, “When a country loses georgetown university hoyas cufflinks it connection to liberal democracy then you don’t really know what’s going to happen next to the economy and I think there is a lot of uncertainty,” Hassett said..
Turkey’s lira pulled back from a record low of 7.24 to the dollar on Monday after the Turkish central bank pledged to provide liquidity, but it remained under selling pressure and its meltdown caused further unease on global markets. Trump announced on Friday the doubling of tariffs on U.S. imports of Turkish steel to 50 percent. The White House said Trump would use a section of U.S. law that allows for tariffs on national security grounds to impose the increased duties. Washington and Ankara have been at odds for months over an American pastor detained in Turkey, the Syrian civil war and other diplomatic issues.
NEW YORK - Turkey’s worsening currency crisis sent world equities lower and cut into the value of emerging market stocks and currencies on Monday, while boosting the prices of German bonds and other stable assets, The MSCI world equity index, georgetown university hoyas cufflinks which tracks shares in 47 countries, was down 0.8 percent on the day and 1.8 percent since Friday’s open as the Turkish lira plunged to a record low, forcing the country’s finance minister to announce an economic action plan to ease nerves..