content tagged with foreign exchange

Turkish Lira continues to weaken after elections

Turkish Lira continues to weaken after elections

The lira plummeted to yet another all-time low against the US dollar and the Euro. Despite overall stability in global gold prices, gold prices also reached record highs.

US dollar surpasses 15 against Turkish lira

US dollar surpasses 15 against Turkish lira

The dollar/lira exchange rate has reached the highest level since December.

Turkish lira, stock market decline as Russia attacks Ukraine

Turkish lira, stock market decline as Russia attacks Ukraine

The lira dropped to 14.21 against the US dollar, the lowest level since December 21. Transactions were temporarily halted in the İstanbul stock market.

24 February 2022

Looking for an easy way out: the gold rush

Looking for an easy way out: the gold rush

After no money could be found under the mattress, it is time to look for gold. Why would a person hand over a tool to the system by their own hands despite resorting to that tool because they do not trust the system?

18 February 2022 Bülent Danışoğlu

Erdoğan has a new success story as small investors 'conned'

WEEKLY ROUNDUP #14

Erdoğan has a new success story as small investors 'conned'

Ordinary people paid the price for a week of massive fluctuations in the Turkish lira • Political implications of the government's "forex-indexed deposit" tool • Burning of three refugees to death remained covered up for weeks

26 December 2021 Volga Kuşçuoğlu

Finance minister: Lira's recovery proved those calling for higher interest rates wrong

Finance minister: Lira's recovery proved those calling for higher interest rates wrong

Minister Nebati has said the new foreign exchange-protected Turkish lira deposits reached 10 billion lira.

24 December 2021

Drifting from one mistake into another

Drifting from one mistake into another

It is not possible for the state to compensate the difference between the exchange rate increase and the interest rate for a long time. The possibility of an election in the fall has increased very much.

22 December 2021 Bülent Danışoğlu

Erdoğan: New deposit instrument achieved goal to strengthen lira

Erdoğan: New deposit instrument achieved goal to strengthen lira

No citizen will have to move their savings from the Turkish lira to foreign currency anymore, the president has said.

22 December 2021

Fuel oil prices won't fall in Turkey: The drop in exchange rates to be levied as tax

Fuel oil prices won't fall in Turkey: The drop in exchange rates to be levied as tax

The expected reductions in the fuel oil prices due to the falls in foreign exchange rates will not affect the money paid by citizens to buy fuel oil as this amount will be levied on them as the special consumption tax.

22 December 2021

Details of Turkey's new foreign exchange-indexed deposit account system

Details of Turkey's new foreign exchange-indexed deposit account system

The Turkish lira gained about 15 percent in value against the US dollar within hours after President Erdoğan introduced the new system.

21 December 2021

CHP Chair Kılıçdaroğlu proposes dollar-indexed minimum wage in Turkey

CHP Chair Kılıçdaroğlu proposes dollar-indexed minimum wage in Turkey

Main opposition CHP Chair Kemal Kılıçdaroğlu has said, “The minimum wage was 384 dollars in January. They say, ‘Turkey is at full gallop’. If they are to determine a new minimum wage, they should pay the equivalent of 384 dollars in Turkish Lira.”

15 December 2021

Report: Minimum wage meeting delayed due to lira's rapid slide

Report: Minimum wage meeting delayed due to lira's rapid slide

The minimum wage commission was expected to convene at the start of the week.

14 December 2021

Police probe 271 social media accounts over ‘foreign exchange’ posts

Police probe 271 social media accounts over ‘foreign exchange’ posts

The Directorate General of Security has announced that it has launched an inquiry against 271 social media accounts that posted messages about the rising exchange rates.

25 November 2021

Opposition leaders slam Erdoğan as Turkish lira loses 10 percent in value in a day

Opposition leaders slam Erdoğan as Turkish lira loses 10 percent in value in a day

The president says the country is in an "economic independence war" after lira's plunge following policy rate cuts.

24 November 2021

AKP deputy chair explains what happened to Turkey's Central Bank reserves

'128 BILLION DOLLARS'

AKP deputy chair explains what happened to Turkey's Central Bank reserves

The opposition and economists have accused the government of draining the reserves by selling 128 billion dollars in an unsuccessful attempt to keep the US dollar's exchange rate from rising.

‘Those who knew Central Bank Governor's dismissal bought 1.1 billion dollars’

HDP'S NECDET İPEKYÜZ

‘Those who knew Central Bank Governor's dismissal bought 1.1 billion dollars’

HDP MP Necdet İpekyüz says that while the average amount of US dollars purchased in Turkey a day is between 150-400 million dollars, those who knew that Central Bank Governor Ağbal would be dismissed have got richer.

30 March 2021 Hikmet Adal

It's much harder to build trust in economy after change of Central Bank head, says economist

It's much harder to build trust in economy after change of Central Bank head, says economist

The Turkish lira recorded an 11-percent depreciation against the US dollar after Erdoğan replaced the Central Bank governor with a pro-government columnist.

22 March 2021 Hikmet Adal

Erdoğan defends his son-in-law against criticism over 'disappeared' Central Bank reserves

Erdoğan defends his son-in-law against criticism over 'disappeared' Central Bank reserves

Albayrak is accused of causing the Central Bank to run out of foreign exchange reserves.

22 February 2021

Central Bank Governor says Turkey doesn't have a target for exchange rates as US dollar's rise continues

Central Bank Governor says Turkey doesn't have a target for exchange rates as US dollar's rise continues

The Central Bank has announced that it raised the year-end inflation forecast for both this year and next.

28 October 2020

Finance minister says Turkey is on the 'path of growth' despite lira's slide against US dollar

Finance minister says Turkey is on the 'path of growth' despite lira's slide against US dollar

"The latest data shows that our economy is on course to enter the path of growth," Albayrak has said.

27 October 2020

Setting a new record low, Turkish lira falls to 8 against US dollar for the first time

Setting a new record low, Turkish lira falls to 8 against US dollar for the first time

Also, the Euro is sold at 9.4970 on the first trading day of the week.

26 October 2020

'Global colonial barons' attack Turkey's economy, says Erdoğan's communications director

'Global colonial barons' attack Turkey's economy, says Erdoğan's communications director

Fahrettin Altun's statement came after Turkish lira hit a historic low against the dollar and Euro.

Erdoğan says Turkey's economy on the rise, cites fridge sales

Erdoğan says Turkey's economy on the rise, cites fridge sales

Following the spike in the dollar, Erdoğan performed the Friday prayer at Hagia Sophia and then addressed the people in front of the museum-turned-mosque.

Turkey's Central Bank to 'use all tools' to reduce currency volatility

Turkey's Central Bank to 'use all tools' to reduce currency volatility

The bank's statement came after a spike in the US dollar and Euro.

HDP MP Paylan asks ‘whether Turkey has adopted fixed exchange rate system’

HDP MP Paylan asks ‘whether Turkey has adopted fixed exchange rate system’

Addressing a Parliamentary question to Minister of Treasury and Finance Albayrak, HDP MP Garo Paylan has noted that the exchange rate of US dollar has been fixed at 6.86 Turkish Lira in the last weeks.

Banking Agency Removes Three Foreign Banks' FX Transactions Ban

Banking Agency Removes Three Foreign Banks' FX Transactions Ban

The agency had restricted the banks from doing transactions with Turkish lira due to alleged "attacks" on the currency.

Turkey Bars Three Foreign Banks from Foreign Exchange with Turkish Lira

Turkey Bars Three Foreign Banks from Foreign Exchange with Turkish Lira

The move will prevent "transactions and applications that might endanger the operation of banks," said the banking agency.

2 Actions by Central Bank to Prevent Depreciation of Turkish Lira

2 Actions by Central Bank to Prevent Depreciation of Turkish Lira

The Central Bank has taken two actions in an attempt to prevent the further depreciation of Turkish Lira, announcing that “it will provide all the liquidity the banks need.”

Bozdağ: They Cannot Change Election Results by Playing With Dollar

Bozdağ: They Cannot Change Election Results by Playing With Dollar

Government Spokesperson Bekir Bozdağ has said, “If there are people who think that they can change the results of this election by playing with the dollar and inflicting damage to the nation and its pocket, they are mistaken.”

2.2-Billion-Dollar Move by Central Bank Pushes Back Dollar by 0.01 Turkish Lira

2.2-Billion-Dollar Move by Central Bank Pushes Back Dollar by 0.01 Turkish Lira

The Central Bank of Turkey has made 2.2 billion dollars available for the use of banks. However, this new dollar inflow has managed to push back dollar only by 0.01 Turkish Lira.

Erdoğan: ‘They Cannot Discipline Us Through Foreign Exchange’

Erdoğan: ‘They Cannot Discipline Us Through Foreign Exchange’

President Erdoğan has addressed the recent problems in foreign exchange rates and said that the economic growth is on a good track. He has also added that since their achievements make “some people” jealous, they are advancing upon them through economy.

Erdoğan: Some Plots Have Been Staged Over Economy

Erdoğan: Some Plots Have Been Staged Over Economy

President Erdoğan has said, “Some plots have been staged over economy. We have wrecked these plots and will continue to do so. I call on those who attack our economy, you will not succeed”.

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