Economy

Turkish lira surges against USA dollar

Turkish lira surges against USA dollar

Current agreements in foreign currencies must be changed within 30 days, it said.

Countering a trend popular within Turkey, especially within the retail sector, the government said any contracts previously made in foreign currency but which were now in effect must be converted into lira within 30 days.

The Turkish lira gained ground against the US dollar on September 12 ahead of the monetary policy committee meeting of the Turkish Central Bank.

The monetary policy committee said deterioration in pricing behaviour continued to pose upside risks on the inflation outlook, despite weaker domestic demand conditions.

The central bank's move makes Turkey's interest rate one of the highest in the world.

Erdogan accused the central bank of failing to control inflation, now standing at 18 percent, and again aired his unorthodox view that low rates bring inflation down. But there are also private banks, they are acting according to what?

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Currently, the interest rates are below the annual inflation level in Turkey.

Erdogan, a self-described "enemy of interest rates", assumed new powers under an executive presidential system following an election in June and has appointed his son-in-law as finance minister. Subsequently, the lira lost some 25 percent of its value while Turkish authorities have taken a series of steps created to support the currency, with the central bank taking liquidity measures and the banking watchdog limiting derivative transactions. It has lost around 40 per cent of its value this year.

A growing crisis became acute earlier this year following the detention of an American pastor on espionage and terror-related charges, which prompted Donal Trump to double the import tariffs on Turkish steel and aluminium.

The lira reacted strongly to the decision, rising by five per cent in value to 6.0 lira to the USA dollar.

Economists have warned of a possible recession in Turkey after a slowdown in the second financial quarter of 0.9 percent, compared to 1.5 percent in the first quarter of this year.

The lira rallied 3 per cent to 6.18 against the dollar, having traded at 6.4176 beforehand.

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"For any property transaction it's the price at the moment of the deal that counts. Reorganizing the wealth fund is a must", he said.

Private banks also took some of Erdogan's heat.

It remains to be seen how the news will sit with Erdogan, however.

The $50 billion-worth wealth fund (TVF) was set up in 2016 by the government to develop and increase the value of Turkey's strategic assets and provide resources for investment.

The fund's other assets include the state's minority 49.12-percent shareholding in flag carrier Turkish Airlines, as well as state-owned enterprises such as the PTT Turkish post office.

Such funds can be used for large projects, maintaining pensions and national welfare programmes, or in times of crisis.

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