Turkey’s central bank, banks discuss rates after lira tumble | Business and Economy News

Central Bank Governor Sahap Kavcioglu said after his meeting with top banks and BDDK bankers that banks and all their partners are ‘very close’.

A central bank spokesman in Turkey said he discussed the recent decline in interest rates with banks at a meeting on Thursday after a slide in the lira to record lower prices, and added that banks were able to overcome market volatility.

The Turkish lira became soft on Thursday after a long decline this week, led by President Tayyip Erdogan in defending interest rates, despite strong opposition to his policy.

Governor Sahap Kavcioglu said after a meeting with the top banks and regulators of BDDK banks in the country that he reviewed the economic performance, and said the banks are very strong.

“We informed them of everything, whether it was to reduce interest rates and so on,” Kavcioglu told reporters after the meeting. “The divisions, the central bank and BDDK are closely related and strongly connected.”

The lira was not exchanged after the meeting, selling 0.5 per cent firmer at $ 12.025 for a dollar. Before returning in the last two days, it fell by 13.45 Tuesday, down 45 percent this year, which affected the 11-point decline in a row.

Global events and domestic, market and banking events were discussed at a conference Thursday, the Association of Turkey Banks said in a statement, describing the conference as “very rewarding”.

One of the market participants said BDDK told the conference that it would consider options such as the amount of national currency.

BDDK was not immediately available for comment.

Separately, officials told Reuters Erdogan that he had ignored complaints, even within his own government, to change his mind.

Inflation on ‘volatile course’

The central bank said earlier on Thursday the rise in inflation was following a volatile trend in the short term.

It commented during the minutes of the finance committee meeting last week, where it cut its prices by 100 bases to 15 percent. It has lowered the level by a total of 400 points since September.

“The central bank can accelerate the demise of the crisis by demonstrating a reduction in inflation and the willingness to use ups to protect the currency,” a statement from the Institute of International Finance said.

“This will help restore expectations of inflation, which is rising as a result of FX through devaluation, increasing the risk of a dollar increase. We still maintain our fair value as $ / TRY 9.50.”

Many Turks, already struggling with inflation by about 20 percent, inflation will rise. Opposition politicians have accused Erdogan of dragging the country into disaster.

Erdogan has defended the principles of the central bank and pledged victory in his “independent financial war”, forcing the central bank to move harder with a view to promoting exports, money and jobs.

But many economists have also said the reduction in prices is careless and opposition politicians want faster elections, Turks told Reuters.

Original Article reposted fromSource link

Disclaimer: The website autopost contents from credible news sources and we are not the original creators. If we Have added some content that belongs to you or your organization by mistake, We are sorry for that. We apologize for that and assure you that this won’t be repeated in future. If you are the rightful owner of the content used in our Website, please mail us with your Name, Organization Name, Contact Details, Copyright infringing URL and Copyright Proof (URL or Legal Document) aT spacksdigital @ gmail.com

I assure you that, I will remove the infringing content Within 48 Hours.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.


Austrian Chancellor Schallenberg says he will step down | Politics News

The Chancellor has announced his resignation less than two months after taking office, Sebastian Kurz, who was in critical condition. Austrian Chancellor Alexander Schallenberg has resigned in the journey that came less than two months after taking office. In a statement released Thursday, Schallenberg said he would remain in office until his Austrian People’s Party […]

Read More

US, EU, UK and Canada announce new sanctions on Belarus | Refugees News

Punishment of Belarusian organizations and people comes within the context of a campaign to force President Alexander Lukashenko. The United States, the United Kingdom, the European Union and Canada suspended sanctions on Belarus, condemning the government of President Alexander Lukashenko for violating human rights and “preparing” them. unstable migration within the EU border. The two […]

Read More

US and Russia trade threats over Ukraine in heated meeting

The US and Russia have traded threats of “bad consequences” on both sides should escalate tensions on Ukraine’s border after several weeks in the West that Russia is building a military base. can spread to war. Antony Blinken, US secretary of state, met with his Russian counterpart Sergei Lavrov on Thursday for the first time […]

Read More