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Turkey’s central bank is boosting its reserves with ‘off balance sheet’ short-term swaps — and investors are aghast
Turkey's central bank has admitted that much of its currency reserves are held in short-term swap contracts.
The lira tumbled 4% on Friday. At a rally on Sunday, President Erdogan warned the financial industry: "I will make you pay a very heavy price."
The owner of the steakhouse with a famous chef is struggling with debt. It's a problem for Turkish firms with dollar-denominated loans after the lira's collapse.
Turkey’s currency jumps after Washington and Ankara reportedly reach deal to release detained American pastor
The Turkish lira jumped Thursday after reports said its government could release a detained American within days, a step toward resolving tensions between Washington and Ankara that have helped roil the currency in recent months.
Turkey's currency slipped Wednesday after data showed inflation rising for a sixth straight month to its highest level in 15 years as a deepening crisis in the country pressures prices.
Turkey may need more than just rate hikes to shore up capital. Specifically, it needs about $75 billion, according to Macquarie strategists Thierry Wizman and Gareth Berry, or about 1.5 times what the International Monetary Fund agreed to loan Argentina in the largest bailout deal in its history.
Turkey's currency rallied Monday amid reports Turkey could release an American whose controversial imprisonment has been at the center of an ongoing feud between Ankara and Washington.
Turkey's central bank raised its interest rate to 24% from 17.75% on Thursday, beating market forecasts. Earlier in the day, Turkish President Erdogan stoked fears that the central bank's independence could be under threat by calling for low interest rates.
The Turkish lira dives after Erdogan calls for lower interest rates — stoking fears about central bank independence
Turkish President Recep Erdogan on Thursday called interest rates a "tool of exploitation" and called for low interest rates. The Turkish central bank is due to make its latest interest decision public later today.
Turkey's currency fell sharply Monday as the country resumed trading after a weeklong holiday.