Saturday, 17 November, 2018

Turkey raises interest rates to 24% in new bid to boost lira

Erdogan appoints himself chairman of Turkey's sovereign wealth fund Erdogan appoints himself chairman of Turkey’s sovereign wealth fund
Laurie Berry | 16 September, 2018, 00:36

It fell 3 percent after Erdogan called for rate cuts and then surged to be up 3 percent on the day when those calls were ignored.

MSCI's broad emerging market stock index .MSCIEF leapt 1.36 percent. Wall Street was set to open higher on Friday, futures indicated.

Chinese shares fell, despite a short-lived bump from data that showed forecast-topping industrial output and retail sales data for August.

China's benchmark Shanghai Composite index was down 0.2 percent and the blue-chip CSI300 index rose 0.2 percent.

The wealth fund has stakes in top companies, including Turkish Airlines; telecom companies Turk Sat and Turk Telecom; state lenders Ziraat Bank and Halk Bank; the national postal service; the Istanbul stock market; petroleum, mining, railways, ports, tea and sugar conglomerates; and the national lottery. But President Donald Trump tempered market expectations, tweeting on Thursday that Washington was "under no pressure to make a deal with China". That move would escalate the trade war between the two countries and could significantly slow global growth. The rand was trading 0.7% lower at 14.87 to the greenback at 14:54. He said the sector had US$15 billion in debt and that 70 per cent of all shopping mall rent contracts were priced in foreign currency.

Facing a deep slide in the lira and a steep run higher in inflation, the central bank felt compelled to lift rates to restore investor confidence-a risky gambit that boosted the lira but could further damage the economy.

The Monetary Policy Committee, led by Governor Murat Cetinkaya, raised the one-week repo auction rate to 24 percent from 17.75 percent.

Hurricane Helene could bring severe weather to the United Kingdom next week
Even if the system doesn't develop into a cyclone, it's expected to increase chances of rain in the area for Friday and Saturday. According to the latest Hurricane Florence satellite images, the massive storm is now heading towards North and SC and Virginia.

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

The development comes after reports last month that the lira had tumbled, dropping to a record low amid a diplomatic and trade row with Washington.

"Central Bank has announced the inflation rates for the last 16 years, but the rates have never materialized as they have declared".

The lira has lost around 40 percent of its value this year amid growing global concern over the health of the Turkish economy and a damaging diplomatic dispute with the US.

European Central Bank President Mario Draghi said the strength of the European economy continues to support confidence but added that inflation is likely to hover at current levels. The lira has fallen some Forty percent in fee towards the dollar since the year's starting up, prompting fears of contagion amid a grand wider rising markets shakeup. But inflation continues to rise, reaching almost 18 percent in August.

The dollar eased 0.1 percent against the yen to 111.82.

USA crude dropped 1.02 percent to $69.65 per barrel and Brent was last at $79.19, down 0.69 percent on the day.

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