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The gobble gobble Turkey thread?

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Reluctant to hike rates, Turkey's central bank struggles with lira slide


ISTANBUL/ANKARA For some of Turkish President Tayyip Erdogan's aides, the mere suggestion that the central bank should raise interest rates as the lira slides through new record lows amounts to a plot against the state.


Had a quick look but we don't appear to have a Turkey thread.  Another potential domino in the system?

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Turkish Central Bank Intervenes To Halt Record Plunge In Lira


While the Turkish central bank's hand are largely tied as per Erdogan's decree that no rates are to be hiked, moments ago the monetary authority, faced with another record plunge in the currency, had no choice but to intervene when it cut FX RRRs by 50 bps, citing "unhealthy" price formation and said it would take additional measures if needed.

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Turkish Lira Carnage Continues: "Prepare For The Messy Endgame"


The Lira - officially the world's most volatile currency - has lost 11% of its value since the start of 2017 (down 8 of the last 9 days against the USD). In fact, the lira headed for its biggest five-day loss since Lehman (Oct 2008) after a pledge by Turkey’s central bank to support the currency failed to convince investors.

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Turkey Faces Double-Digit Inflation Due To Crashing Lira, As Budget Deficit Hits Record


Here comes stagflation. Turkey's biggest headache, its crashing currency, will soon translate into another major problem. According to two senior economy officials, inflation could reach double digits in the first quarter for the first time in almost five years as a result of the lira's falls, even as the government's budget deficit just hit a record high.

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10 hours ago, The Masked Tulip said:

So, as the coup failed, are they trying to get rid of the erdogan, or whatever his name is, by crashing the Turkish economy?

Who are they, Erdogen seems to be managing this all by himself.

Turkey's economy was in a bad state before the coup but has now being made much worse by the still ongoing purges of literally 100,000s of real or imagined coup supporters.

This is affecting all area of the economy.  A friend who has a medical research business that did a lot business with Turkey is now finding it impossible to progress any new studies owing to the disruption caused by key staff in their Turkish partners being removed from posts, or just being under suspicion which means it is unwise to be seen working or socialising with them.

We were on holiday in Turkey on the night of the coup, the sense of elation on the night and depression the follow day when it became clear the coup had failed demonstrated just how fractured the country is and doesn't bode well for its future.    

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