![]() Erdogan has pursued an unconventional policy of interest rate cuts in the face of soaring inflation, which has reached 20%. Erdogan has removed a series of top officials who have prevented him from cutting interest rates in the past. Erdogan fired the previous governor of the Turkish central bank, Naci Agbal, for raising interest rates in March. About 59% of retail bank deposits are now in foreign currencies, up from nearly 57% the week before.įoreign investors and ordinary Turks have been fleeing the lira since Mr. 19 rose by nearly $1 billion, according to data released by the Turkish central bank on Thursday. Foreign currencies held by households in Turkish banks last week through Nov. ![]() The Turkish lira’s rapid slide-13% in one day this month and about 38% since the beginning of the year-resulted in a wave of Turks exchanging their liras for dollars, euros and other currency.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |