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Finance

Turkish bank regulator limits lira loans for firms holding foreign exchange

Turkish companies could be forced to start selling their foreign currency holdings after a new directive was issued that bankers and analysts described as a fresh step down the path towards capital controls. The Turkish banking regulator announced on Friday night that banks would be banned from extending new local-currency loans to groups with significant […]

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Finance

Lira slide accelerates as Erdoğan vows to continue slashing rates

Turkey’s lira continued its slide towards a record low after President Recep Tayyip Erdoğan vowed once again to cut interest rates despite spiralling inflation. The currency fell to 16.75 against the dollar on Tuesday after Erdoğan, a life-long opponent of high borrowing costs, launched an impassioned tirade against them. The Turkish president said that the […]

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Finance

FirstFT: Turkey dials up pressure on banks as lira slides

Good morning. This article is an on-site version of our FirstFT newsletter. Sign up to our Asia, Europe/Africa or Americas edition to get it sent straight to your inbox every weekday morning Turkish authorities have raised pressure on the country’s banks to limit corporate clients’ purchases of foreign currency in an effort to halt the lira’s slide. […]

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Finance

Turkey under pressure as Lira slumps on central bank decision to hold interest rates

The Central Bank of the Republic of Turkey has decided to hold interest rates at 14 percent, having maintained them at this level since the start of the year. In a statement the bank said geopolitical risks had further increased uncertainty as well as adding to the problems of inflation. The bank said: “Increase in […]

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Finance

Turkey Lira in freefall as Erdogan’s desperate bid to contain crisis backfires badly

The Lira has had a rough ride the past year with its value against the pound now nearly half what it was 12 months ago. Meanwhile inflation has soared with the country’s Finance Minister Nureddin Nebati predicting a peak of 40 percent this year. Today Turkey’s central bank revealed it would keep interest rates unchanged […]

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Canada

Turkey Lira COLLAPSE: Erdogan panics and tells Turks don’t put your money in banks

TURKEY’S Erdogan called private banks a “wheel of exploitation”, as the lira weakened significantly on Thursday. All copyrights for this article are reserved to Daily Express :: World Feed

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Business

Turkish lira soars after Erdogan takes action – but ‘big question mark’ remains

TURKEY’S lira has been rallying since Monday following a range of measures announced by President Erdogan to try to stabilise the currency. Read more here Daily Express :: City and Business Feed

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Weird

1 Euro is now worth 20 Turkish lira, diminishing its value by %50 in just 3 months. Turks in Turkey are facing poverty that hasnt been seen in over 50 years. Meanwhile the Turks living in Europe:

3498 points, 521 comments. Read more here 9GAG RSS feed

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Business

Turkish Lira enters freefall as President Erdogan vows ‘economic war’

THE TURKISH Lira has plummeted over 10 percent in less than 24 hours after the country’s president Tayyip Erdogan defended recent cuts to interest rates by the Turkish central bank. Read more here Daily Express :: City and Business Feed

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Business

Turkish Lira tumbles to new low as central bank cuts interest rates as inflation soars

THE Turkish central bank has announced a cut in interest rates sending the Lira plummeting even further following months of decline. Read more here Daily Express :: City and Business Feed