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President was already arranging another cut before country was struck by earthquake disaster.
Alas, prepare for a pre-election ‘Erdoganomic’ cycle.
Officials offer 2% “conversion support” to exporters who surrender more of their FX earnings.
And that, notes economist at Capital Economics Liam Peach, is despite the recent introduction of more extreme dedollarisation policies.
President Erdogan still tearing up the books on conventional economic policy in his dash for growth ahead of elections.
Discussions held with finance minister and central bank governor. President Erdogan, however, tells rally next day that under him rates will fall with “each passing day, each passing week, each month.”
Turkish expat who fled collapse of lira to London alarmed by Liz Truss’ self-inflicted blow to UK economy.
Erdogan administration again tinkers with economy creaking with key interest rate of 13%, official inflation at 80% and bank lending rates heading north.
Inflation at 80% and collapse of lira not enough to persuade palace administration to desist.
Turkish exports to Russian markets grew 46% y/y over May to July. Some Western capitals said to have requested information from Ankara on its relationship with the Kremlin.
August could bring another crash in the USD/TRY.
‘Erdoganomic’ net lira creation via loans is again beyond the pale, rising to a new all-time high.
Comments come after economist warned spread of a lack of confidence to Turkey's banking and financial system could trigger “major systemic crisis”.
The devil remains in the detail. Regime is not simply weak in the economics, it is also cold to the accounting.
Erdogan goes through contortions in attempt to stop currency depreciation without introducing a rate hike. There are now even worries his latest moves could spark a bank run.
Regulator says it’s moving against “unhealthy price formations”. It would do better to move against Erdogan’s unhealthy verbal formations if it wants to save the lira.
As Erdogan subjects nation to his mad economic experiments, there are the first signs of people taking to the streets and of the country’s export channels seizing up.
Tirade from Erdogan in which he declared “economic war of independence” appears to have accelerated sinking of the ship.
Lira drops 6%. "How events unfold from here is extremely uncertain," says analyst.