- Analytics
- News and Tools
- Market News
- Turkish President Erdogan: There's no turning back from the new economic programme
Turkish President Erdogan: There's no turning back from the new economic programme
Turkish President Recep Erdogan said that there is no turning back from the new economy programme on Friday, according to Bloomberg. Interest rates will decline, he continued, and the Turkish people will not be crushed under high interest rates.
Market Reaction
USD/TRY has spiked higher in response to the latest remarks from the Turkish President. The pair lept from around 12.40 to above 12.60 at one point, though has since moderated back to the 12.40s again.
Analysts were hoping that, following the lira's recent sharp depreciation in response to the CBRT's recent run of rate cuts, the Turkish President might reduce his pressure on the central bank to embark on further rate cuts. Needless to say, the President seems to be doubling down on what many view as a calamitous policy of pressuring/bullying to CBRT into cutting interest rates.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
