Turkish stock market halts trading as lira crashes

[Muhammed45]

Turkish stock market halts trading as lira crashes

The Turkish stock exchange suspended trading after the national currency fell below 17 lira per US dollar on Friday. The lira has lost more than half of its value against the US dollar since the beginning of 2021.

www.rt.com

The Turkish stock exchange suspended trading after the national currency fell below 17 lira per US dollar on Friday. The lira has lost more than half of its value against the US dollar since the beginning of 2021.
“As of 16.24 (Istanbul time) transactions have been temporarily halted on the market of all shares of our stock exchange,” the exchange said in a statement.

The country’s currency has collapsed amid pressure from President Recep Tayyip Erdogan on the central bank to lower borrowing costs to boost the growth of Turkey’s struggling economy.

On Thursday, the Turkish central bank announced it was cutting the key interest rate from 15% to 14%, despite inflation running at 21%.

Since September, central bank has cut the key interest rate by 400 basis points. Over the past two years, the regulator has intervened three times to keep the lira afloat by selling dollars.

The state monetary policy, along with significant lira depreciation, will further weigh on inflation – it is expected to skyrocket to 30% year-on-year in early 2022, according to S&P Global Ratings, which has downgraded its outlook on the nation’s sovereign credit rating to negative.

 

[Peaceful Civilian]

As turkey is moving away from secularism, turkey is falling. Only way to save turkey is to follow attaturk Kemal policies. Turkey need secular leader.

 

[QWECXZ]

As turkey is moving away from secularism, turkey is falling. Only way to save turkey is to follow attaturk Kemal policies. Turkey need secular leader.

Turkey needs better economic policies and a person that does not insist on his opinion or remove economists when they disagree with him.

 

[Imran Khan]

it seems old turkish lira days are returning

 

[Skull and Bones]

If they keep on selling dollar to keep lira afloat, very soon their foreign exchange will be depleted.

 

[Clutch]

As turkey is moving away from secularism, turkey is falling. Only way to save turkey is to follow attaturk Kemal policies. Turkey need secular leader.

Global Banksters will bankrupt you if you move away from the Dejaal Fiat Based US$ Currency system... Aka Neoliberalism and Satanism.

 

[CIA Mole]

As turkey is moving away from secularism, turkey is falling. Only way to save turkey is to follow attaturk Kemal policies. Turkey need secular leader.

how do u know this is not just a massive heist by the ruling elite

 

[Black Tornado]

I’m a noob here but can someone tell me that when lira lost half its value in 1 year then shouldn’t that make Turkey’s Nominal GDP half of what it was a yesr ago in current prices?

 

[Muhammed45]

Turkey's main source of income is its so called tourism.

Side effect of COVID-19

On other hand Turkey has to Depends on its own military in order to occupy parts of Syria, Iraq and Libya. They have no ideological base in those countries hence have to spend dollar to stay relevant.

 

[Indos]

currency trade in financial market is very liberal, it even has short selling position in which regard I am not agree to be applied in financial market.

Shorting a currency means that the trader believes that the currency will go down compared to another currency. Going long means that the trader thinks the currency will increase in value compared to another currency.

 

[SaadH]

As turkey is moving away from secularism, turkey is falling. Only way to save turkey is to follow attaturk Kemal policies. Turkey need secular leader.

On the contrary, Turkey's high growth rate which allowed it to reassert itself in the region and beyond coincided with it's moving away from secularism during Erdogan's rule...

 

[Titanium100]

On the contrary, Turkey's high growth rate which allowed it to reassert itself in the region and beyond coincided with it's moving away from secularism during Erdogan's rule...

It is just the after effect of Covid19 everyone is experiencing this but some people are making unnecessary noise Turkey's Lira will rebound besides currency devaluation is necessarily not a bad thing always.. Many laymen writing articles these days not knowing exactly what they are talking about besides Turkey secured it's intersts that had nothing to do with secularism or governing interests but Turkey was securing it's interests period

 

[AUz]

As turkey is moving away from secularism, turkey is falling. Only way to save turkey is to follow attaturk Kemal policies. Turkey need secular leader.

Pak jeets like you are embarrassing when they needlessly lick ataturk's asshole and worship him. Turkey was a backwater of Europe under secularism for decades before AKP reforms. Turkish currency was literally 100x worse than it is today and hyperinflation was the norm.Turkish economy was industrialized and transformed post 2003 when AKP initially took over. Critique Erdogan's policies for past few years but do so with brain, not farts.

Here, a small sample for you (this is what matters in any economy: Productivity)

It is just the after effect of Covid19 everyone is experiencing this but some people are making unnecessary noise Turkey's Lira will rebound besides currency devaluation is necessarily not a bad thing always.. Many laymen writing articles these days not knowing exactly what they are talking about besides Turkey secured it's intersts that had nothing to do with secularism or governing interests but Turkey was securing it's interests period

Erdogan is trying to make Turkey a true manufacturing & industrial powerhouse by keeping low-interest rates, encouraging increased production, opening new factories, incentivizing investments in different sectors etc. However, such policies are probably gonna cost him his tenure. Inflation is running amuck and such projects of trying to transform your national economy into an advanced hub of manufacturing and industry often fail, if done in haste.

Economics is a game of patience and good planning, not just noble intentions. Breaking conventional wisdom of economics to catapult your country hardly ever works.

 

[Foinikas]

View attachment 801655[/QUOTE]

If they keep on selling dollar to keep lira afloat, very soon their foreign exchange will be depleted.

Supposedly it's almost depleted...

Turkey was a backwater of Europe under secularism for decades before AKP reforms.

Kemalism and secular Turkey have nothing to do with this. Turkey wasn't the "backwater" of Europe,it wasn't a tragic country to live in and it wasn't underdeveloped. All countries in the area were like that back in the '80s and '90s. Don't compare Turkey with Western or Central Europe. Erdogan and AKP's policies were good for Turkey's economy and the Turkish people at first,but the last 10-12 years,they were a disaster. Because it wasn't enough for them to make Turkey prosperous and the citizens happy,Erdogan wanted to make it a superpower. He wanted bases in other countries,he wanted influence and "colonies". He wanted to see Turkey as the leader of the Turkic countries and protector of muslims.

It kind of reminds me of Hitler's Germany. The whole modernization,strong economy,then desire to make the country self-sufficient,then trying to expand and grab lands and resources from others and in the end collapse of relations with the rest of the world and destruction.

You blame secular Pakistanis of being Ataturk fans,yet you think Erdogan's Muslim Brotherhood islamism is the solution for Turkey?
That's one of the reasons Turkey has so many enemies right now.

The Turkish currency was in a worse shape back in the early 2000s,but I don't remember people starving,complaining about the prices and the salaries and forming queues for cheap bread. And when all that is happening,the government insists on buying aircraft carriers,more drilling ships,more submarines,more S-400s and dreaming of building TFX and more frigates and Altay and a new Pentagon etc.

 

[AUz]

View attachment 801655


Kemalism and secular Turkey have nothing to do with this. Turkey wasn't the "backwater" of Europe,it wasn't a tragic country to live in and it wasn't underdeveloped. All countries in the area were like that back in the '80s and '90s. Don't compare Turkey with Western or Central Europe. Erdogan and AKP's policies were good for Turkey's economy and the Turkish people at first,but the last 10-12 years,they were a disaster. Because it wasn't enough for them to make Turkey prosperous and the citizens happy,Erdogan wanted to make it a superpower. He wanted bases in other countries,he wanted influence and "colonies". He wanted to see Turkey as the leader of the Turkic countries and protector of muslims.

It kind of reminds me of Hitler's Germany. The whole modernization,strong economy,then desire to make the country self-sufficient,then trying to expand and grab lands and resources from others and in the end collapse of relations with the rest of the world and destruction.

You blame secular Pakistanis of being Ataturk fans,yet you think Erdogan's Muslim Brotherhood islamism is the solution for Turkey?
That's one of the reasons Turkey has so many enemies right now.

The Turkish currency was in a worse shape back in the early 2000s,but I don't remember people starving,complaining about the prices and the salaries and forming queues for cheap bread. And when all that is happening,the government insists on buying aircraft carriers,more drilling ships,more submarines,more S-400s and dreaming of building TFX and more frigates and Altay and a new Pentagon etc.

I was responding to that dummy lol. I know that secularism or Islamic convervatism does not necessarily have to do much with economy. Its your economic policies and effective implementation of them that decide your economic outlook. Conservative or liberal, does not matter as much.