Turkey’s Year of Drama Hands Investors These 2021 Priorities
Bloomberg 12/17/2020 Tugce Ozsoy and Inci Ozbek
(Bloomberg) It has been a tumultuous year in virus-ravaged global markets, but investors in Turkey have had more drama to cope with than most.
The lira’s plunge was the steepest in emerging markets after the Argentine peso and regulators caused investor unease with market interventions, including curbs on short selling, that helped to spur record outflows. Geopolitical risks were plentiful too, through Turkey’s stance on eastern Mediterranean energy exploration, and on the conflicts in Syria, Libya and between Armenia and Azerbaijan, and its purchase of a Russian air defense system.
Burnt lira traders hope 2021 will be different thestar.com.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestar.com.my Daily Mail and Mail on Sunday newspapers.
Lira Traders, Burnt Eight Times, Hope 2021 Will Be Different
Bloomberg 12/16/2020 Tugce Ozsoy and Inci Ozbek
(Bloomberg) Lira traders chastened by the currency’s almost 25% collapse this year are daring to believe 2021 will be different after President Recep Tayyip Erdogan’s surprise flip to more orthodox policies.
The nation’s latest currency crisis culminated in Erdogan’s decision to fire the central bank governor, the resignation of the president’s son-in-law as economy czar, and a hefty rate hike. The lira climbed on Wednesday after the new governor Naci Agbal said he’d tighten policy, helping pare the currency’s eighth straight year of losses. Still, investors want more evidence the switch in direction is more than just a temporary maneuver.
Lira Traders, Burnt Eight Times, Hope 2021 Will Be Different
Bloomberg 12/16/2020 Tugce Ozsoy and Inci Ozbek
(Bloomberg) Lira traders chastened by the currency’s almost 25% collapse this year are daring to believe 2021 will be different after President Recep Tayyip Erdogan’s surprise flip to more orthodox policies.
The nation’s latest currency crisis culminated in Erdogan’s decision to fire the central bank governor, the resignation of the president’s son-in-law as economy czar, and a hefty rate hike. The lira climbed on Wednesday after the new governor Naci Agbal said he’d tighten policy, helping pare the currency’s eighth straight year of losses. Still, investors want more evidence the switch in direction is more than just a temporary maneuver.