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Weekend Reads After Erdogan's threat: Turkish lira on sale

16:15  26 october  2020
16:15  26 october  2020 Source:   handelsblatt.com

Trudeau talks Nagorno-Karabakh war with Armenian, Turkish leaders, calls for dialogue

  Trudeau talks Nagorno-Karabakh war with Armenian, Turkish leaders, calls for dialogue Prime Minister Justin Trudeau said today he spoke with his Armenian counterpart Nikol Pashinyan this morning to express Canada's concerns about the war in Nagorno-Karabakh between Azerbaijani and Armenian forces that has raged on for weeks. Speaking at a press conference in Ottawa, Trudeau said he told Pashinyan that "Canada will continue to work extremely hard with our allies to put an end to the violence. "I encourage all sides to engage in dialogue to find a peaceful resolution to the conflict.

Erdogan appeals for calm as Turkish currency drops further. Such figures are not particularly unusual for an emerging market economy like Turkey , but President Recep Tayyip Erdogan ’ s slide into capricious authoritarianism has made investors doubt whether he can handle the crisis in a rational way.

Turkish Lira Falls After Erdogan Threatens to Close NATO Bases. With inflation accelerating, Turkey ’ s real yields may not provide much of a buffer if appetite for the nation’ s assets sours. The lira has already weakened more than any other emerging-market currency since Dec.

The decline in value of the Turkish currency continues unabated. On Monday, after threats from Turkish President Recep Tayyip Erdogan to France, the lira hit record lows in trading with the US dollar and the euro.

Ein junger Mann hält ein mit einem Schuhabdruck versehenes Foto von Emmanuel Macron, Präsident von Frankreich, in die Kamera. Recep Tayyip Erdogan, Präsident der Türkei, griff Macron ein zweites Mal verbal an und warf ihm Islamfeindlichkeit vor. © Emrah Gurel / AP / dpa A young man holds a photo of Emmanuel Macron, President of France, with a shoe print, into the camera. Recep Tayyip Erdogan, President of Turkey, verbally attacked Macron a second time and accused him of being hostile to Islam.

For the first time, more than eight lira had to be paid for one dollar. For nine weeks now, the Turkish currency has been falling against the dollar. This is the longest period of price losses since 1999. Experts warn of the consequences of the decline in value.

Election in Northern Cyprus. Surprise victory for the Ankara candidate against the outgoing leader

 Election in Northern Cyprus. Surprise victory for the Ankara candidate against the outgoing leader © AFP Supporters of Ersin Tatar in the street to celebrate with Turkish flags the victory of their favorite for the presidential election of North Cyprus The two presidential candidates were neck and neck but it is ultimately the nationalist Ersin Tatar who wins, announced the Electoral Council Sunday evening. The second round took place against the backdrop of tensions in the eastern Mediterranean between Greece and Turkey.

Erdoğan ' s government said it was adamant on pushing ahead with the purchase of the American fighter jets, and the Turkish president said he Turkey relies on short-term portfolio flows for a large percentage of its financing needs, and a further slide in the lira threatens to fuel inflation and hamper

Erdogan ' s threats came after Friday's latest data which showed Turkey 's current account deficit narrowed again to .75 billion in July, in line with expectations, and better than both the billion in June and billion in May. And while the Turkish Lira had maintained its bullish sentiment earlier in

At the beginning of the week, 8.08 lira had to be paid for one dollar and 9.55 lira for one euro, which was more than ever before. Recently, Turkey's relationship with key trading partners in the European Union (EU) has come to a head after Erdogan sharply attacked his French counterpart Emmanuel Macron. Erdogan had accused Macron of Islamophobia in the dispute over the Mohammed cartoons and described the French president as an illness that had to be investigated. In addition, Erdogan had brought a boycott of French goods into play.

After the rate of the Turkish currency was able to stabilize last Friday, the downward trend accelerated again. Since the beginning of the year, the lira has lost more than 40 percent of its value when trading the euro and 35 percent when trading the dollar.

The Turkish currency suffered the most recent major setback last week when the country's central bank failed to raise the key interest rate as widely expected. Despite a high inflation rate of just under twelve percent, the central bank left the key interest rate unchanged at 10.25 percent, thus giving up hope of a cycle of interest rate hikes in the fight against inflation. In the past, Erdogan had spoken out against rate hikes several times, thereby calling into question the independence of the central bank.

Caricatures. The United Arab Emirates supports Emmanuel Macron in the face of criticism .
© ASIF HASSAN / AFP Anti-French protests in some Muslim countries erupted after Emmanuel Macron’s comments on the cartoons of the Prophet Muhammad, as here in Pakistan. Criticized in Muslim countries for his statements on the right to caricature, Emmanuel Macron can count on the support of the United Arab Emirates. According to the Emirati Foreign Minister, the controversy is mainly the result of a political recovery by Recep Tayyip Erdogan.

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