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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Will you move to Iraq?.. A great demand for gold in Istanbul due to the high dollar

    Rocky
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    Will you move to Iraq?.. A great demand for gold in Istanbul due to the high dollar Empty Will you move to Iraq?.. A great demand for gold in Istanbul due to the high dollar

    Post by Rocky Mon 07 Aug 2023, 7:19 am

    Will you move to Iraq?.. A great demand for gold in Istanbul due to the high dollar
    • Time: 08/07/2023 09:04:36
       
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    {Economic: Al Furat News} A report by the Wall Street Journal journalist, Jared Malson, revealed that many Turkish merchants tended to pump money into foreign currencies, gold and cryptocurrencies, due to the deterioration in the value of the local currency, the lira, which lost more than 80 percent of its value. in the last five years.
    There is an "air of panic," says Malsen, quoting traders in Istanbul's Grand Bazaar. "People think the dollar will go up, so there is higher demand at the moment."
    The exchange rate of the dollar in Türkiye today, Monday, is 27 lira.
    The Wall Street Journal quoted gold traders in Istanbul as saying that there was a significant increase in demand for the purchase of the precious metal.
    Buyers use gold as a "financial instrument," according to traders Malasen spoke to.
    Turkey's economic turmoil has put pressure on the merchants in the bazaar, who have played a central role in the economy since the construction of the vast covered market during the days of the Ottoman Empire more than five centuries ago.
    Gold traders worry that the profits from the high demand for the metal do not offset the negative impact of the turmoil in the Turkish economy.
    Turks and other traders must contend with a complex web of rules imposed by the government in recent years to scare off foreign currency and prevent the country from sliding toward bankruptcy.
    These include a rule that forces companies to convert 40% of their foreign currency earnings into lira, according to the report.
    According to many economists, the collapse of the lira is the result of an era of economic mismanagement on the part of Turkish President Recep Tayyip Erdogan.
    Erdogan has in recent years pressured the central bank to lower interest rates despite the country's high inflation rate - the exact opposite of what central banks usually do.
    Erdogan has tried to adjust course since winning a close election in May, in which his opponents attacked him over the purchasing power of Turks, and many cut back on meat, fish and even vegetables, according to a Wall Street Journal journalist.
    And Malisen quotes analysts that the newly appointed central bank governor, Hafiz Gay Erkan, and Finance Minister Mehmet Simsek raised interest rates, but very slowly to control inflation.
    The Turkish lira continued to decline after the central bank meeting in July, at which officials decided to raise interest rates by only 2.5 percentage points, a move that slowed the pace of interest rate increases and put the lira under further pressure.
    The decision disappointed some economists and investors who had hoped Simsek and Erkan would be more decisive about tackling inflation, according to the report.
    It is noteworthy that Iraq has been witnessing, for more than two weeks, a rise in the exchange rate of the dollar, as it currently exceeds 1,500 dinars. Will gold be a safe haven for citizens in the face of fluctuations in the price of foreign currency? 
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