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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

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    Türkiye stops converting foreign currency deposits into protected deposits

    Rocky
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    • Post n°1

    Türkiye stops converting foreign currency deposits into protected deposits Empty Türkiye stops converting foreign currency deposits into protected deposits

    Post by Rocky Sun 20 Aug 2023, 4:22 am

    Türkiye stops converting foreign currency deposits into protected deposits

    Türkiye stops converting foreign currency deposits into protected deposits 16273



    Arab and international
       


    Economy News-Baghdad
    The Turkish Central Bank said on Sunday that it had stopped targeting the conversion of foreign currency deposits into lira deposits that enjoy protection from exchange rate fluctuations, adding that this aims to enhance financial stability.
    "As part of the simplification process, it was decided to terminate the procedure that provides for the target of converting foreign currency deposits into (local currency) deposits that are protected from exchange rate fluctuations," the bank said in a statement.
    The statement added that the new procedure aims to increase deposits in Turkish lira while reducing deposits that enjoy protection from exchange rate fluctuations.
    The lira has lost about 30 percent of its value so far this year, with a drop of more than 20 percent in June alone, after Erdogan signaled a shift toward more orthodox economic policies, including interest rate hikes.
    Since then, the central bank raised the interest rate by 900 basis points to 17.5 percent in its two meetings, led by the bank's new president, Hafiza Ghaya Arkan, but the pace of monetary tightening remained less than market expectations.
    Meanwhile, inflation in Turkey jumped by 9.49 percent, the highest monthly pace in more than a year, last July, due to various tax increases and the sharp depreciation of the lira.
    The Turkish Statistical Institute said annual consumer price inflation rose to 47.83 percent, after declining for eight months to 38.21 in June, amid factors including the lira's relative stability until Erdogan's re-election.
    The increase in inflation was expected after Ankara raised several taxes, including value-added tax, corporate tax and special consumption tax on fuel.
    Last month ,  the Turkish Central Bank raised interest rates from 15 percent to 17.5 percent, in an attempt to curb the pace of accelerating inflation, stressing that it would gradually continue to tighten monetary policy, if necessary, until a significant improvement in inflation expectations.


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    Added 08/20/2023 - 12:02 PM
    https://economy-news.net/content.php?id=35746
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