USD/TRY which has exceeded the 15.00 limit for the first time after 4 ½ months, continues to increase with the impact of the globally strengthened USD index. The TRY devaluation is expected to continue in the national economy, which is open to external shocks thanks to its high foreign exchange (FX) need, low reserves and...
Tag: FX-protected TRY deposit account
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We are determined to reduce inflation: Nebati
Treasury and Finance Minister Nureddin Nebati stated following the Consultation and Evaluation meeting held with the Bursa Chamber of Commerce and Industry that the government is determined to reduce inflation permanently and maintain price stability. Nebati also said they expect a permanent decrease in inflation at the end of the year. He also added that...
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What does an interest rate of 8.6% mean?
BY ISMET OZKUL The interest rate for the latest bond issuance by the Treasury to the international markets was 8.625%. This rate quadruples the interest rate in the U.S. market. We’ll pay USD 947m for a USD 2bn borrowing with a maturity of 5.5 years. While we insist on a low-interest policy in Turkey, we...
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The cost of the war will be seen in March: OPINION
BY ALAATTIN AKTAS It would be optimistic to think that the troubles that will be caused Russia-Ukraine in the Turkish economy will be limited to just a few weeks. TOURISM GOES OFF THE RAILS Last year, 4.7 million tourists from Russia and 2.1 million from Ukraine came to Turkey. The share of Russian tourists in...
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Should FX-protected TRY deposit accounts draw interest?
BY TALIP AKTAS How will the Treasury meet the cost if the Foreign Exchange (FX)-protected TRY deposit accounts draw interest within the next three months. The total deposit accounts hovered around TRY 5.19tr on January 1, according to the Central Bank. TRY 4.9tr is held by real and legal persons residing in Turkey. 60% of...