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Erdogan defends pursuit of lower interest rates as lira sinks

Erdogan defends pursuit of lower interest rates as lira sinks

BY BLOOMBERG President Recep Tayyip Erdogan defended his pursuit of lower interest rates to boost economic growth and job creation, pushing the lira to a new record low against the dollar. Turkey has abandoned old policies based on high borrowing costs and a strong currency in the name of slowing inflation, and instead shifted to...

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Turkish banks could face further curbs on consumer lending: S&P

Turkish banks could face further curbs on consumer lending: S&P

Turkey’s banking regulator could further restrict consumer borrowing as it tries to control high levels of inflation, potentially squeezing margins at the country’s privately owned banks, S&P Global said in a report. Lower limits on credit cards and personal loans are possibilities, as are increased risk-weighted asset requirements for general purpose loans and auto loans,...

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TRY Rout Imperils One of the Best Bets in Emerging Markets

TRY Rout Imperils One of the Best Bets in Emerging Markets

BY BLOOMBERG The TRY’s slump this month threatens to derail a rally in Turkish corporate bonds that’s handed investors some of the richest returns in emerging markets. The debt, offering returns of 4.4% in 2021, was the second-worst performer in developing nations after President Recep Tayyip Erdogan sacked three central bankers last week. As TRY tumbled, the...

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Leasing and Factoring Sectors Weather TRY Volatility: Fitch

Leasing and Factoring Sectors Weather TRY Volatility: Fitch

The Turkish leasing and factoring sectors have weathered the risks of currency volatility and have reported resilient profitability, Fitch Ratings says. The two sectors are dominated by bank-owned entities with the largest five leasing companies accounting for 62% of sector assets at end-2020, while the factoring sector is more fragmented with the five largest bank-owned...