Cyprus-Forum.com

[Kikapu]

Will this result in Istanbul NOT getting the Summer Olympics for 2020?

Istanbul already lost Formula 1 for next year due to costs reasons, and if F1 was too costly for Istanbul, the Olympics will be like an avalanche of costs in comparison to the F1.

Melbourne tops liveable city list, İstanbul 109th

http://www.todayszaman.com/news-255364- ... 109th.html

[Nikitas]

Reading the claims by VP that Turkey is booming while the rest of the world, including dynamos like China and South Korea see shrinking exports, make one ask: where the hell are the Turks selling their exports? They must be the only entity in history that has done well while all their clients are doing badly.

[Kikapu]

Reading the claims by VP that Turkey is booming while the rest of the world, including dynamos like China and South Korea see shrinking exports, make one ask: where the hell are the Turks selling their exports? They must be the only entity in history that has done well while all their clients are doing badly.

With such a booming Turkish economy at 11%, one wonders why there are any unemployed people in Turkey, which it officially stands at 9%. The USA has an economic growth of about 1% and their official unemployed is also at 9%. All things being equal, Turkey having 11% economic growth, they should have ZERO unemployed. In fact, the Europeans should be running to Turkey to get jobs, which Turkey does in fact claim that, Turks are returning back to Turkey for jobs due to her economic boom. Most probably, the Turks are coming back who are no longer employed in foreign countries rather than coming back to Turkey to seek their fortunes. Something just does not add up, and neither does Turkey's official unemployed numbers, but this article tries to explain the reasoning, according to this article.

By the way, Turkey has already released their August "impressive" Export results vs. numbers from the same month in 2010, but they have not yet released their Import results for August which would show the Foreign Trade Deficit as well as the country's Current Balance figures. Is the news really that bad for not releasing the Import figures thus far, but only releasing the rosier Export figures only?

TurkStat method cuts the unemployment rate

The Turkish Statistical Institute counts persons who have worked even one hour a week as ‘employed,’ citing international standards. If this figure were 15 hours, the unemployment rate would rise to 12.5 percent

http://www.hurriyetdailynews.com/n.php? ... 2011-09-01

[Kikapu]

So much for VP's belief that a weakened Turkish Lira was a masterful tactics by Turkey.

Dozens of companies hit by currency swings

The depreciation of the Turkish Lira has shown the vulnerability of domestic companies to currency risks. More than 120 companies being traded on the Istanbul bourse reported losses in the first half of the year

http://www.hurriyetdailynews.com/n.php? ... 2011-09-02

[boomerang]

Turkey Lira Falls to 2 1/2-Year Low; Heads for Weakest on RecordQBy Benjamin Harvey - Sep 20, 2011 12:00 AM GMT+1000 .

The lira fell 1.6 percent to 1.8058 per dollar at 4:24 p.m. in Istanbul, its weakest intraday level since March 10, 2009. A close at this would be the lowest since at least 1981, according to data compiled by Bloomberg.

European Union and International Monetary Fund officials speak today with Greek Finance Minister Evangelos Venizelos to judge whether his government is eligible for its next aid payment. Federal Reserve policy makers will gather in Washington tomorrow for a two-day meeting to discuss if more measures are needed to help revive the economic recovery.

“The general risk reduction in emerging markets is pushing the lira higher,” Onur Aydogan, head of fixed-income trading at ING Bank AS in Istanbul, said by phone.

The Turkish central bank’s monetary policy committee will meet tomorrow, when it’s expected to keep its benchmark rate at a record low of 5.75 percent, according to 12 of 14 economists surveyed by Bloomberg. Two forecast a rate cut.

“We expect unchanged rates, but another rate cut cannot be totally dismissed at all,” Luis Costa, an emerging-market strategist at Citigroup Inc in London, wrote in a note to clients.

The lira is the worst performer among emerging-market currencies, depreciating 15 percent against the dollar since December when the bank began a series of rate cuts as it forecast a downturn in global economic activity.

http://www.bloomberg.com/news/2011-09-19/turkey-lira-falls-to-2-1-2-year-low-heads-for-weakest-on-record.html

soon the turks and the tcs will be playing who wants to be millionaire...while the greeks wish they could join the fun aswell...

[Kikapu]

Thursday, September 22, 2011

ISTANBUL- Hürriyet Daily News

The Turkish Lira weakens to an all-time-low of 1.840 against the US dollar as the Istanbul Stock Exchange’s main ISE 100 index loses 4.68 percent in one day. The International Monetary Fund, meanwhile, criticizes the Turkish Central Bank for selling a high amount of dollars.

The Turkish Lira weakened to an all-time low of 1.8420 against the dollar Thursday in Istanbul.
The lira has been the world’s worst-performing major currency this year, losing 15 percent as Central Bank measures to boost exports and narrow the current-account deficit while stimulating growth took effect.

http://www.hurriyetdailynews.com/n.php? ... 2011-09-22

Technically, the Turkish Lira lost about 15% since just May 2011 against the US Dollar. (chart Sept.16th).

zzzzz.png

[Kikapu]

It doesn't look too good for the TL. It has been down against the US Dollar by 50% in the last 3 years alone.

Turkish Lira depreciates to record low against US dollar

Monday, September 26, 2011
ISTANBUL- Hürriyet Daily News

Turkish Lira depreciated against US dollar at a record low level on Monday, reflecting the negative sentiment prevailing in global markets due to European debt crisis


The Turkish currency loss value against US dollar on Monday, reaching an all time record low rate of 1.865. A weaker Turkish Lira decreases the consumers’ purchasing power and skyrockets the cost of imports to the country. DHA photo
The Turkish Lira depreciated and hit an all-time low against the dollar on Monday, marking a loss of 21 percent of its value since the beginning of the year.

The lira dropped at a record of 1.865 liras on Monday, and experts said this was due to increasing concerns about the European sovereign debt crisis.

http://www.hurriyetdailynews.com/n.php? ... 2011-09-26

[Get Real!]

Turkish Lira depreciates to record low against US dollar

Why would that worry Erdogan? All he has to do in 10 years time is remove another six zeroes and presto … a powerful new currency!

[Kikapu]

Well, looks like Turkish exports did not benefit at all in August (as predicted) from devalued Turkish Lira, which was the hopes of VP and Erdogan. In fact, Exports went down from the previous month.

My dog definitely knows more about economics than these two!


Turkey Balance of Trade
Turkey reported a trade deficit equivalent to 8230 Million USD in August of 2011. Turkey major exports are: textiles and clothing, automotive, iron and steel, white goods and chemicals, pharmaceuticals and ships. Turkey imports mainly machinery, chemicals, semi-finished goods, fuels and transport equipment. Its main trading partners are: European Union (57% exports, 40% imports), Russia and The United States. This page includes: Turkey Balance of Trade chart, historical data and news.

Actual
-8230.00

Previous
-9014.00



Turkey Exports
Turkey exports were worth 11268 Million USD in August of 2011. Turkey major exports are: textiles and clothing, automotive, iron and steel, white goods and chemicals and pharmaceuticals. Turkey is also one of the leading shipbuilding nations. Turkey's main export partners are European Union, United States and Russia. This page includes: Turkey Exports chart, historical data and news.

Actual
11268.00

Previous
11875.00



Turkey Imports
Turkey imports were worth 19498 Million USD in August of 2011. Turkey imports mainly machinery, chemicals, semi-finished goods, fuels and transport equipment. Its principal trading partners are European Union countries (Germany, United Kingdom, Italy, France), Russia, China and United States. This page includes: Turkey Imports chart, historical data and news.

Actual
19498.00

Previous
20889.00

http://www.tradingeconomics.com/turkey/indicators

[boomerang]

Dollar sets new record, Turkish firms caught off guard

Tuesday, October 4, 2011

ISTANBUL - Hürriyet Daily News
As hot money exits from emerging market currencies, the worrying rise of the dollar against the Turkish Lira continues. The greenback surpassed 1.90 lira for the first time on Tuesday. The surge has caught Turkish corporations off guard, as they carry a huge foreign currency debt load



Many traders at Istanbul’s ‘bourse on foot’ carry three mobile phones to make nearly 100 phone calls every day, traders there say. AA photo

Daily dollar sale auctions by the Turkish Central Bank have apparently failed to limit the rise of the greenback, which broke a new record of 1.90 Turkish Liras on Tuesday. The appreciation of the U.S. dollar and the euro against the lira comes amid market turmoil over the eurozone crisis, resulting in a massive exit of foreign capital from emerging market assets.

The U.S. dollar was trading just below 1.90 lira on Tuesday, while the euro, which has been depreciating against the dollar itself, was above 2.51 liras. The rise of the greenback remained unfazed by the Central Bank selling $140 million at an average price of 1.8958 liras. The Central Bank, which received a high demand of $375 million, has sold more than $3 billion since the start of August but has failed to limit the depreciation of the Turkish currency.

The lira’s demise not only raises the threat of inflation, but also sounds alarm bells for Turkish companies that are indebted in dollars or euros.

According to data for the first quarter of the year, the net foreign currency deficit of Turkish companies is near $111.8 billion, rising 35.4 percent compared to last year. The short-term net foreign currency deficit of corporations stood at $9.16 billion, increasing by a massive 188 percent.

The deficit was under $20.5 billion in 2003 and has increased every year since. The biggest annual jump, however, has been seen in the past few years.

Massive depreciation

Though a relief for exporters, the appreciation of the dollar and the euro is a direct threat to corporations that are indebted in foreign currencies. Since the start of 2011, the lira has depreciated by 23.6 percent against the dollar – the greenback was trading at 1.536 in January. The Turkish currency shed 21.6 percent of its value against the euro in the same period.

As of March, foreign currency liabilities of Turkish corporations have increased to $194.7 billion, rising 23.1 percent compared to last year.

The data show that since 2003, the foreign currency risk of corporations has surged by $91.3 billion, or 446 percent.

“We [recently saw] an annual current account deficit of $75 billion in a $732 billion economy – 10 percent of gross domestic product is the current account deficit,” economist Selim Somçağ said.

According to Somçağ, the lira’s depreciation will continue until the gap is closed, and Turkey is bound to “pay a heavy price.”

“Global liquidity, which mostly consists of dollars, will decrease,” Somçağ said. “Currently, we see a shift in this liquidity, which goes back to its homeland. That’s why the dollar is surging.”

“Turkey spent the income it did not have,” Somçağ said. “[Now], we will have to save and decrease our life standards.”

http://www.hurriyetdailynews.com/n.php?n=dollar-sets-new-record-turkish-firms-caught-off-guard-2011-10-04

the tcs are gonna pay a hefty price over this...