Cyprus-Forum.com

[Maximus]

It was you that said that.

Listen to yourself bordokefale and listen to yourself good.

As to Erdogan winning for 20 years. Welcome to democracy, either you believe in it or you do not. Blame those who voted for him.

[erolz66]

Looks like the Turkish central bank tried to stop the plunge of the TL today by intervening in the markets and buying TL with USD (that it does not have !). This will not work and can not work. More madness on top of madness.

https://www.ft.com/content/b4d5f2e2-f19 ... d91bbbea31

(link above may be pay walled so here it is copy pasted)

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Turkey intervenes in currency markets in attempt to stem lira plunge
Strong rally follows central bank’s vow to halt ‘unhealthy price developments’

The lira tumbled to a record low of TL13.87 against the US dollar earlier on Wednesday, a decline of 46% compared with where it started 2021, before the announcement sparked a strong rally © REUTERS

Laura Pitel in Ankara AN HOUR AGO

Turkey has announced a return to a contentious policy of intervening in the currency markets in an attempt to steady the tumbling lira, despite a previous commitment not to do so and limited foreign exchange reserves.

The country’s central bank said in a press release that “unhealthy price developments” had prompted the decision to sell hard currency such as US dollars in an effort to support the lira.

Its move comes after the lira tumbled to a record low of TL13.87 against the US dollar earlier on Wednesday, a decline of 46 per cent compared with where it started 2021. The announcement sparked a strong rally, with the currency strengthening to around TL12.5 in London dealings — later trimming some of its gains to sit at TL13.2 to the dollar.

Turkey’s intervention marks the resumption of a highly controversial policy that saw the country burn through tens of billions of dollars of its foreign currency reserves in 2019 and 2020 in an ill-fated attempt to prevent the lira from losing value as the central bank slashed interest rates.

The country’s net reserves excluding funds borrowed through so-called swap arrangements with local banks and other central banks are estimated at minus $46.8bn, according to Goldman Sachs. Gross reserves were $128.4bn in the week to November 19, the Wall Street bank said.

Central bank governor Sahap Kavcioglu said in October that the bank did not plan to return to currency interventions, which had drawn strident criticism from Turkish opposition parties as well as international investors.

But the lira has plunged through a succession of record lows as the bank has repeatedly cut interest rates despite inflation of almost 20 per cent. President Recep Tayyip Erdogan has signalled that more rate cuts will follow.

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[Kikapu]

Sounds to me like a quick profiting scam by those inside Turkey’s government.

[Maximus]

I bet George Soros is making even more and using some of the proceeds to fund Turkeys LGBTQx activists.

Are you listening Bordoxerodjefalo? you listen good.

[Maximus]

The first casualty of war is the truth,

The leader of the main opposition cant get the real data about the state of the economy from the national statistical agency,

He is not even allowed in to the building.

https://ahvalnews.com/kemal-kilicdarogl ... -institute

[Kikapu]

The first casualty of war is the truth,

The leader of the main opposition cant get the real data about the state of the economy from the national statistical agency,

He is not even allowed in to the building.

https://ahvalnews.com/kemal-kilicdarogl ... -institute

Always follow the money!

From your above link.

The inflation figures TÜİK announced on Friday morning, namely a monthly rate of 3.51 percent and an annual rate of 21.31 percent, “do not inspire trust”, Kılıçdaroğlu said. “At the markets, when you turn on the heat, when you put the lights on, is inflation really as they claim it is?”

Kılıçdaroğlu cited scholars Inflation Research Group (ENAG), who found Turkey’s monthly inflation for November to be 9.91 percent, and annual inflation rate as 58.65 percent.

TÜİK’s much lower figures would mean smaller pay rises for public servants, workers and pensioners, he added.

[Londonrake]

https://cyprus-mail.com/2021/12/08/cris ... -currency/

.

[Lordo]

My concern is that my family in Cyprus is affected by this and there is nothing they can do.

[repulsewarrior]

''...the situation in Turkey is not that bad.''

Turkey, by the numbers, is not debt driven, it seems.

[Lordo]

Thanks for this RW, how very interesting. So Erdogan is being punished by the likes of Koch and Sabanci and perhaps a few of his friends by dumping the TL.

And there was GobfullofshiteMaximoibolloui telin us that it was down to economic reasons and it was because Turkey could not service her debt.

Now shove the dummy in and back to sleep boy but this time shove it in the correct hole. Last time it was covered in shite.

I can feel a song coming on. Enjoy.