President Erdoğan explained why he has appointed his son-in-law Berat Albayrak as the Minister of Finance and Treasury by saying, “He worked in private sector and took a course on the subject.” However, the US dollar has continued to increase in value against the Turkish Lira.
Turkey’s embattled lira slumped almost five percent to new record lows in value against the United States dollar on July 11, hit by worries about economic management and monetary policy under Recep Tayyip Erdoğan’s stronger executive presidency.
The New York Times – Peter S. Goodman – Jul 10, 2:00 AM
YENIKOY, Turkey — Looming like a fortress over the Black Sea, Istanbul’s new airport has been engineered to provoke awe, underscoring Turkey’s desire to reclaim its imperial glory. The project is expected to cost nearly $12 billion and carve
Turkey’s ‘Crazy’ Megaproject, Could Be Crazy Good For Real Estate
It’s business as usual on a June day in a small village by the Sazlidere river outside Istanbul: women carry vegetables home from the local market and .
Turkey’s sovereign rating can ride out the current market turbulence if authorities there move to address the economy’s main weaknesses after upcoming presidential and parliamentary elections, Fitch said on June 11, as reported by Reuters.
Moody’s takes rating actions on 19 Turkish financial institutions
Moody’s late on June 7 downgraded and placed on review for further downgrade the ratings of 17 banks in Turkey, while also placing on review for downgrade the ratings of two finance companies.
Despite stern objections from environmentalists, property developers continue to build villas on the wooded hills overlooking Lake Sakarya in the northwestern province of Sakarya, but Arab investors recently stopped flocking to the region as the “Turkish paradise” turns into concrete.
International credit rating agency Fitch has placed 25 banks in Turkey on rating watch negative while Moody’s has placed Turkey’s credit rating on review for downgrade.
Moody’s has slashed its forecasts for Turkey’s economic growth, citing deepening market pressure and growing risks.
International credit rating agency Moody’s has lowered Turkey’s growth forecast for 2018 from 4 percent to 2.5 percent on the grounds of high inflation rates, increasing oil prices and loss of value in the Turkish Lira.
Turkey’s President Recep Tayyip Erdoğan on May 27 responded to opposition groups’ criticisms over the Turkish Lira’s weakness against the steep fluctuation of foreign exchange rates last week.
Erdoğan calls on citizens to convert their dollars, euros to Turkish Lira
Turkish President Recep Tayyip Erdoğan called on Turkey’s citizens on May 26 to convert their dollar and euro savings into lira, as he sought to bolster the ailing currency which has lost some 20 percent of its value against the U.S. currency this year.
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