Turkey News, discussions, India Turkey Relations

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NRao
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Re: Turkey News, discussions, India Turkey Relations

Post by NRao »

Quad, no Caliphate

Image
SSridhar
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Re: Turkey News, discussions, India Turkey Relations

Post by SSridhar »

FATF had put Turkey on notice two years ago. Although Turkey understood "the risks it faces from money laundering and terrorist financing" there were "serious shortcomings," FATF said. - ET
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Re: Turkey News, discussions, India Turkey Relations

Post by SSridhar »

NRao wrote:Quad, no Caliphate
Yes, they can form a QUAD as they have Jordan & Mali to keep them company in FATF, two other brotherly Islamic states !
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Re: Turkey News, discussions, India Turkey Relations

Post by rsingh »

NRao wrote:Quad, no Caliphate

Image
It is a fake acc.......isn't it.
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Re: Turkey News, discussions, India Turkey Relations

Post by saip »

The turkey in Turkey is declaring TEN Ambassadors as persona non grata. Immy the Dimmy should follow suit.
The move comes a few days after Turkey summoned the ambassadors of the U.S., Germany, France, Canada, Denmark, the Netherlands, Finland, New Zealand, Norway, and Sweden over their joint statement calling for Kavala's release on the fourth year of his detention.
CNN
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Re: Turkey News, discussions, India Turkey Relations

Post by anupmisra »

saip wrote:The turkey in Turkey is declaring TEN Ambassadors as persona non grata. Immy the Dimmy should follow suit.
Except for kanada. That's where the visas come from.
Aditya_V
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Re: Turkey News, discussions, India Turkey Relations

Post by Aditya_V »

Why are Turks in Western Europe quiet, they must protest along with all Pakis and make sure they show their true power.
g.sarkar
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Re: Turkey News, discussions, India Turkey Relations

Post by g.sarkar »

At least the Turks in Germany know their place in society. Also, they have other more urgent worries.
Gautam
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Re: Turkey News, discussions, India Turkey Relations

Post by g.sarkar »

https://thehill.com/policy/internationa ... 10-western
Erdoğan orders foreign minister to expel ambassadors from 10 Western countries
Caroline Vakil - 10/23/21

Turkish President Tayyip Erdoğan announced on Saturday that he has called on his foreign minister to banish 10 ambassadors from Western countries, including the United States, after they called for the “urgent release” of a Turkish philanthropist, Reuters reported.
"I gave the necessary order to our foreign minister and said what must be done: These 10 ambassadors must be declared persona non grata at once. You will sort it out immediately," Erdoğan said during a speech on Saturday, referring to a phrase that means that a person is unwelcome, according to the news outlet.
Earlier this week, ambassadors from the embassies of 10 countries called on a resolution for the case of Osman Kavala, who has been in prison for several years after facing charges both in 2013 and 2016 for allegedly financially backing the 2013 protests and for his supposed involvement in a 2016 attempted coup.
......
Gautam
PS: The list of 10 includes Canada. Mard-e-Momin does not care about Western Visas.
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Re: Turkey News, discussions, India Turkey Relations

Post by mody »

The wannabe Caliph has climbed down and cancelled the orders to expel the ambassadors from 10 western countries. The finance guys might have drilled some sense into Im the Dim's best buddy.
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Re: Turkey News, discussions, India Turkey Relations

Post by chetak »

mody wrote:The wannabe Caliph has climbed down and cancelled the orders to expel the ambassadors from 10 western countries. The finance guys might have drilled some sense into Im the Dim's best buddy.
just for being painted grey............

some bleddy caliph, no b@II$ and no br@In$

Now it seems that the entire country is under bad nazar
g.sarkar
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Re: Turkey News, discussions, India Turkey Relations

Post by g.sarkar »

https://www.youtube.com/watch?v=MltALNy ... annel=CRUX
Erdogan In A Tailspin | Beginning Of The End For Turkey's Strongman? I Crux Decode With Zakka Jacob.
Gautam
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Re: Turkey News, discussions, India Turkey Relations

Post by Amber G. »

Modi: "Oye tu to Pakistan ko FATF se nikalne wala tha. Kashmir mudde pe india ki lene wala tha?"
Erdogan: "Aap kab tak jhaleel karenge!"
Image
Amber G.
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Re: Turkey News, discussions, India Turkey Relations

Post by Amber G. »

Meanwhile... It did not get better with Biden ..:) Image
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Re: Turkey News, discussions, India Turkey Relations

Post by Amber G. »

Meanwhile people in Terroristan are a little sad..
कि जिस से थी उम्मीद हमें डूबने से बचाने की ऐ ग़ालिब…….
- वो आज खुद अपने लिए लाइफ़ जैकेट ढूँढते नज़र आ रहे हैं….
Turkey gets $10 billion as financial fund from UAE to stabilize economy; Reportedly Erdogan has agreed to all terms
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Re: Turkey News, discussions, India Turkey Relations

Post by vimal »

https://www.google.com/amp/s/www.market ... 1637677388

Turkish lira fights against freefall after Erdogan vows to win ‘economic war of independence’
The Turkish lira went into freefall at one point on Tuesday, as it hovered at fresh lows against the U.S. dollar after President Tayyip Erdogan vowed his country would win an “economic war of indepedence.”

The lira USDTRY fell more than 9% to 12.48 against the dollar, but at its worst, traded at 13.49 on the day.

The selling came after Erdogan on Monday reportedly framed Turkey’s weak currency as competitive, saying it would usher in jobs and growth.
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Re: Turkey News, discussions, India Turkey Relations

Post by chetak »

caliph erdogan and his not so royale kingdom turki, are in the crapper once again


Some of Turkey’s leading business groups questioned the country’s monetary policy as the lira plunged to new lows against the dollar on Friday, a day after the central bank further lowered borrowing costs.

“We’re bewildered to watch the central bank, which cut rates yesterday, giving its precious FX resources to the market today,” Erdal Bahcivan, head of the Istanbul Chamber of Industry, said in comments on Twitter.



Turkey's economy in crisis; Govt halts Equity, Derivatives and Debt Trading with immediate effect


Turkey Stock Rout Triggers Circuit Breakers Twice in an Hour

]Turkey Stock Rout Triggers Circuit Breakers Twice in an Hour

Onur Ant
17 Dec 2021

(Bloomberg) -- Turkey halted trades on the Istanbul bourse as this year’s second biggest selloff for the market triggered circuit breakers while the lira extended its drop to a fresh record low.

Trading of equities, equity derivatives and debt repo transactions were automatically halted twice within an hour after the Borsa Istanbul 100 index fell as much as 7% on Friday.

The benchmark ended the day 8.5% lower, its biggest drop since March when the firing of then-central bank Governor Naci Agbal spurred a turmoil in Turkish financial markets.

Turkey Stock Rout Triggers Circuit Breakers Twice in an Hour

Turkish equities were on a tear for much of the last four months as investors sought to hedge against rampant inflation and grapple with a currency that lost more than half its value against the greenback so far this year. Friday’s dramatic drops followed a central bank intervention in the currency market that failed to stem the lira’s decline following a decision by the monetary authority a day earlier to cut benchmark repo rate despite soaring inflation.

Even though the Borsa Istanbul index has strongly rallied this year in local terms, in U.S. dollar terms it’s down 36%, making it the worst-performing equity market in the world.

“The complete capitulation in Turkish equities today may represent a turning point in local sentiment,” Nick Stadtmiller, director for emerging markets at Medley Advisors, said by email. “Turkish stocks have surged despite a worsening macro backdrop. But now, Turks pulling their money from the stock market may represent an acceleration in the trend of local capital outflows from the country.”

Easing Cycle
The Turkish central bank’s easing cycle since September saw the key rate fall by 5 percentage points, prompting a rush to buy dollars among corporates and retail investors. Worsening outlook for inflation hit bonds, with 10-year yields reaching 22.8% on Friday, a record, according to data going back to 2010.

Turkey Stock Rout Triggers Circuit Breakers Twice in an Hour
President Recep Tayyip Erdogan has advocated for cuts in borrowing costs, arguing that lower rates will eventually free Turkey’s economy from a reliance on short-term foreign inflows. The policy pivot and the ensuing market turmoil prompted complaints from industrialists, who say the current volatility is hurting companies.

Turkish Business Groups Sound Alarm Bells Over Currency Rout

That call for help is probably one of the reasons that caused the selloff in stocks, according to Burak Cetinceker, a money manager at Strateji Portfoy in Istanbul. “The critism from business people showed there is no synergy” with the central bank, he said. “There is an economy model no one understands.”

“The typical reaction to depreciation in emerging-market stock markets is a rally as investors use equities as a hedge and the leading shares often have a lot of hard currency revenues,” Richard Segal, a research analyst at London-based Ambrosia Capital, said. “However, today is different due to the volatility of the exchange rate, and the lira is approaching rates, which suggest bank capital ratios are running low. In addition, some business groups have begun to speak out more publicly.”


Turkey's economy in crisis; Govt halts Equity, Derivatives and Debt Trading with immediate effect


Turkey Stock Rout Triggers Circuit Breakers Twice in an Hour

]Turkey Stock Rout Triggers Circuit Breakers Twice in an Hour

Onur Ant
17 Dec 2021

(Bloomberg) -- Turkey halted trades on the Istanbul bourse as this year’s second biggest selloff for the market triggered circuit breakers while the lira extended its drop to a fresh record low.

Trading of equities, equity derivatives and debt repo transactions were automatically halted twice within an hour after the Borsa Istanbul 100 index fell as much as 7% on Friday.

The benchmark ended the day 8.5% lower, its biggest drop since March when the firing of then-central bank Governor Naci Agbal spurred a turmoil in Turkish financial markets.

Turkey Stock Rout Triggers Circuit Breakers Twice in an Hour

Turkish equities were on a tear for much of the last four months as investors sought to hedge against rampant inflation and grapple with a currency that lost more than half its value against the greenback so far this year. Friday’s dramatic drops followed a central bank intervention in the currency market that failed to stem the lira’s decline following a decision by the monetary authority a day earlier to cut benchmark repo rate despite soaring inflation.

Even though the Borsa Istanbul index has strongly rallied this year in local terms, in U.S. dollar terms it’s down 36%, making it the worst-performing equity market in the world.

“The complete capitulation in Turkish equities today may represent a turning point in local sentiment,” Nick Stadtmiller, director for emerging markets at Medley Advisors, said by email. “Turkish stocks have surged despite a worsening macro backdrop. But now, Turks pulling their money from the stock market may represent an acceleration in the trend of local capital outflows from the country.”

Easing Cycle
The Turkish central bank’s easing cycle since September saw the key rate fall by 5 percentage points, prompting a rush to buy dollars among corporates and retail investors. Worsening outlook for inflation hit bonds, with 10-year yields reaching 22.8% on Friday, a record, according to data going back to 2010.

Turkey Stock Rout Triggers Circuit Breakers Twice in an Hour
President Recep Tayyip Erdogan has advocated for cuts in borrowing costs, arguing that lower rates will eventually free Turkey’s economy from a reliance on short-term foreign inflows. The policy pivot and the ensuing market turmoil prompted complaints from industrialists, who say the current volatility is hurting companies.

Turkish Business Groups Sound Alarm Bells Over Currency Rout

That call for help is probably one of the reasons that caused the selloff in stocks, according to Burak Cetinceker, a money manager at Strateji Portfoy in Istanbul. “The critism from business people showed there is no synergy” with the central bank, he said. “There is an economy model no one understands.”

“The typical reaction to depreciation in emerging-market stock markets is a rally as investors use equities as a hedge and the leading shares often have a lot of hard currency revenues,” Richard Segal, a research analyst at London-based Ambrosia Capital, said. “However, today is different due to the volatility of the exchange rate, and the lira is approaching rates, which suggest bank capital ratios are running low. In addition, some business groups have begun to speak out more publicly.”
vimal
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Re: Turkey News, discussions, India Turkey Relations

Post by vimal »

Turkish economic rout proves that Pakistan is the ultimate Panauti
chetak
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Re: Turkey News, discussions, India Turkey Relations

Post by chetak »

It goes to prove that the fruits of sharia can only fecundate locally, if the fountainhead of sharia located in the gelf is able to generate and distribute the cultural resources and also the religio-social momentum to push the sharia narrative, along with the necessary financial muscle to pollinate the system.

It helps if you have had a big brother like the ameriki bating in your corner for tens of decades and an ally that virtually guarantees your survival through his military and economic might.

the eyeranians, pakis, eyeraqis, and the turkis (and soon, perhaps the qataris) are all victims of hubris and wilful transgressions, immaturely challenging the authority of the landlords in the gelf and ultimately pissing off the great white emperor in the kingdom of amrika.
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Re: Turkey News, discussions, India Turkey Relations

Post by chanakyaa »

..Turkey's economy in crisis; Govt halts Equity, Derivatives and Debt Trading with immediate effect
Alhamdulillah, it is not helping. Turkish lira has lost 50% of value to USD in 9 months at 16 to 1 USD and inflation has soared to 21%. According to shariya and madrassa math, big numbers must be a positive thing..

https://www.reuters.com/markets/currenc ... 021-12-16/

and, then the vicious cycle begins...lekin Ghabrana Nahi Hai

Turkey raises minimum wage by 50%
Chetak wrote:..the eyeranians, pakis, eyeraqis, and the turkis (and soon, perhaps the qataris) are all victims of hubris and wilful transgressions, immaturely challenging the authority of the landlords in the gelf and ultimately pissing off the great white emperor in the kingdom of amrika..
+108
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Re: Turkey News, discussions, India Turkey Relations

Post by sudarshan »

chanakyaa wrote:
..Turkey's economy in crisis; Govt halts Equity, Derivatives and Debt Trading with immediate effect
Alhamdulillah, it is not helping. Turkish lira has lost 50% of value to USD in 9 months at 16 to 1 USD and inflation has soared to 21%. According to shariya and madrassa math, big numbers must be a positive thing..
Seems to be an old habit with them. IIRC, the Lira has already seen levels of 1.35 million per USD in the early 2000's. The current currency, known as the "second Turkish Lira," is actually supposed to be 1 million of the old Turkish Lira. So today, the old Turkish Lira would be:

1 USD ~= 21.6 million old Liras. (1.35 million * 16).

And you thought Zimbabwe was bad.

From wiki:
2005 – US$1 = T₤1,350,000
In December 2003, the Grand National Assembly of Turkey passed a law that allowed for redenomination by the removal of six zeros from the Turkish lira, and the creation of a new currency. It was introduced on 1 January 2005, replacing the previous Turkish lira (which remained valid in circulation until the end of 2005) at a rate of ₺1 new lira (ISO 4217 code "TRY") = T₤1,000,000 old lira (ISO 4217 code "TRL"). With the revaluation of the Turkish lira, the Romanian leu (also revalued in July 2005) briefly became the world's least valued currency unit. At the same time, the Government introduced two new banknotes with the denominations of ₺50 and ₺100.
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Re: Turkey News, discussions, India Turkey Relations

Post by Ambar »

Correct. One of the first decisions of tarboozwala (Erdo bhai aka the melon seller) when he was elected the PM in 2003 was to retire the old lira and print new lira. His trick of lobbing 0s off from old currency notes and reintroducing them under new denomination was hardly new, it has been attempted repeatedly by failed economies that have hit rock bottom with their currency and inflation around the world with predictable outcome. I'll admit Turkey was relatively successful for a short while with its new currency compared to other failed economies like Zimbabwe, Venezuela, Chile, Zambia etc. that also attempted in the past to introduce new notes with less 0s as a medicine for chronic inflation. I think one of the reasons for Turkey's success was the rapid globalization in the first decade of 2000s with FDI just flooding into developing economies around the world, the other reason is Turkey standing outside the Euro block which attracted investors and tourists.

Tarboozwala is dreaming if he thinks by devaluing the currency he can make Turkey into the next China or S.Korea. If anything by the end of his term Turkey will once again have to release a newer lira to make up for the decencies of the new lira.
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Re: Turkey News, discussions, India Turkey Relations

Post by sudarshan »

Didn't know he used to be a watermelon seller. No comparison to the chaiwallah of course. Will be interesting to see how many zeros the Lira gains against the $ this time.

No problemo, dropping zeros, they are a filthy SDRE invention after all. They have no value, right, they can be discarded per convenience, and nobody will know the difference.

It's pretty startling to see questions on Reddit, etc., asking - I have an old 1 million Turkish Lira note, what can I get for it today? And the answer seems to be - not much. I've even seen pictures of 5 million Lira notes online.
Manish_P
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Re: Turkey News, discussions, India Turkey Relations

Post by Manish_P »

Looks like we have recently signed a multi-million dollar deal for mini drones with a Turkish company (rumored to be owned by son-in-law) of the Sultan.

Looking at the fall of the lira maybe we could have bought out the entire company...
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Re: Turkey News, discussions, India Turkey Relations

Post by Aditya_V »

Manish_P wrote:Looks like we have recently signed a multi-million dollar deal for mini drones with a Turkish company (rumored to be owned by son-in-law) of the Sultan.

Looking at the fall of the lira maybe we could have bought out the entire company...
We are not buying Byraktars, btw almost all parts and software is European origin. Israeli and home grown stuff is better.
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Re: Turkey News, discussions, India Turkey Relations

Post by nam »

Fundamentally countries game the system to grow their wealth.. Chinese manipulate their currency, subsidize companies to under cut competitors!

Turkey just removes the zero and nobody remembers. No wonder the joker is super confident of letting it slide to see if there are export gains and if it doesn't work, just remove the zero!

US will just print money, when the growth falls!

We were trying to be Gandhigiri, fiscal deficit etc, instead of using hook or crook method to gain wealth. :roll:
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Re: Turkey News, discussions, India Turkey Relations

Post by neeraj »

Harami link - https://www.dawn.com/news/1664851/lira- ... gher-rates
Turkey's troubled lira shed a further five per cent against the dollar on Monday after President Recep Tayyip Erdogan cited Muslim teachings to justify not raising interest rates to stabilise the currency....Erdogan said in remarks aired by state television late on Sunday that his Muslim faith prevented him from supporting rate hikes...A dollar could buy 7.4 liras on January 1. It was worth 17.4 liras on Monday. :((

“You cannot run a modern economy integrated into the global economy on this basis,” economist Timothy Ash of BlueBay Asset Management said in a note to clients.

“Even Saudi Arabia really does not attempt full shariah compliant macro[economic] management.“
Pakistani should also 100% implement full shariah compliant macro[economic] management.
Last edited by neeraj on 20 Dec 2021 18:54, edited 1 time in total.
nam
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Re: Turkey News, discussions, India Turkey Relations

Post by nam »

Looks like he wants to reduce the interest rate heavily, flood liquidity and then recreate the currency if the exports don't materialize.
Lisa
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Re: Turkey News, discussions, India Turkey Relations

Post by Lisa »

sudarshan wrote:
Seems to be an old habit with them. IIRC, the Lira has already seen levels of 1.35 million per USD in the early 2000's. The current currency, known as the "second Turkish Lira," is actually supposed to be 1 million of the old Turkish Lira. So today, the old Turkish Lira would be:

1 USD ~= 21.6 million old Liras. (1.35 million * 16).
I was in Istanbul then, rule was have breakfast first and then change currencies as the rate will have improved. These were better times, Islamists were still kept at a distance and commitment to Kemal Ataturk's secularism was respected. Tour guide said to me "hard work builds nations, look at Germany. If God was everything then Saudi Arabia should be a superpower! First we should build a nation and then deal with God". I doubt that his opinion means anything in todays Turkey.
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Re: Turkey News, discussions, India Turkey Relations

Post by Ambar »

The upper middleclass and the wealthy turks still don't care much about religion or their economy for that matter. Like in Argentina or Lebanon the upper class of the society always keep a second passport of a western country handy and always hold most of their wealth abroad or park it in tangible assets like real estate or euros/dollars. Rapid depreciation of currency and the resulting inflation always hits the poor and the middle class the most and Turkey is no exception. Tarboozwala and his advisors are idiots, if liras value was what was stopping Turkey from becoming a manufacturing hub then in the 90s and early 2000s Turkey should have been another China or Korea considering you couldn't buy a toast for less than a million lira.
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Re: Turkey News, discussions, India Turkey Relations

Post by chetak »

meanwhile, back at the ranch..............

Turkey to export drones to India on Modi’s request calling it a beginning of new relations, while Pakistanis are urged to follow #Ertugrul drama, crew and cast

Image


https://www.middleeastmonitor.com/20211 ... -to-india/
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Re: Turkey News, discussions, India Turkey Relations

Post by Ambar »

In an extraordinary set of events the browbeaten lira recovered a whooping 25% overnight against the US dollar ! This comes after tarboozwala's finance ministry announced several confident building measures including guaranteeing domestic deposits. If the lira at some point commences its slide then i can only imagine the inflation that will be unleashed as Turkey will have no option but to print more money to make up for the difference in exchange adjusted value of domestic deposits. His government has also promised to increase the state pensions by 6x !
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Re: Turkey News, discussions, India Turkey Relations

Post by kit »

The sooltan has de dollarized the economy..so the lira gone up...
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Re: Turkey News, discussions, India Turkey Relations

Post by OmkarC »

chetak wrote:meanwhile, back at the ranch..............

Turkey to export drones to India on Modi’s request calling it a beginning of new relations, while Pakistanis are urged to follow #Ertugrul drama, crew and cast

Image


https://www.middleeastmonitor.com/20211 ... -to-india/

Couldn't believe the news when I first saw.. not too long ago weren't they planning to attack India by teaming up with their iron Birather, now this..
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Re: Turkey News, discussions, India Turkey Relations

Post by isubodh »

Couldn't believe the news when I first saw.. not too long ago weren't they planning to attack India by teaming up with their iron Birather, now this..
I haven't fact checked but read the company supplying drones is 30% owned by Indian DCM Shriram group
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Re: Turkey News, discussions, India Turkey Relations

Post by chetak »

isubodh wrote:
Couldn't believe the news when I first saw.. not too long ago weren't they planning to attack India by teaming up with their iron Birather, now this..
I haven't fact checked but read the company supplying drones is 30% owned by Indian DCM Shriram group
from available info, this part seems true
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Re: Turkey News, discussions, India Turkey Relations

Post by Manish_P »

They could use the falling lira to increase their holding in the company :)
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Re: Turkey News, discussions, India Turkey Relations

Post by Aditya_V »

Looks like Ergodan spent USD 8 Billion of UAE 10 Billion gift to lift the Lira from 18.4 to the USD to 11.

Now that the funds are getting exhausted its getting back to normal. I am sure someone must be making a killing out of the Turkish Lira fluctuations

https://money.usnews.com/investing/news ... iven-surge
Turkish lira slides almost 8% after intervention-driven surge
Turks did not sell dollars in large quantities on Monday and Tuesday of last week, according to official data that suggested they had played little role in the gains. State interventions, meanwhile, cost the central bank more than $8 billion last week, according to traders' calculations.
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Re: Turkey News, discussions, India Turkey Relations

Post by Ambar »

Yup, a lot of currency traders must be making a killing on the lira rollercoaster. Remember 1992 pound sterling crisis and how George Soros made a billion dollar on a single day by breaking Bank of England ? One can only imagine how much money some savvy traders must be making taking positions on the lira.

If the lira begins to slip again then tarboozwala and the turkish central bank are trapped, they'll have no other alternative but to print even more money to make up for the difference in deposits when adjusted to exchange rate and there by worsening the already terrible inflation.
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Re: Turkey News, discussions, India Turkey Relations

Post by nandakumar »

Aditya_V wrote:Looks like Ergodan spent USD 8 Billion of UAE 10 Billion gift to lift the Lira from 18.4 to the USD to 11.

Now that the funds are getting exhausted its getting back to normal. I am sure someone must be making a killing out of the Turkish Lira fluctuations

https://money.usnews.com/investing/news ... iven-surge
Turkish lira slides almost 8% after intervention-driven surge
Turks did not sell dollars in large quantities on Monday and Tuesday of last week, according to official data that suggested they had played little role in the gains. State interventions, meanwhile, cost the central bank more than $8 billion last week, according to traders' calculations.
Good point. I am just wondering what would be the collateral for the $10 billion that UAE gave.
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