Re: Turkey News, discussions, India Turkey Relations
Posted: 22 Oct 2021 07:14
Quad, no Caliphate
Consortium of Indian Defence Websites
https://forums.bharat-rakshak.com/
Yes, they can form a QUAD as they have Jordan & Mali to keep them company in FATF, two other brotherly Islamic states !NRao wrote:Quad, no Caliphate
It is a fake acc.......isn't it.NRao wrote:Quad, no Caliphate
CNNThe 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.
Except for kanada. That's where the visas come from.saip wrote:The turkey in Turkey is declaring TEN Ambassadors as persona non grata. Immy the Dimmy should follow suit.
just for being painted grey............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.
Turkey gets $10 billion as financial fund from UAE to stabilize economy; Reportedly Erdogan has agreed to all terms
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.
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 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 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.”
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....Turkey's economy in crisis; Govt halts Equity, Derivatives and Debt Trading with immediate effect
+108Chetak 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..
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:chanakyaa wrote: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....Turkey's economy in crisis; Govt halts Equity, Derivatives and Debt Trading with immediate effect
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.
We are not buying Byraktars, btw almost all parts and software is European origin. Israeli and home grown stuff is better.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...
Pakistani should also 100% implement full shariah compliant macro[economic] management.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.“
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.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).
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
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
https://www.middleeastmonitor.com/20211 ... -to-india/
I haven't fact checked but read the company supplying drones is 30% owned by Indian DCM Shriram groupCouldn'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..
from available info, this part seems trueisubodh wrote:I haven't fact checked but read the company supplying drones is 30% owned by Indian DCM Shriram groupCouldn'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..
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.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 surgeTurks 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.