Economy of Turkey http://www.globalpost.com/taxonomy/term/28533/all en S.Africa's MTN earnings miss as forex rates bite http://www.globalpost.com/dispatch/news/afp/130306/safricas-mtn-earnings-miss-forex-rates-bite <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>African telecoms giant MTN on Wednesday reported weaker than expected earnings, as currency fluctuations bit into the South African company's bottom line.</p> <p>Revenue jumped nearly 10.9 percent in 2012 to 135 billion rand ($15 billion), but headline earnings per share increased just 1.9 percent to 10.89 cents from 10.69 cents.</p> <p>The mobile giant operates in 22 African and Middle Eastern countries, and now has 189.3 million customers, up over 15 percent. </p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130306/safricas-mtn-earnings-miss-forex-rates-bite" target="_blank">read more</a></p> Economy of Turkey MTN Group Turkcell AFP Wed, 06 Mar 2013 12:30:29 +0000 5774912 at http://www.globalpost.com Danish central bank lowers growth forecast to 0.5% http://www.globalpost.com/dispatch/news/afp/130612/danish-central-bank-lowers-growth-forecast-05 <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Denmark's central bank on Wednesday revised downwards its 2013 growth forecast by 0.3 points to 0.5 percent, citing sluggish economic activity.</p> <p>"Activity in the Danish economy remains below its potential," the central bank said in a statement.</p> <p>In March, the bank forecast growth of 0.8 percent.</p> <p>At the end of May, the Danish government also revised downwards its 2013 growth forecast, from 1.2 percent to 0.5 percent.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130612/danish-central-bank-lowers-growth-forecast-05" target="_blank">read more</a></p> bank Central Bank of the Republic of Turkey Economy of Turkey Recessions AFP Wed, 12 Jun 2013 13:31:35 +0000 5856217 at http://www.globalpost.com Turkish lira firms with support from central bank http://www.globalpost.com/dispatch/news/thomson-reuters/130612/turkish-lira-firms-support-central-bank <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>ISTANBUL (Reuters) - The Turkish lira firmed on Wednesday after Central Bank Governor Erdem Basci signaled the bank is determined to support the lira and keep monetary policy tight if needed.</p> <p>Speaking at a meeting in the Black Sea town of Giresun, Basci said about $7.9 billion to $8.0 billion has flowed out of Turkish markets since the beginning of May, mainly from money markets. He attributed a third of the outflows from the lira and bonds to domestic factors and the remainder to global factors.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2013.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130612/turkish-lira-firms-support-central-bank" target="_blank">read more</a></p> Asia Economy of Turkey Europe Technology Thomson Reuters Wed, 12 Jun 2013 13:34:53 +0000 5856238 at http://www.globalpost.com Turkish central bank tightens policy to shore up lira http://www.globalpost.com/dispatch/news/afp/130708/turkish-central-bank-tightens-policy-shore-lira-0 <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>The Turkish central bank ramped up its monetary conditions on Monday to shore up the local currency, the lira, after it slumped to a record low value against the dollar.</p> <p>The bank announced that it was applying immediately a "strong" tightening of monetary conditions. </p> <p>"A strong extra monetary tightening will start as of today," the bank's governor Erdem Basci said in a statement.</p> <p>"It's essential that the extra monetary tightening is strong, effective and temporary," he said.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130708/turkish-central-bank-tightens-policy-shore-lira-0" target="_blank">read more</a></p> bank Central Bank of the Republic of Turkey Economy of Turkey Monetary policy Technology AFP Mon, 08 Jul 2013 13:34:10 +0000 5878324 at http://www.globalpost.com Turkey central bank starts 'strong' tightening to bolster lira http://www.globalpost.com/dispatch/news/thomson-reuters/130708/turkey-central-bank-starts-strong-tightening-bolster-lira <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Seda Sezer</p> <p>ISTANBUL (Reuters) - Turkey's Central Bank auctioned a record $1.5 billion in foreign exchange on Monday, tightening policy to defend a lira that had hit all-time lows against the dollar.</p> <p>The lira has lost as much as 6 percent of its value against the dollar since late May, when unprecedented protests broke out against Prime Minister Tayyip Erdogan. Demonstrations centred on the commercial capital Istanbul compounded investor concerns about the U.S. Federal Reserve scaling back stimulus measures.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2013.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130708/turkey-central-bank-starts-strong-tightening-bolster-lira" target="_blank">read more</a></p> bank Central banks Economy of Turkey Government Thomson Reuters Mon, 08 Jul 2013 16:02:10 +0000 5878443 at http://www.globalpost.com Turkish central bank takes urgent action to defend lira http://www.globalpost.com/dispatch/news/afp/130708/turkish-central-bank-takes-urgent-action-defend-lira <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>The Turkish central bank took urgent action to defend the lira and crimp lax credit on Monday, but the announcement of unconventional measures ran into market scepticism.</p> <p>Market sources said that the bank had already begun selling dollars.</p> <p>The bank sprang its announcement, including a signal that it will sell foreign currency, after the local lira fell to a record low value against the dollar.</p> <p>There was scepticism on Turkish markets that spending reserves would prevent the lira from falling further.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130708/turkish-central-bank-takes-urgent-action-defend-lira" target="_blank">read more</a></p> bank Business Economy of Europe Economy of Turkey Europe Technology AFP Mon, 08 Jul 2013 16:04:07 +0000 5878449 at http://www.globalpost.com Turkish lira firms, analysts doubt central bank firepower http://www.globalpost.com/dispatch/news/afp/130709/turkish-lira-firms-analysts-doubt-central-bank-firepower <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>The Turkish currency, the lira, firmed in early trading on Tuesday, having rallied on Monday after the central bank intervened on the foreign exchange market.</p> <p>The lira was being traded at 1.9498 to the dollar during trading on Tuesday.</p> <p>On Monday it had fallen to a record low level of 1.9740 to the dollar.</p> <p>On the government debt market, Turkey's 10-year borrowing rate eased slightly but remained high at 8.80 percent compared with 8.93 percent late on Monday. </p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130709/turkish-lira-firms-analysts-doubt-central-bank-firepower" target="_blank">read more</a></p> bank Economy of Europe Economy of Northern Cyprus Economy of Turkey AFP Tue, 09 Jul 2013 16:32:27 +0000 5879431 at http://www.globalpost.com Turkish bank sells dollars to prop up struggling lira http://www.globalpost.com/dispatch/news/afp/130710/turkish-bank-sells-dollars-prop-struggling-lira <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>The Turkish central bank sold $1.3 billion dollars on Wednesday, market sources said, in a test of wills with the market to hold up the lira but Turkey's borrowing rate rose sharply.</p> <p>The central bank has sold a total of 3.55 billion dollars since Monday when it announced urgent and "strong" action to defend the currency and contain overheated bank lending.</p> <p>In afternoon trading on Wednesday, the lira was being quoted at 1.9510 to the dollar from 1.9498 on Tuesday.</p> <p>The bank had announced its measures on Monday as soon as the lira fell to a record low level of 1.9740.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130710/turkish-bank-sells-dollars-prop-struggling-lira" target="_blank">read more</a></p> Asia bank Economy of Turkey Human Interest Political geography Technology AFP Wed, 10 Jul 2013 16:06:12 +0000 5880475 at http://www.globalpost.com Turkish central bank faces interest rate dilemma as lira hit http://www.globalpost.com/dispatch/news/thomson-reuters/130711/turkish-central-bank-faces-interest-rate-dilemma-lira-hit <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Seda Sezer</p> <p>ISTANBUL (Reuters) - Turkey's central bank faced calls on Thursday to raise interest rates to steady the embattled lira despite political pressure from Prime Minister Tayyip Erdogan to keep rates low - a dilemma which could put the bank's credibility at stake.</p> <p>The lira has tumbled some 9 percent against the dollar since the beginning of May, leading to $3.55 billion sold off in two days this week alone in its defense.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2013.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130711/turkish-central-bank-faces-interest-rate-dilemma-lira-hit" target="_blank">read more</a></p> bank Central Bank of the Republic of Turkey Economy of Northern Cyprus Economy of Turkey Politics Technology Thomson Reuters Thu, 11 Jul 2013 13:32:41 +0000 5881437 at http://www.globalpost.com Turkey hikes rate to defend lira from US monetary backdraft http://www.globalpost.com/dispatch/news/afp/130820/turkey-hikes-rate-defend-lira-us-monetary-backdraft <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Turkey ramped up its overnight rate by half a point to 7.75 percent on Tuesday in a new defence of the lira as emerging markets come under pressure from US monetary policy.</p> <p>The increase demonstrates a clear switch of direction on rates despite recent political pressure against a rate rise, follows recent intervention to support the lira, and is the latest sign of turmoil in emerging economies.</p> <p>The rate decision supported the lira which was being quoted at 1.9461 in late afternoon trading from 1.9506 to the dollar at the close on Monday.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130820/turkey-hikes-rate-defend-lira-us-monetary-backdraft" target="_blank">read more</a></p> Economy of Europe Economy of Turkey Europe AFP Tue, 20 Aug 2013 15:45:59 +0000 5913798 at http://www.globalpost.com Turkish currency falls to record low to the dollar http://www.globalpost.com/dispatch/news/afp/130827/turkish-currency-falls-record-low-the-dollar <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>The Turkish lira fell to a record low level early on Tuesday on signals of a tightening of US monetary policy which have hit emerging market currencies hard.</p> <p>The lira plunged to 2.0095 to the dollar in initial trading, rallying later to 2.0028 from 1.9920 at the close on Monday when the central bank sold $350 million in defence of the lira. </p> <p>The main Turkish stock market fell by 1.66 percent in morning trading.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130827/turkish-currency-falls-record-low-the-dollar" target="_blank">read more</a></p> Economy of Europe Economy of Northern Cyprus Economy of Turkey AFP Tue, 27 Aug 2013 09:24:23 +0000 5918597 at http://www.globalpost.com IMF says Turkey should tighten monetary, fiscal policy http://www.globalpost.com/dispatch/news/thomson-reuters/131004/imf-says-turkey-should-tighten-monetary-fiscal-policy <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>WASHINGTON (Reuters) - The International Monetary Fund called on Turkey to tighten its monetary and fiscal policies to reduce its external imbalances, which have been exacerbated by capital outflows from emerging markets.</p> <p>"The market reappraisal of advanced economies' monetary policies has exposed Turkey's main vulnerability — its external imbalance," the IMF said after a mission visit to Turkey.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2013.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/131004/imf-says-turkey-should-tighten-monetary-fiscal-policy" target="_blank">read more</a></p> Economics Economy of Turkey International economics Thomson Reuters Fri, 04 Oct 2013 23:16:32 +0000 5952365 at http://www.globalpost.com Turkish economy grows 4.4% in Q3, beating analyst outlook http://www.globalpost.com/dispatch/news/afp/131210/turkish-economy-grows-44-q3-beating-analyst-outlook <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>The Turkish economy grew by a stronger-than-expected 4.4 percent in the third quarter of 2013, official data showed on Tuesday.</p> <p>The figure, which compares with the same quarter of 2012, was higher than the market consensus of around 4.0 percent.</p> <p>Growth for the first nine months of the year was 4.0 percent which the government said was "in line with its growth predictions for 2013".</p> <p>The government is forecasting growth of just 3.6 percent for this year and 4.0 percent for 2014, down from a peak of 8.9 percent in 2010.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/131210/turkish-economy-grows-44-q3-beating-analyst-outlook" target="_blank">read more</a></p> Economy of Turkey Human Interest AFP Tue, 10 Dec 2013 17:48:12 +0000 6015842 at http://www.globalpost.com Turkey downplays effect of political crisis on economy http://www.globalpost.com/dispatch/news/afp/140107/turkey-downplays-effect-political-crisis-economy <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>The Turkish government, battling an escalating political crisis, turned Tuesday to limit potential damage to the economy, downplaying its effect on growth.</p> <p>Finance Minister Mehmet Simsek said the crisis, which has seen the lira plunge to record lows, would likely be short-lived and Turkey's economy would post the 4 percent growth it has forecast.</p> <p>He also dismissed the need to raise interest rates, which economists and analysts have been warning Turkey may need to do to ensure inflation and the country's large current account deficit remain under control.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/140107/turkey-downplays-effect-political-crisis-economy" target="_blank">read more</a></p> Asia Economy of Turkey Political geography AFP Tue, 07 Jan 2014 17:31:05 +0000 6037184 at http://www.globalpost.com Turkey downplays effect of political crisis on economy http://www.globalpost.com/node/6037185 <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>The Turkish government, battling an escalating political crisis, turned Tuesday to limit potential damage to the economy, downplaying its effect on growth.</p> <p>Finance Minister Mehmet Simsek said the crisis, which has seen the lira plunge to record lows, would likely be short-lived and Turkey's economy would post the 4 percent growth it has forecast.</p> <p>He also dismissed the need to raise interest rates, which economists and analysts have been warning Turkey may need to do to ensure inflation and the country's large current account deficit remain under control.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/node/6037185" target="_blank">read more</a></p> Asia Economy of Turkey Political geography AFP Tue, 07 Jan 2014 17:31:05 +0000 6037185 at http://www.globalpost.com