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Title: Turkish currency falls, Stock Markets down, Growth Slowing, Debt costs up. Post by: JohnsonE on August 23, 2013, 02:03:22 AM Turkish currency falls, Stock Markets down, Growth Slowing, Debt costs up.
The Turkish currency, Lira, fell down to the Lowest ever level since 1981, after having already lost more than - 10% since the beginning of this year, droping to the worst level in the last 3 Decades.. Central Turkish Bank has already spend more than 7,5 Billions $ since June into trying to alleviate Lira's fall, and is ready to sell another 350 Millions $ immediately. Istanbul's Stock Market also fell down - 2% today, aggravating a previous fall of - 3,46% on Wednesday, totalling an overall Fall of more than - 8% since the beginning of this week. The Fall of GDP Growth droped from some 8% in 2011 to less than just 3% expected for 2013 In a more Expensive Government Debt market, Turkey's ten year Borrowing rate surged Today for + 44 points Higher, after Turkish Bond Yield rose by more than + 50 % during the last three months. According to many Analysts, Capital flows are due to be restricted and inversed, adding to Turkey's well known Weaknesses (such as a Current Account's Deficit, and External Credit dependance, etc), so that the next years are due to be "Bumpy". But Ankara's authorities reportedly denied that a "Crisis" might be looming soon. |