Wednesday, 21 November, 2018

Turkey bans property rent, sales in foreign currency

Erdogan appoints himself chairman of Turkey’s sovereign wealth fund Turkey's Autocratic President Has Named a New Chair of Its Sovereign Wealth Fund: Himself
Orlando Vargas | 16 September, 2018, 00:38

The central bank hiked the one week repo auction rate 625 basis points from 17.75 percent to 24 percent, significantly higher than the Bloomberg consensus of an increase to 21 percent.

Those rises followed gains on Wall Street Thursday, with the Dow Jones Industrial Average ending 0.57 percent higher, the S&P 500 gaining 0.53 percent and the Nasdaq Composite adding 0.75 percent.

Erdogan also issued a decree in the country's Official Gazette stipulating that transactions for property sale, rental, business and service contracts must be conducted in Turkish lira, rather than in foreign currencies.

The bank's Monetary Policy Committee said in a statement it was implementing "a strong monetary tightening to support price stability". Erdoğan has always been pressuring the bank to keep interest rates low to encourage economic growth.

On Friday, the lira stood at 6.0342 to the dollar at 0728 GMT.

In his speech on Friday, Erdogan said Turkey would see the result of central bank's independence after it lifted interest rates, adding that his patience with interest rates had limits.

Turkish President Recep Erdogan on Thursday said interest rates are a "tool of exploitation" and called for low interest rates.

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A growing crisis became acute earlier this year following the detention of an American pastor on espionage and terror-related charges, which prompted Donal Trump to double the import tariffs on Turkish steel and aluminium.

Signs of movement in the US-China trade stand-off and a bumper interest rate hike in emerging market trouble spot Turkey sent world shares higher today as risk appetite returned. In August of past year, one dollar bought Three.5 lira; at some level of the last month it fetched more than 6.

Meanwhile, Turkish Finance Minister Berat Albayrak said earlier this month in an interview that the Turkish Central Bank has independent government and will take all necessary measures to fight inflation.

The fund was established in August 2016 and tens of billions of dollars worth of state assets including - wholly state-owned - Ziraat Bank were transferred to it in 2017.

Erdogan has no longer helped his case by doubling down on his intransigence some other time the US, analysts remark.

The euro hovered around $1.1620, having gained around 0.6 percent so far this week. Its recent account deficit in the first six months of 2018 hit $31.2 billion, up simply about $10 billion from the same length previous year.

"Anyone who is not involved in exports or imports shouldn't see his path intersect with foreign currencies", the president said. The lira's erratic strikes maintain knocked tons of of functions off global markets in single trading days, and precipitated sell-offs across rising markets. Japan's Nikkei stock index was 1.2 percent higher.

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