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Turkish Lira Crashes

By TwoScoopsOfSpaceForce following x   2018 Aug 10, 7:48am 127 views   6 comments   watch   sfw   quote     share    


STANBUL (AFP) -
Turkey's embattled lira on Friday hit new record lows against the US dollar and euro, losing over six percent in value as strains with the United States showed no sign of abating and fears grew over the exposure of European banks.

The lira was trading at 5.90 to the dollar, a loss on the day of 6.5 percent. Earlier, it had crashed some 12 percent through the 6.00 level for the first time in history, trading at one point at more than 6.20 lira per dollar.

The lira has now lost over a third of its value against both the dollar and the euro this year, with the currency battered by both concerns over domestic economic policy and the political situation.

Versus the euro on Friday the lira lost 7.0 percent to trade at 6.8.

https://www.france24.com/en/20180810-turkey-lira-crashes-new-lows-market-alarm-grows

Poor Erdogan.

1   Patrick   ignore (0)   2018 Aug 10, 9:12am   ↑ like (1)   ↓ dislike (0)   quote        

I travelled in Turkey back when I was in college, and was at first shocked at the incredible interest rates on offer for savings accounts, like 50%.

I thought about putting money in Turkish banks but soon realized that inflation there was about 60% per year, so it would still be a loss to get that 50% interest.
2   TwoScoopsOfSpaceForce   ignore (2)   2018 Aug 10, 9:21am   ↑ like (0)   ↓ dislike (0)   quote        

I like Turks. I had a Turkish girlfriend named Beghum, which means "Princess" (literally "Daughter of the Bey/Beg")

However, the Turks I met in college were secular Turks. Much of Turkey isn't secular (anymore) and Erdogan represents them.
3   Patrick   ignore (0)   2018 Aug 10, 9:42am   ↑ like (1)   ↓ dislike (0)   quote        

Yes, most of the Turks I've met have been great people, just want to get along. Unless you mention the word "Armenian".
4   Heraclitusstudent   ignore (1)   2018 Aug 10, 10:24am   ↑ like (1)   ↓ dislike (0)   quote        

I'm so happy for Islamist dictator Ergodan.

TwoScoopsOfWompWomp says
Erdogan after winning June 24 elections with revamped powers tightened his control over the central bank and appointed his son-in-law Berat Albayrak to head a newly-empowered finance ministry.


When nepotist leaders name incompetent son-in-laws to high positions in their administration.
5   Heraclitusstudent   ignore (1)   2018 Aug 10, 10:26am   ↑ like (0)   ↓ dislike (0)   quote        

Maybe he will throw in the towel on NATO and make an alliance with Russia and Iran. Though he still has more to lose.
6   Heraclitusstudent   ignore (1)   2018 Aug 10, 11:21am   ↑ like (1)   ↓ dislike (0)   quote        

https://www.nytimes.com/2018/08/10/business/turkey-erdogan-economy-lira.html
“Don’t forget, if they have the dollar, we have our people, our Allah,” Mr. Erdogan told a crowd of supporters


That's gonna help....




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