简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:The Turkish lira rose 6 percent versus the dollar on Monday after Turkey restricted lira lending to many enterprises with more than $1 million in foreign currency capital.
Click Here: After you read it, Daily Routine with WikiFX
As of 5:31 a.m. GMT, the lira was worth 16.099, up from Friday's closing rate of 16.99. It had risen as high as 16.03 against the dollar.
After most local markets closed for the week on Friday, the BDDK banking watchdog said that companies can't get new lira loans if they have more than 15 million lira ($908,000) in forex cash assets that are more than 10 percent of their total assets or annual revenues.
Analysts thought that this move would help the lira because it could force many large and medium-sized companies to convert their foreign currency assets into lira so they can keep getting credit.
Since a historic currency crash in December sent inflation soaring, the government and central bank have taken a lot of steps, and the new rule was the most recent one.
After Erdogan promised more rate cuts, the Turkish lira fell even more.
The BDDK said that the move would make the economy more stable.
Last year, the lira lost 44% of its value against the dollar. This happened after a series of interest rate cuts, even though inflation was on the rise (73.5%).
Even after the early moves on Monday, it is still 18% weaker this year.
Still putting pressure on the lira are worries about policy, low official reserves, a growing current account deficit, and investors' and savers' fears of capital controls.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Proprietary trading firm The Funded Trader has detailed its financial recovery efforts following a turbulent period marked by an unsustainable payout model. Addressing these challenges publicly, the firm outlined the steps being taken to resolve outstanding obligations and ensure operational sustainability.
Doo Group has announced its acquisition of PT Prima Tangguharta Futures, a Jakarta-based broker specialising in online derivatives trading. This move represents a significant step in Doo Group's regional expansion strategy and reinforces its growing presence in Southeast Asia.
October inflation rises to 2.3%, driven by energy costs. Renters face 8% annual hikes, while house price inflation climbs. Interest rates stay elevated.
Webull partners with Coinbase Derivatives to offer crypto futures, providing US investors access to Bitcoin and Ethereum contracts with lower entry barriers.