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.
Dukascopy marks 20 years of excellence in trading, offering JForex, MT4/5, 1,200+ instruments, and global banking, dedicated to trust and innovation.
Track key forex pairs like EUR/USD, USD/JPY, and USD/MXN for insights on volatility and market sentiment during this U.S. election week, November 5, 2024.
In the current political climate, understanding the policy differences between the main candidates has become increasingly important. As the 2024 U.S. presidential election approaches, the intense rivalry between Trump and Harris not only influences voters' decisions but also determines the future direction of the nation at a crucial time. With voting imminent, voters face two distinctly different governance philosophies and policy directions that impact not only U.S. domestic and foreign policy but also profoundly affect the global investment landscape.
As the 2024 U.S. presidential race approaches, investors worldwide are closely watching potential outcomes and their implications for global markets. While a 269-269 Electoral College tie between Vice President Kamala Harris and former President Donald Trump remains unlikely, its occurrence would set the stage for an unprecedented period of political uncertainty, triggering a contingent election decided by Congress. Such uncertainty would ripple across forex, stock, and oil markets, where stability and predictability are prized. Here’s a look at how a tie could affect these key financial sectors.