“The lira was 1.6 percent weaker at 2.9745 to the dollar on Thursday morning, and is now down over 20 percent against the dollar this year, making it one of the worst performing currencies among its emerging market peers”.
Advertisement
“The fundamentals affecting the lira haven’t changed and we could have expected the Fed minutes to ease the pressure on it at least temporarily”, says Pinar Uslu, a strategist at ING Bank in Istanbul. Despite the strong competitive environment among the world’s leading players Turkish Airlines has tripled its global market share in the last decade and continues its profitable and sustainable growth while still gaining market share.
“By ‘symmetric, ‘ the bank means that there will be close to an even distance between the two rates”, Yilmaz said.
The central bank indicated in a meeting with economists Wednesday that it won’t raise interest rates before the Fed does, Halk Yatirim economist Banu Kivci Tokali said after attending the briefing with central bank officials in Ankara.
The bank said, in a statement by the monetary policy committee, that the inflation outlook was the key factor in the decision. Turkey held its interest rates steady on Tuesday for the sixth consecutive month.
Eight soldiers were killed when the Kurdistan Workers’ Party, or PKK, detonated a land mine under an armored vehicle on 19 August in the southeastern town of Siirt, state-run TRT TV reported.
Turkish Prime Minister Ahmet Davutoglu formally ended attempts to form the next government on Tuesday after weeks of coalition talks failed, raising the prospect of a fractious interim administration leading the country to a new election.
Advertisement
A Turkish multi-front offensive against terrorist groups and the collapse of a three-year truce with Kurdish militants followed parliamentary elections in June that failed to deliver a ruling majority to any one party.
