InfoAnda - Turkey’s sinking lira defies soaring economy

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

A stone's throw from Nile, Egypt's taps are running dry | 31 May 2010
FCC eyes reducing barriers to broadband buildout | 9 February 2011
Asia Naphtha-Taiwan Formosa, S Korea Honam buy up to 300,000T | 24 February 2011

Dutchwoman in Colombia's FARC has prominent role | 10 October 2010

Advertisement Turkey’s sinking lira defies soaring economy Source: (TML) Reporter: TML Staff Location: Ankara, Turkey Published: September 27, 2011 10:51 am EDT Topics: Economy, Business And Finance, Macro Economics, Currency Values Turkey’s bid to join the European Union has been on ice for years, but the economic bloc’s financial woes have made the country’s currency something of an honorary member. The lira hit a record low against the dollar on Monday. At mid-day Tuesday it strengthened, but with the U.S. currency buying about 1.84 liras, the Turkish currency has shed close to a third of its value in the past 10 months. Since the start of September, the lira has sunk almost 8 percent even as Turkey reported that gross domestic product jumped 8.8 percent year-on-year in the second quarter and exports soared 30 percent in August. The lira’s downward trajectory may not be over. Istanbul-based Global Securities this week said the lira’s value may weaken to 1.90 to the dollar The reasons behind the sinking Turkish lira range from the psychological to the real. But they almost all can be traced back to neighboring Greece, which is struggling to cope with a debt so massive that it threatens to undermine the economies and credit markets of its fellow EU members. “If there is a crisis next door people get worried,” Yarkin Cebeci, an economist who covers Turkey for JPMorgan Chase, told The Media Line. “But the more important issue is the liquidity squeeze in European banking sector. The Turkish economy needs capital inflows. The financing opportunities for Turkish banks and non-banks could dry up. That’s the major concern.” Europe is already feeling the effect of a Greek-induced drying out. The continent’s banks have had trouble accessing short-term funding amid concerns about their exposure to Greek and other problematic debt, forcing the European Central Bank to serve as a lender of last resort. Analysts say that unless Greece’s problems are addressed quickly, medium- and long-term credit could disappear as well. Turkish banks have little or no exposure to Greek or other problematic debt, but the country has a massive current account deficit that has to be funded with debt inflows rather than foreign direct investment. That puts Turkey into a precarious position even as its economy is enjoying a boom that the rest of Europe can only envy. The deficit in Turkey’s current account, which measures the flow of money coming into and out of the country from trade and other activities, widened to a record $74.6 billion in the 12 months to July. That’s equal to about 10 percent of GDP, a figure economists have warned for some time is not sustainable even without Europe’s credit woes. Turkish businesses could count on the $100 billion or so over foreign currency held in the country by domestic investors, but they have also grown nervous and aren’t ready to lend it, said Ozgur Altug, chief economist at BGC Partners. Turkey’s central bank has stepped in but even on days when it makes large amount of foreign currency available, it’s not enough to make up for the loss, he said. Europe’s woes also threaten Turkey’s export-oriented industry. Although Turkish Prime Minister Recep Tayyip Erdogan has worked hard to step up trade and business ties with the Middle East, Europe is still Turkey’s biggest overseas market, accounting for 57 percent of total exports in the first five months of this year The conventional wisdom in Turkey tends to discount the problem of the lira on the ground that it is suffering amid a global sell-down of emerging market currencies, with analysts saying that Turkey has performed no worse in recent weeks than the South African rand and Hungarian florint. But Altug said the lira started off from a lower base than the others, losing some 25 percent of its value between November 2010 and the start of August when worries about Greece emerged. “The lira should have outperformed its peers. But this is not happening. We have outperformed peer currencies a little bit, but the fact is the Turkish lira continues to deprecate,” he told The Media Line. He said the difference between Turkey and its peers is the current account deficit and the central bank’s policy of lowering interest rates in an effort to keep Turkish exporters competitive by effectively lowering their dollar costs. Since the end of last year, the central bank has been lowering interest rates to discourage the flow of foreign “hot” foreign money into the country while it tries to contain consumer demand by forcing lenders to keep more of their funds on deposit with the central bank. The policy has elicited a lot of criticism, not the least from the International Monetary Fund, which indicated earlier this month that the lira’s depreciation had gone too far and urged the central bank to adjust its policies, including raising interest rates. The weakening lira is stoking inflation, with Turkey’s consumer price index accelerated in August to 6.7 percent. But it seems unlikely that Turkey will be able to avoid a sharp slowing of economic growth. That could be good news for the country’s current account deficit, which Standard & Poor’s, the bond rating agency, said in a Sept. 20 report would narrow the current account deficit. That would reduce Turkey’s appetite for foreign currency and encourage an appreciation of the lira. But it could spell bad news for Erdogan, who rode to a third term in office on the back of the country’s booming economy and is trying to parley the country’s business prowess to turn Turkey into a regional power. “You’re seeing signs of significant slowdown in the economy. Domestic demand is slowing and there is not much to expect strong export performance,” said Cebeci of JPMorgan Chase. “We see growth slowing down to 6.3 percent by the end of the year and below 3 percent in next year.” Republish Email Facebook Digg Twitter Share Copyright © 2011 TML - All rights reserved.Content including text, photos, videos, audio, graphics and logos may not be used for commercial purposes, reproduced, published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium without permission and license from CNS. [ Close ] When publishing articles from AHN we require that you follow several simple rules and that you abide by our Terms and Conditions. You may: Use and display the provided article text on a website or blog. Under the following conditions: You may not republish the article(s) wholesale, automatically or systematically; articles must be republished individually. You may not sell license or redistribute the content without specific permission. Email us if you’d like to. You must display and attribute the article in the manner specified by AHN (but not in any way that suggests that we endorse you or your use of the work). You may not remove ads, logos or tracking information from the article. You may display the article on a website, but you may not use the article for any other commercial purposes. You may not alter, rewrite, transform, or build upon the article. You may only use provided the javascript code to request the article from our systems. Copy and paste the following into your blog entry or the HTML on your page. It will automatically deliver the article as the page loads. <script type="text/javascript" src="http://www.allheadlinenews.com//syndicator?storyid=7020884860"></script> << Return to script page License THE WORK (AS DEFINED BELOW) IS PROVIDED UNDER THE TERMS OF THIS LICENSE ("LICENSE"). THE WORK IS PROTECTED BY COPYRIGHT AND/OR OTHER APPLICABLE LAW. ANY USE OF THE WORK OTHER THAN AS AUTHORIZED UNDER THIS LICENSE OR COPYRIGHT LAW IS PROHIBITED. BY EXERCISING ANY RIGHTS TO THE WORK PROVIDED HERE, YOU ACCEPT AND AGREE TO BE BOUND BY THE TERMS OF THIS LICENSE. TO THE EXTENT THIS LICENSE MAY BE CONSIDERED TO BE A CONTRACT, THE LICENSOR GRANTS YOU THE RIGHTS CONTAINED HERE IN CONSIDERATION OF YOUR ACCEPTANCE OF SUCH TERMS AND CONDITIONS. 1. Definitions "Collective Work" means a work, such as a periodical issue, anthology or encyclopedia, in which the Work in its entirety in unmodified form, along with one or more other contributions, constituting separate and independent works in themselves, are assembled into a collective whole. A work that constitutes a Collective Work will not be considered a Derivative Work (as defined below) for the purposes of this License. "Derivative Work" means a work based upon the Work or upon the Work and other pre-existing works, such as a translation, musical arrangement, dramatization, fictionalization, motion picture version, sound recording, art reproduction, abridgment, condensation, or any other form in which the Work may be recast, transformed, or adapted, except that a work that constitutes a Collective Work will not be considered a Derivative Work for the purpose of this License. For the avoidance of doubt, where the Work is a musical composition or sound recording, the synchronization of the Work in timed-relation with a moving image ("synching") will be considered a Derivative Work for the purpose of this License. "Licensor" means the individual, individuals, entity or entities that offers the Work under the terms of this License. "Original Author" means the individual, individuals, entity or entities who created the Work. "Work" means the copyrightable work of authorship offered under the terms of this License. "You" means an individual or entity exercising rights under this License who has not previously violated the terms of this License with respect to the Work, or who has received express permission from the Licensor to exercise rights under this License despite a previous violation. 2. Fair Use Rights. Nothing in this license is intended to reduce, limit, or restrict any rights arising from fair use, first sale or other limitations on the exclusive rights of the copyright owner under copyright law or other applicable laws. 3. License Grant. Subject to the terms and conditions of this License, Licensor hereby grants You a worldwide, non-exclusive, revocable (for the duration of the applicable copyright) license to exercise the rights in the Work as stated below: to reproduce the Work, to incorporate the Work into one or more Collective Works; The above rights may be exercised on freely and openly accessible web media formats . The above rights include the right to make such modifications as are technically necessary to exercise the rights in other media and formats, but otherwise you have no rights to make any alterations or Derivative Works. All rights not expressly granted by Licensor are hereby reserved, including but not limited to the rights set forth in Sections 4(d) and 4(e). 4. Restrictions.The license granted in Section 3 above is expressly made subject to and limited by the following restrictions: You may publicly display the Work only under the terms of this License, and You must include a copy of, or the Uniform Resource Identifier for, this License with every copy of the Work You publicly display. You may not offer or impose any terms on the Work that restrict the terms of this License or the ability of a recipient of the Work to exercise the rights granted to that recipient under the terms of the License. You may not sublicense the Work. You must keep intact all notices that refer to this License and to the disclaimer of warranties. When You publicly display the Work, You may not impose any technological measures on the Work that restrict the ability of a recipient of the Work from You to exercise the rights granted to that recipient under the terms of the License. This Section 4(a) applies to the Work as incorporated in a Collective Work, but this does not require the Collective Work apart from the Work itself to be made subject to the terms of this License. If You create a Collective Work, upon notice from any Licensor You must, to the extent practicable, remove from the Collective Work any credit as required by Section 4(c), as demanded. You may not exercise any of the rights granted to You in Section 3 above in any manner that is primarily intended for or directed toward commercial advantage or private monetary compensation. The exchange of the Work for other copyrighted works by means of digital file-sharing or otherwise shall not be considered to be intended for or directed toward commercial advantage or private monetary compensation, provided there is no payment of any monetary compensation in connection with the exchange of copyrighted works. If You publicly display the Work (as defined in Section 1 above) or Collective Works (as defined in Section 1 above), You must, unless a request has been made pursuant to Section 4(a), keep intact all copyright notices for the Work and provide, reasonable to the medium or means You are utilizing: (i) the name of the Original Author (or pseudonym, if applicable) if supplied, and/or (ii) if the Original Author and/or Licensor designate another party or parties (e.g. a sponsor institute, publishing entity, journal) for attribution ("Attribution Parties") in Licensor's copyright notice, terms of service or by other reasonable means, the name of such party or parties; the title of the Work if supplied; to the extent reasonably practicable, the Uniform Resource Identifier, if any, that Licensor specifies to be associated with the Work, unless such URI does not refer to the copyright notice or licensing information for the Work. The credit required by this Section 4(c) may be implemented in any reasonable manner; provided, however, that in the case of a Collective Work, at a minimum such credit will appear, if a credit for all contributing authors of the Collective Work appears, then as part of these credits and in a manner at least as prominent as the credits for the other contributing authors. For the avoidance of doubt, You may only use the credit required by this clause for the purpose of attribution in the manner set out above and, by exercising Your rights under this License, You may not implicitly or explicitly assert or imply any connection with, sponsorship or endorsement by the Original Author, Licensor and/or Attribution Parties, as appropriate, of You or Your use of the Work, without the separate, express prior written permission of the Original Author, Licensor and/or Attribution Parties. 5. Representations, Warranties and Disclaimer UNLESS OTHERWISE MUTUALLY AGREED TO BY THE PARTIES IN WRITING, LICENSOR OFFERS THE WORK AS-IS AND ONLY TO THE EXTENT OF ANY RIGHTS HELD IN THE LICENSED WORK BY THE LICENSOR. THE LICENSOR MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND CONCERNING THE WORK, EXPRESS, IMPLIED, STATUTORY OR OTHERWISE, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF TITLE, MARKETABILITY, MERCHANTIBILITY, FITNESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT, OR THE ABSENCE OF LATENT OR OTHER DEFECTS, ACCURACY, OR THE PRESENCE OF ABSENCE OF ERRORS, WHETHER OR NOT DISCOVERABLE. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF IMPLIED WARRANTIES, SO SUCH EXCLUSION MAY NOT APPLY TO YOU. 6. Limitation on Liability. EXCEPT TO THE EXTENT REQUIRED BY APPLICABLE LAW, IN NO EVENT WILL LICENSOR BE LIABLE TO YOU ON ANY LEGAL THEORY FOR ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY DAMAGES ARISING OUT OF THIS LICENSE OR THE USE OF THE WORK, EVEN IF LICENSOR HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 7. Termination This License and the rights granted hereunder will terminate automatically upon any breach by You of the terms of this License. Individuals or entities who have received Collective Works (as defined in Section 1 above) from You under this License, however, will not have their licenses terminated provided such individuals or entities remain in full compliance with those licenses. Sections 1, 2, 5, 6, 7, and 8 will survive any termination of this License. Subject to the above terms and conditions, the license granted here is perpetual (for the duration of the applicable copyright in the Work). Notwithstanding the above, Licensor reserves the right to release the Work under different license terms or to stop distributing the Work at any time; provided, however that any such election will not serve to withdraw this License (or any other license that has been, or is required to be, granted under the terms of this License), and this License will continue in full force and effect unless terminated as stated above. 8. Miscellaneous Each time You distribute or publicly digitally perform the Work (as defined in Section 1 above) or a Collective Work (as defined in Section 1 above), the Licensor offers to the recipient a license to the Work on the same terms and conditions as the license granted to You under this License. If any provision of this License is invalid or unenforceable under applicable law, it shall not affect the validity or enforceability of the remainder of the terms of this License, and without further action by the parties to this agreement, such provision shall be reformed to the minimum extent necessary to make such provision valid and enforceable. No term or provision of this License shall be deemed waived and no breach consented to unless such waiver or consent shall be in writing and signed by the party to be charged with such waiver or consent. This License constitutes the entire agreement between the parties with respect to the Work licensed here. There are no understandings, agreements or representations with respect to the Work not specified here. Licensor shall not be bound by any additional provisions that may appear in any communication from You. This License may not be modified without the mutual written agreement of the Licensor and You. There are no third-party beneficiaries to this Licesnse. You waive any right to jury trial in connection with any action or litigation in any way arising out of or related to this License. You agree to pay all reasonable attorney fees and other costs incurred by Your breach of this license. This agreement will be governed and construed in accordance with the laws of the State of Florida without regard to its conflicts of law provisions. You agree to submit to the personal jurisdiction of the state and federal courts located in Palm Beach County in the State of Florida, and any cause of action which arise from use of this web site or from interpretation of these terms and conditions must be filed in the state and federal courts located in Palm Beach County, State of Florida. If any provision of this agreement shall be unlawful, void, or for any reason unenforceable, then that provision shall be deemed severable from this agreement and shall not affect the validity and enforceability of any remaining provisions. Any remaining provisions shall be given effect to the fullest extent possible. Need more news? visit FeedSyndicate for all of your content needs This is a BETA service and subject to change or cancellation. Recent Posts Most Popular Comments Recent Comments Popular Threads Advertisement Advertisement [ CLOSE ] --> [ CLOSE ] [ CLOSE ] [ CLOSE ] Submit News | Privacy Policy | Terms of Use | Contact Us | News and Content Feeds | Journalism Jobs Follow AHN on Twitter AHN Social News connects you with friends and the news © 2011 AHN All Rights Reserved | Hosted on the NewsBahn™

Other News on Tuesday, 27 September 2011
Analysis: U.S., Palestinians race for votes at U.N. council |
Demise of PA plan for low-income adults leaves many uninsured
Iraq signs deal to buy 18 F-16 warplanes |
Elmo and Harry Potter among the top 20 holiday toys
Syrian forces kill 4 defecting soldiers: activists |
New data backs early HIV treatment cost-effectiveness
Ex-president's killing plotted abroad
Japan gets offers for new fighter jets
Laughter Yoga the newest rage in Vietnam
Less gaudy stats in week 3, but Panthers' Newton excels in deep passing game
Somalia: Four Burundians face trial in death of Malaysian journalist
Supreme Court reconvenes with tumultuous decisions ahead
Gold continues to fall as investors raise cash
Somali president calls on Mogadishans to return to homes
Blog platform Tumblr wins $85 million in financing |
Acer sees HP changes chance to grab customers, report |
Samsung seeks Dutch ban on 3G iPhone, iPad |
T-Mobile USA promises speed boost from new phones |
China urges police use microblogs to dispel rumors |
The Situation: Christie Vetoes $420,000 break for Jersey Shore |
Jackson appeared drunk at news conference: lawyer |
Jay-Z to perform first concert in Brooklyn arena |
Libyan interim government forces close in on Sirte |
Syria forces storm town, fight defectors: residents |
Special report: Matriarch puts Gandhi dynasty at crossroads |
Fister's arm, Tiger bats too much for Indians in Monday night rout
Insight: Blunt talk from China ex-premier stirs reform pot |
MAC Commissioner says Toledo's loss to Syracuse has to stand
Fister's six shutout frames boost Tigers to 6-0 lead over Indians
Part owner Jay-Z set to open Nets' new arena with concert
U.S. avoids another looming government shutdown, for now
Analysis: U.S., Palestinians race for votes at U.N. council |
Yanks seek Cash back: want GM to return in 2012
Ohio: Children's Hospitals Expanded Even As Number Of Kids In State Declined
Influential Charity Applies Political Pressure To Win Florida Hospital Approval On Third Try
New Children's Memorial Hospital Will Rank Among The Most Expensive
U.S. and Pakistan continue war of words on Haqqani Network
Iraq signs deal to buy 18 F-16 warplanes |
Insurgents commit war crimes in Thai south: Amnesty |
Australia to end ban on women in combat |
Asian tech firms face stiff challenge in mobile systems |
Nokia Siemens enters dongle, router business |
Netflix signs pay TV deal for Dreamworks animation |
Lenovo in $300 million JV with Compal, shares jump |
Michael Jackson's doctor on trial in singer's death |
Charlie Sheen settles lawsuit over Men firing |
Sarah Palin threatens to sue author of Rogue book |
Ellen DeGeneres is fine after chest pain scare |
L Word star booted off plane over kissing dispute |
Latin Grammys name Shakira person of the year |
Selena Gomez to host MTV Europe Music Awards 2011 |
Russia's Putin rebuilds economic team, seeks unity |
Trial begins for Jackson's doctor
Pakistan pushes back against U.S. charges, woos China |
Coffee may reduce depression risk for women
Stafford's impressive start has Lions' fans optimistic for rest of season
Judge: Spend time with Jesus or in jail
Saudis tussle over a textbook
Turkey’s sinking lira defies soaring economy
Shanghai subway trains collide injuring more than 270 |
Egypt eyes new arms suppliers
Pools and water play arreas spread disease
Marlins next for Ozzie? White Sox, manager Guillen part ways
Kosovo Serbs clash with NATO; ten people hurt |
Google celebrates 13th birthday with google doodles
Iran says could deploy navy near U.S. coast: report |
Suicide bomb, blast kill 18 civilians in Afghanistan |
Iraqi air defense: A work in progress |
Amanda Knox was faithful girl in love, lawyer says |
Apple expected to unveil new iPhone next week |
RIM shares jump on Icahn stake talk |
Activists meet to defend Internet from state control |
Huawei and Discovery team up to make waterproof phone |
Acer sees HP changes chance to grab customers: report |
North Irish farmer boots scantily clad Rihanna off land |
L Word star booted off plane over kissing dispute |
Governor vetoes tax break for Jersey Shore |
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph	VPN on MacOSX	BlogMeter 1.01