12-21-2022, 01:31 PM
AT THE CENTRE OF THE CURRENCY WAR AGAINST THE LIRA IS ERDOGAN'S POLICY ON INTEREST RATES. HE IS COMMITTED TO CUTTING THEM BASED ON THE ISLAMIC INSPIRATION TO MOVE TOWARDS THE USURY FREE ECONOMY. THIS IS CERTAINLY CHALLENGING THE ENTIRE USURY BASED FINANCIAL AND BANKING SYSTEM. THIS IS CERTAINLY A POLICY THE ENTIRE UMMAH SHOULD SUPPORT.
THE POWERS THAT BE CAN NOT TOLERATE THIS AS IT UNDERMINES THE BASIS OF AN UNJUST EXPLOITATIVE GLOBAL USURY BASED FINANCIAL SYSTEM. THEY HAVE RESORTED TO CREATING PANIC AND DEVALUATION OF THE LIRA AS THE SYSTEM IS RIGGED AND MANIPULATED.
IN THIS DIRE SITUATION TURKEY NEEDS THE SUPPORT OF THE GLOBAL UMMAH MORALLY AND FINANCIALLY. BUT ULTIMATELY THOSE SEEKING TO IMPLEMENT THE WILL OF ALLAH NEED TO RELY AND SEEK ALLAH's ASSISTANCE AS ONLY HE CAN DELIVER SUCCESS IN THIS WORLD.
TURKISH LIRA REBOUNDS AFTER INTRODUCTION OF NEW ECONOMIC TOOL
https://www.trtworld.com/turkey/turkish-...tool-52852
The new measure is meant to compensate lira-based savers and defend the value of lira holdings against fluctuations in the exchange rate.
Under a new measure, Turkiye will compensate lira depositors for foreign currency fluctuations while encouraging citizens to move towards Turkish lira-based assets, according to details of the newly released mechanism.The new FX-indexed Turkish lira deposits tool will be available for individuals who have a lira deposit account with a maturity of three, six, nine, or 12 months, according to a Treasury and Finance Ministry statement on Tuesday. Under the facility, if the yield remains below the exchange rate difference between the account opening and its maturity dates despite the earned interest, the Treasury will compensate the depositor.
For the calculation, the Turkiye's Central Bank will publish the US dollar buying rate daily at 0800 GMT. All lenders – both state and private – can join the system voluntarily, the ministry said, adding that the government is also working to implement the new system for participation banks with Islamic finance perspectives.The policy rate for the measure will be the minimum interest rate applied to term deposits. The Central Bank's policy rate is the minimum interest rate applied to term deposits.
Lira rebounds
Following a 100 basis points rate cut last week, the Central Bank's benchmark one-week repo rate – policy rate stands at 14 percent. With the latest cut, the monetary authority has lowered the key rate 500 basis points since September.
TURKEY FOILED SPECULATIVE ECONOMIC ATTACKS, ERDOGAN SAYS
https://www.dailysabah.com/business/econ...dogan-says
Turkey has foiled attacks by domestic and foreign players on its economy after the lira successfully rebounded from record lows against foreign currencies, President Recep Tayyip Erdo?an said Wednesday. "There are obstacles, risks and traps but Turkey’s determination will overcome these and we will emerge victorious from the economic battle," Erdo?an told fellow lawmakers at the ruling Justice and Development Party's (AK Party) parliamentary meeting in Ankara.
He also noted that Turkey is not doing anything against free-market rules, but is trying to ensure speculators leave the economy alone.The Turkish lira made an overnight come back on Monday as Erdo?an revealed a new financial mechanism to shore up the currency.The fresh measures come in the wake of rising prices and exchange rates as the government pursues its "new economic model," which emphasizes opposition to high interest.
Erdo?an said the new instrument would allow potential investors in foreign currencies to get the same results while sticking to the lira.On Tuesday morning, the lira-dollar exchange rate dropped to 11.23 as of 9:30 a.m. local time (6:30 a.m. GMT), gaining almost 40% against the dollar since Monday evening. The United States dollar and euro both tumbled more than 33% late Monday after Erdo?an unveiled the plan that he said would guarantee local currency deposits against market fluctuations.
TURKISH LIRA UP UPON ONE CALL FROM ERDOGAN BRINGING NEW ECONOMIC MODEL
TURKISH LIRA DOWN FURTHER AND ERDOGAN FURTHER CUTS THE RATES
THE POWERS THAT BE CAN NOT TOLERATE THIS AS IT UNDERMINES THE BASIS OF AN UNJUST EXPLOITATIVE GLOBAL USURY BASED FINANCIAL SYSTEM. THEY HAVE RESORTED TO CREATING PANIC AND DEVALUATION OF THE LIRA AS THE SYSTEM IS RIGGED AND MANIPULATED.
IN THIS DIRE SITUATION TURKEY NEEDS THE SUPPORT OF THE GLOBAL UMMAH MORALLY AND FINANCIALLY. BUT ULTIMATELY THOSE SEEKING TO IMPLEMENT THE WILL OF ALLAH NEED TO RELY AND SEEK ALLAH's ASSISTANCE AS ONLY HE CAN DELIVER SUCCESS IN THIS WORLD.
TURKISH LIRA REBOUNDS AFTER INTRODUCTION OF NEW ECONOMIC TOOL
https://www.trtworld.com/turkey/turkish-...tool-52852
The new measure is meant to compensate lira-based savers and defend the value of lira holdings against fluctuations in the exchange rate.
Under a new measure, Turkiye will compensate lira depositors for foreign currency fluctuations while encouraging citizens to move towards Turkish lira-based assets, according to details of the newly released mechanism.The new FX-indexed Turkish lira deposits tool will be available for individuals who have a lira deposit account with a maturity of three, six, nine, or 12 months, according to a Treasury and Finance Ministry statement on Tuesday. Under the facility, if the yield remains below the exchange rate difference between the account opening and its maturity dates despite the earned interest, the Treasury will compensate the depositor.
For the calculation, the Turkiye's Central Bank will publish the US dollar buying rate daily at 0800 GMT. All lenders – both state and private – can join the system voluntarily, the ministry said, adding that the government is also working to implement the new system for participation banks with Islamic finance perspectives.The policy rate for the measure will be the minimum interest rate applied to term deposits. The Central Bank's policy rate is the minimum interest rate applied to term deposits.
Lira rebounds
Following a 100 basis points rate cut last week, the Central Bank's benchmark one-week repo rate – policy rate stands at 14 percent. With the latest cut, the monetary authority has lowered the key rate 500 basis points since September.
TURKEY FOILED SPECULATIVE ECONOMIC ATTACKS, ERDOGAN SAYS
https://www.dailysabah.com/business/econ...dogan-says
Turkey has foiled attacks by domestic and foreign players on its economy after the lira successfully rebounded from record lows against foreign currencies, President Recep Tayyip Erdo?an said Wednesday. "There are obstacles, risks and traps but Turkey’s determination will overcome these and we will emerge victorious from the economic battle," Erdo?an told fellow lawmakers at the ruling Justice and Development Party's (AK Party) parliamentary meeting in Ankara.
He also noted that Turkey is not doing anything against free-market rules, but is trying to ensure speculators leave the economy alone.The Turkish lira made an overnight come back on Monday as Erdo?an revealed a new financial mechanism to shore up the currency.The fresh measures come in the wake of rising prices and exchange rates as the government pursues its "new economic model," which emphasizes opposition to high interest.
Erdo?an said the new instrument would allow potential investors in foreign currencies to get the same results while sticking to the lira.On Tuesday morning, the lira-dollar exchange rate dropped to 11.23 as of 9:30 a.m. local time (6:30 a.m. GMT), gaining almost 40% against the dollar since Monday evening. The United States dollar and euro both tumbled more than 33% late Monday after Erdo?an unveiled the plan that he said would guarantee local currency deposits against market fluctuations.
TURKISH LIRA UP UPON ONE CALL FROM ERDOGAN BRINGING NEW ECONOMIC MODEL
TURKISH LIRA DOWN FURTHER AND ERDOGAN FURTHER CUTS THE RATES