Erdogan takes wheel of Turkish wealth fund

14 September, 2018, 14:43 | Author: Regina Silva
  • Erdogan takes wheel of Turkish wealth fund

The increase, which was higher than expected, boosted the lira by five percent against the dollar and may ease investor concern about Erdogan's influence on monetary policy.

Turkish President Tayyip Erdogan has appointed himself chairman of the country's sovereign wealth fund and completely changed its board, naming Finance Minister Berat Albayrak as his deputy, the country's Official Gazette said on Wednesday.

Turkish Central Bank on Thursday hiked its one-week repo rate by 625 base points.

Must give a lesson to those who exploit with price hikes.

The lira reacted strongly to the decision, rising by 5 per cent in value to 6.0 lira to the USA dollar.

But just hours before the CBRT decision, president Erdogan had dubbed interest rates as a "tool of exploitation", with the lira sliding further.

It vowed the tight stance in monetary policy would be "maintained decisively until inflation outlook displays a significant improvement".

TRT World's Turkey analyst Yusuf Erim has more.

U.S. mulls sanctions on China over Uighur Muslim crackdown
But the Chinese government strongly denied the figures, saying there was no mass imprisonment or "arbitrary detention".


Hurricane Florence to 'bring Mike Tyson punch to Carolina coast'
Duke Energy has around 4 million customers in North and SC , and says it could take several weeks to restore the electricity. Across several eastern states, residents scrambled to leave as the Category 4 storm, with winds of 225kmh, approached.


The Project: Harper Nielsen On Why She Won't Stand For The Anthem
The Courier-Mail newspaper broke the story about Harper and how the school told her she had to stand or leave the building. The department denied earlier reports that Harper faced suspension or expulsion for her protest.


The bank's decision came shortly after Erdogan triggered tumult by repeating his hostility to higher borrowing costs and issuing an order that limited the use of foreign currency in domestic transactions.

Ignoring calls for restraint from President Recep Tayyip Erdoğan, the bank raised its main short-term rate from 17.5% following weeks of pressure from global investors.

There had been indications from the bank that it would raise rates after inflation came in at almost 18 percent in August.

In a decision announced earlier on Thursday, he ruled that property sales and rental agreements must be made in lira, putting an end to such deals in foreign currencies.

Currently, the interest rates are below the annual inflation level in Turkey. "If you say 'inflation is cause, the rate is the result, ' you do not know this business, friend".

The bank later said funding would be provided via the policy rate, the one week repo auction rate, instead of through overnight lending from September 14.

The rate rise comes on the same day as the Bank of England left the interest rate untouched at 0.75%, citing heightened risks to global growth as a result of volatility within emerging markets, as well as tensions between the USA and China.

Relations with the United States deteriorated last month after Washington imposed sanctions on two Turkish ministers over the detention of an American pastor and President Donald Trump doubled steel and aluminium tariffs on Turkey.

Recommended:

  • Pope Francis summons bishops from all over world for sex abuse summit

    Pope Francis summons bishops from all over world for sex abuse summit

    A diocesan statement also referred to allegations the priest, Manuel La Rosa-Lopez, abused a 16-year-old girl in 2001. But a man testifying four years ago in the Philadelphia trial of Monsignor William Lynn , the first senior U.S.
    Australian Cartoonist Savaged for 'Racist' Cartoon of Serena Williams Meltdown

    Australian Cartoonist Savaged for 'Racist' Cartoon of Serena Williams Meltdown

    Michael Miller, executive chairman of News Corp Australasia, which publishes the Melbourne's Herald Sun , defended his cartoonist. A cartoon of Serena Williams has provoked a furious backlash from critics who deemed it racist and offensive.
    NBA, Seattle Sports Stars Salute Storm, Breanna Stewart On WNBA Finals Win

    NBA, Seattle Sports Stars Salute Storm, Breanna Stewart On WNBA Finals Win

    Head Coach Dan Hughes is celebrating his first league title after previously leading two other WNBA teams to the playoffs. The triumph made Stewart the 11th player to win NCAA and WNBA titles and Olympic and FIBA world championship gold medals.
  • Tourists injured after rockfall at pristine beach in Greece's Zakynthos

    Tourists injured after rockfall at pristine beach in Greece's Zakynthos

    There were no reports of missing people, one of the officials said, but authorities were combing land and sea as a precaution. O'Connell described the piece of rock that fell as being as big as a four-storey building, crashing down onto the beach .
    Ravens can’t recover from Bengals’ dominant 1st half

    Ravens can’t recover from Bengals’ dominant 1st half

    There certainly is potential, even though the Bengals have spent the past two games treading the line between winning and losing. At that point, no one would have blamed the Ravens for wanting a second game against the Bills this season , not the Bengals .
    IPhone Xs, Xs Max and Xr RAM and Geekbench scores surface

    IPhone Xs, Xs Max and Xr RAM and Geekbench scores surface

    In 2016, Apple replaced the gold cases with ceramic ones and lowered the starting price of the Watch Edition to $US1,250. The two phones are nearly identical in design and features, with the XS being a refinement of last year's phone.
  • Meghan Markle's half-sister calls American royal a 'Ducha--' in slamming tweet

    Meghan Markle's half-sister calls American royal a 'Ducha--' in slamming tweet

    Recently, Meghan Markle and her husband Harry revealed what they thought was the most hard part of being part of the Royal Family. Meghan also apparently picked up her dog's mess, with Petrillo using the hashtag #princessespickuppooptoo.
    Three New Species Of Fish Discovered At The Depth Of Pacific Ocean

    Three New Species Of Fish Discovered At The Depth Of Pacific Ocean

    Without the pressure of the water and the chill of the deep ocean, they appear to melt on reaching the surface. During the expedition the team discovered some interesting species of snailfish, three to be more precise.
    New iPhones Are Coming

    New iPhones Are Coming

    There's no home button on any of them - love it or hate it, Apple is putting the fingerprint reader permanently out to pasture . Apple opened its event by announcing the new Apple Watch Series 4 with a 30 percent bigger display compared to its predecessor.
  • Gronkowski using Ramsey's trash talk as motivation

    Gronkowski using Ramsey's trash talk as motivation

    Jacksonville planned in the previous meeting to let Ramsey cover Gronk when the tight end lined up wide, outside the hash marks. Gronkowski will be the marquee matchup Sunday when the New England Patriots visit TIAA Bank Field.
    Assassin's Creed 3 remaster confirmed by Ubisoft

    Assassin's Creed 3 remaster confirmed by Ubisoft

    The remastered games will be coming out in March 2019 in the season pass, and will be available as a separate bundle . Players will learn more about the backstory of the Assassins and why they choose to fight from the shadows.

    83-Foot Wave Recorded By Satellite Monitoring Hurricane Florence

    On Tuesday, the so-called spaghetti models that show various potential paths for a storm had more variability. But in Maryland, possible impacts were diminishing as the storm's track shifted to the south and west.


Popular

Celtics' Jabari Bird pleads not guilty to assault, kidnapping, strangulation
Bird has been at a local Massachusets hospital, where he is under guarded watch, since the alleged assault last Friday. New details have emerged surrounding the domestic abuse allegations facing Boston Celtics shooting guard Jabari Bird.

Hurricane Florence deluges Carolinas ahead of landfall
Officials said some 1.7 million people in the Carolinas and Virginia were warned to evacuate, but it's unclear how many did. Florence is expected to arrive in southeast North Carolina on Friday morning before drifting south into SC .

The new iPhone is confirmed in the gadget of two SIM-cards
As for other features, both the Xs and Xs Max will have a gold color option, as evidenced from the leaked marketing photo below. If history is any indication, iPhone Xs pre-orders will open up on Friday, September 14 ahead of a release on September 21.

FDA takes 'historic action' on youth e-cigarette 'epidemic'
And if the trends in use that we're seeing right now continue, we're going to have to take even more dramatic actions. The agency issued 12 warning letters to companies that it says have deceptive marketing labels on e-liquids.

Facebook Introduces a New AI-Tool Called Rosetta to Eradicate Offensive Memes
The problem with automatically spotting hate speech on the platform via certain phrases is that people adapt. It's still developing Rosetta, and Facebook acknowledges that it needs to support many more languages.

‘Final Fantasy VII,’ ‘IX,’ And ‘X’ Coming To Nintendo Switch In 2019
And so is World of Final Fantasy , as a new version called World of Final Fantasy Maxima (also coming to PC, PS4 and Xbox One). But one of the biggest surprises was the annoucement that Final Fantasy VII , Final Fantasy IX , Final Fantasy X

FCC Pauses Proposed Sprint-T-Mobile Merger
We appreciate that the FCC is taking the time necessary to fully understand the merits of the T-Mobile and Sprint merger. The FCC is also awaiting the submission of "additional economic modeling" supporting the merger from T-Mobile.

Arsenal boss Emery addresses Ozil rift; Man City groundsman claim
However, I think we'll see him keep his place at the heart of midfield this weekend. Emery insists he has had no talks about Gazidis leaving.

Mets' Wright to return for final game September 29
The Mets said that they plan to activate Wright when they return to Citi Field on September 25 against Atlanta. During a press conference on Thursday, Wright announced that it will likely be the last series of his career.

United States businesses to lobby against Trump's tariffs
Trump said there was more pressure on China to make a deal, pointing to their shrinking economy. But Kudlow was non-committal over the chances of a breakthrough, adding: "I guarantee nothing".