|Day's Range||0.175 - 0.176|
|52 Week Range||0.1560 - 0.1948|
Turkey's central bank dramatically cut interest rates by 3.25 percentage points, cutting its key rate to 16.5% from 19.75%. "Recently, advanced economy central banks have started to adopt more expansionary policies as global economic activity weakened and downside risks to inflation heightened. While these developments support the demand for emerging market assets and the risk appetite, rising protectionism and uncertainty regarding global economic policies are closely monitored in terms of their impact on both capital flows and international trade," the central bank said. The dollar fell to 5.6810 lira from 5.7512.
The Federal Reserve has now stopped its monetary tightening, yet the most vulnerable emerging market currencies are still falling like flies. The reason why monetary tightening pressures weaker currencies of countries with inadequate foreign-exchange reserves is that it tends to push the dollar higher via higher U.S. interest rates. If the host country has been on a dollar-borrowing spree, higher U.S. rates and stronger dollar tend to make those debts harder to service and roll over.
Turkish President Recep Tayyip Erdogan’s decision over the weekend to oust the country’s top central banker might make U.S. President Donald Trump jealous, but it runs the risk of sending Turkey into a full-blown currency crisis, analysts said Monday.
A popular exchange-traded fund that tracks Turkey’s stock market is climbing on Monday after Ekrem Imamoglu of the opposition Republican People’s party won a key closely watched mayoral race over the weekend,
Turkey’s lira currency has opened higher against the U.S. dollar on Monday after a repeat election for mayor in Istanbul ended months of uncertainty with a landmark opposition win in the country’s largest city.
In a blow to Turkish President Recep Tayyip Erdogan, an opposition candidate declared victory in the Istanbul mayor’s race for a second time Sunday after the government-backed candidate conceded defeat in a high-stakes repeat election.
The company's system sales, which comprise corporate and franchise, rose to 1.13 billion Turkish lira (£163.98 million), helped by like-for-like growth of 9.3 percent in Turkey and 16 percent in Russia. The pizza firm added 81 new stores in 2018, including 58 new ones in Russia, bringing its network to 724 stores. It targets 40-60 stores per year in Russia in mid-term and branched out to 12 cities outside Moscow.