Turkey’s lira weakened the most in more than a year and bank stocks plunged as Prime Minister Recep Tayyip Erdogan warned demonstrators and lashed out against financial speculators for seeking to profit from protests against his government.
Bondholders in Turkey’s biggest brewer are signaling that protesters who’ve taken over Istanbul’s Taksim Square face disappointment as Prime Minister Recep Tayyip Erdogan indicated he won’t cede to their demands.
Turkish bonds surged and the lira touched an 11-month low after a bigger-than-forecast cut to interest rates preceded a decision by Moody’s Investors Service to raise the nation’s credit rating to investment grade.
Prime Minister Recep Tayyip Erdogan , who won a third term in office pledging to rewrite Turkey’s constitution and continue its economic growth, may have to seek alliances with the main Kurdish party in order to move forward with a new national charter, Inan Demir , chief economist at Finansbank AS, said today in a telephone interview.
Abdullah Ocalan, the jailed leader of the militant Kurdish group that has been fighting Turkey’s army for almost 30 years, called for an end to the armed struggle and a political solution to the conflict.
Turkey’s central bank announced a new policy tool today to limit risks of excessive debt in the banking system by placing higher reserve requirements on banks that fail to meet specified leverage ratios.