Gas delivered via pipelines from Russia and Iran down 72% y/y and 33% y/y in March. US expanding shipments of liquefied natural gas amid glut as spot prices fall.
Erdogan administration officials are working around the clock trying to convince the world the currency can defy gravity. Nothing adds up in their favour. The worry is that they will end up trying to defy voters instead.
Easing comes on back of some stabilisation in the embattled lira but markets remain concerned by country’s lack of FX reserves.
Currency falls slightly after news. Markets want to see more. Finance minister remarks “Imports will not be easy” as Ankara moves to boost domestic production. Turkish officials, meanwhile, said to be concerned by possible new rush for dollars.
Rating agency also downgrades Halkbank from ‘B’ to ‘B+’. Ability of sovereign to support lenders in event of need has declined, it says.
Slowdown in new cases in Eastern Europe, while lockdowns already being lifted in Central and Southeast Europe.
Ankara appears to be in swap line talks with UK, Japan, Qatar and China.
Despite onset of pandemic and lockdowns market was expecting some growth.
“I’m fairly sure that we will end up there eventually,” says academic in response to prospect of IMF bailout or capital controls.
Critic says Erdogan’s cajoling to keep rates low has caused investors to dump lira. With FX reserves sinking, back-door ways to lift currency, such as by squeezing trade, will be needed, but will shred central bank's remaining credibility, they add.
Academics say directive may prompt journalists to self-censor for fear of being fined.
A worldwide lockdown has created havoc for retailers as their customers are forced to stay at home. There has been a little respite as sales in March surged due to panic buying but that has given way to a lockdown that keeps stores closed
Officials lift UBS, Citi, BNP lira trading ban. Under regulator’s beady eye, local brokers stop offering FX trading on margin to retail clients. Foreign investors exit country at breakneck speed.
Seen as sitting on strategic Asia-Europe trade junction along China's Belt and Road initiative to develop infrastructure and associated investments.
Government media point finger at foreign market players as Turkish currency falls to all-time low. Banking watchdog issues wide-ranging regulation on manipulative trading. Critics say it has no parallel anywhere else in the world.
You can almost smell the acrid smoke pouring out of the Turkish economy. But the finance minister has been up on the virtual podium to insist all is well. Curious analysts tuned into his charm offensive.
Russia now has the world’s second-fasted growth of COVID-19 cases after the US, with Moscow at the epicentre of the outbreak.
The torrent of capital fleeing Emerging Markets (EMs) securities has stopped and these markets saw a modest inflow in April, reported the Institute of International Finance (IIF) on May 4.
With lira precariously weak, more monetary easing could pave way to repeat of 2018 currency crisis they warn.
Steepest slowdown since global financial crisis as pandemic disruption takes terrible toll and lira weakness pushes up input prices. Index reading falls to 33.4 from 48.1 in March.