Saturday, February 16, 2019 | ePaper

Turkey lira loses 5% against dollar, hits record low

  • Print
AFP, Istanbul :
Turkey's embattled lira on Friday hit new record lows against the US dollar, losing some five percent in value as strains with the United States showed no sign of easing and fears grew over the exposure of European banks.
The lira was trading at 5.85 to the dollar, a loss in value on the day of 5.5 percent. However it had rallied somewhat after earlier crashing some 12 percent through the 6.0 level for the first time in history, trading at one point above 6.2.
The lira has now lost over a third of its value against both the dollar and the euro this year, with the currency battered by both concerns over domestic economic policy and the political situation.
Turkey remains at loggerheads with the United States in one of the worst spats between the two NATO allies in years over the detention for the last two years of American pastor Andrew Brunson and a host of other issues.
Talks this week in Washington failed to resolve the impasse which has led both sides to slap sanctions on senior officials amid fears of graver measures to come.
Meanwhile, markets are deeply concerned over the direction of economic policy in Turkey where inflation has hit nearly 16 percent but with the central bank reluctant to raise rates in response.
President Recep Tayyip Erdogan after winning June 24 elections with revamped powers tightened his control over the nominally independent central bank and appointed his son-in-law Berat Albayrak to head a newly-empowered finance ministry.
Concerns were intensified Friday by a report in the Financial Times that the supervisory wing of the European Central Bank (ECB) had over the last weeks began to look more closely at euro zone lenders' exposure to Turkey.
The report said that the situation is not yet seen as "critical" but Spain's BBVA, Italy's UniCredit and France's BNP Paribas are regarded as particularly exposed.

More News For this Category

Shafiul Alam Khan Chowdhury, AMD of Pubali Bank Limited, speaking at a training workshop on 'Executive Development Programme' at the banks training institute in the city recently. 27 executives of the bank participated in the workshop. Niranjan Chandra Gope, Principal of the institute and other senior officials of the Bank were also present.

Shafiul Alam Khan Chowdhury, AMD of Pubali Bank Limited, speaking at a training workshop on 'Executive Development Programme' at the banks training institute in the city recently. 27 executives of the bank participated in the workshop. Niranjan Chandra Gope, Principal of the institute and other senior officials of the Bank were also present.

.

Asian shares drop on trade talks fears, weak US retail

AFP, Hong Kong :Asian stocks retreated Friday as concern grew over reports of an impasse in China-US trade talks in Beijing, and Wall Street was hit by weak US

Slower profit growth no spur to Commerzbank-Deutsche merger

AFP, Frankfurt Am :Germany's second-biggest lender Commerzbank said Thursday its profits jumped in 2018, with growth in its client base and ebbing restructuring costs opening the way for a

EU lawmakers greenlight screening of Chinese investment

AFP, Strasbourg :The European Parliament on Thursday gave its green light to new powers to screen foreign takeovers in Europe's strategic sectors, amid concern about investment by China.The limited

Tokyo stocks open lower on weak US retail, higher yen

AFP, Tokyo :Tokyo stocks opened lower on Friday, tracking falls on Wall Street as weak US retail sales disappointed investors and a higher yen weighed on the market.The benchmark

Mohammodi Khanam, CEO of Prime Insurance Company Limited and Dr. Shakti Ranjan Paul, Chairman of Life and Health Limited and Adviser of Bangkok Hospital, exchanging an agreement signing document on Medical Services at Unique Heights in the city recently. Md. Zakiullah Shahid, Chairman, Shaeda Parvin Trisha, Vice-Chairperson and other members of the company and dignitaries from the hospital were also present.

Mohammodi Khanam, CEO of Prime Insurance Company Limited and Dr. Shakti Ranjan Paul, Chairman of Life and Health Limited and Adviser of Bangkok Hospital, exchanging an agreement signing document on Medical Services at Unique Heights in the city recently. Md. Zakiullah Shahid, Chairman, Shaeda Parvin Trisha, Vice-Chairperson and other members of the company and dignitaries from the hospital were also present.

.

US officials to meet Xi as trade talks near end

US officials to meet Xi as trade talks near end

AFP, Beijing :Top US economic officials were to meet on Friday with Chinese President Xi Jinping as the sides aim to wrap up trade talks in Beijing with enough

China imposes anti-dumping tariffs on Brazilian chicken

AFP, Beijing :China announced anti-dumping duties on Brazilian chicken Friday, saying investigations had revealed that poultry imports had done "substantive damage" to the domestic broiler industry. The tariffs -

World stocks slip with few leads from US-China talks

UNB, Singapore :World markets were mostly lower on Friday in the absence of good news as the U.S. and China concluded yet another round of trade talks in Beijing.France's

Dubai property giant Emaar grows profits despite lower prices

AFP, Dubai :Dubai-based construction giant Emaar Properties said on Thursday its net profits for the fourth quarter and the whole of last year increased despite falling real estate prices.The