Cyprus-Forum.com

[Demonax]

The Turkish Lira Is Getting Shredded

It's no surprise that one of the ugliest charts of the day would belong to an Emerging Market.
The Turkish lira is getting slammed, falling more than 1% a record low.

Turkey is one of a handful of Emerging Market's whose massive current account deficits have currency traders running for the exits.

Here's the WSJ's Yeliz Candemir on new Bank of Turkey comments:

Turkey's currency previously hit a record low of TRY2.0733 against the dollar last week after Governor Erdem Basci ruled out rate increases even as he said officials would defend the lira "like lions," forecasting it would be up to TRY1.92 against the dollar by year end.

The central bank had appeared to back away from this position Wednesday when Deputy Governor Turalay Kenc was quoted as saying: "The exchange rate at year end may be below or above that level," by several economists who attended a monthly analysts' meeting. "

Read more: http://www.businessinsider.com/turkish- ... z2e2Llp8EO

[Kikapu]

The Turkish Lira Is Getting Shredded

It's no surprise that one of the ugliest charts of the day would belong to an Emerging Market.
The Turkish lira is getting slammed, falling more than 1% a record low.

Turkey is one of a handful of Emerging Market's whose massive current account deficits have currency traders running for the exits.

Here's the WSJ's Yeliz Candemir on new Bank of Turkey comments:

Turkey's currency previously hit a record low of TRY2.0733 against the dollar last week after Governor Erdem Basci ruled out rate increases even as he said officials would defend the lira "like lions," forecasting it would be up to TRY1.92 against the dollar by year end.

The central bank had appeared to back away from this position Wednesday when Deputy Governor Turalay Kenc was quoted as saying: "The exchange rate at year end may be below or above that level," by several economists who attended a monthly analysts' meeting. "

Read more: http://www.businessinsider.com/turkish- ... z2e2Llp8EO

The central bank had appeared to back away from this position Wednesday when Deputy Governor Turalay Kenc was quoted as saying:"The exchange rate at year end may be below or abovethat level," by several economists who attended a monthly analysts' meeting.

With a prediction like that, he is likely to be 99.9% accurate.

[kimon07]

India follows. It looks like that the babble miracle of the “emerging markets” is coming to a messy end.

India Economic Growth: Once a Shining Economy, India is in Danger of Running Out of Gas
………….An economy that once was shining is now rapidly losing that shine. India is at a serious risk of plunging itself into a crisis, one that might soon be too large to be defeated by policy…

http://www.policymic.com/articles/16089 ... out-of-gas

[Get Real!]

The Turkish Lira Is Getting Shredded

Why worry? Just knock off another 6 zeros again like in 2003 and it’ll be stronger than all the other currencies!

[stpier]

...i always find it amusing when a "Turk" tries to win in debates by comparing themselves to "Greeks".

stpier, "Turkey" is the center of your Universe, but just like the "Greeks", you forget that Greece, and Turkey are Countries, they are not just some mass to be subject to your will because you are "Turkish" enough. and quite frankly if this is the case, the "Greeks" are way ahead of you, since their recovery is underway, the "Turks" still live in denial.

Greece recovery underway. Guess how? By EU threats and humiliation. No, Turkey is way ahead.

[Demonax]

Greece recovery underway.... No, Turkey is way ahead.

More baseless Turkish fantasy. Despite the current economic crisis in Greece, its gross domestic product per capita is still way ahead of Turkey’s:

23,930 vs 15,578 by 2013 figures. And on projected figures the gap is predicted to grow: 30,648 vs 20,127 for 2018.

Source: Wikipedia

[stpier]

http://www.dailymail.co.uk/news/article ... -sale.html

[Demonax]

If only Turkey had access to the East Med’s bountiful gas reserves...

Oil price, lira seen adding $2 billion to Turkey energy bill

A jump in global crude oil prices and a depreciating Turkish lira could add $2 billion to Turkey's already ballooning energy bill in the second half of the year, Turkish economic officials said on Wednesday.

Turkey is almost completely dependent on imports to meet its energy needs. Its oil and gas purchases have been the driving factor behind the widening of its current account deficit to more than 7 percent of national output.

The government has forecast energy imports to be $59.6 billion for the whole of 2013, almost unchanged from $60 billion last year, but officials say Turkey is likely to overshoot the target.

"There will be a serious increase in costs, both due to the rise in oil prices and the dollar. If both the dollar and oil stay at these levels, the additional cost could be around $2 billion," one of the government officials said.

http://www.hurriyetdailynews.com/oil-pr ... sCatID=344

[Kikapu]

Greece recovery underway.... No, Turkey is way ahead.

More baseless Turkish fantasy. Despite the current economic crisis in Greece, its gross domestic product per capita is still way ahead of Turkey’s:

23,930 vs 15,578 by 2013 figures. And on projected figures the gap is predicted to grow: 30,648 vs 20,127 for 2018.

Source: Wikipedia

You are being very generous with the above figures regarding Turkey's GDP per capita. These are the figures the Turkish politicians are always bragging about, but it's actually meaningless and it's not what the actual GDP per capita is. That would be a dream come true for the Turks in 2013 or even in 2020. The above figures are only for the "Purchasing Power Parity" (PPP).

Here are the real figures on the GDP per Capita.

turkey-gdp-per-capita.png

http://www.tradingeconomics.com/turkey/gdp-per-capita

[Demonax]

^^^
Thanks for the clarification, Kikapu. That certainly puts things into perspective!