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The Turkish lira plunged to an all-time low against the U.S. dollar and euro, depreciating by about 10% following the detention of Istanbul Mayor Ekrem İmamoğlu, a key political rival of President Erdoğan. This event has heightened investor concerns over Turkey's political stability and economic policies, leading to a nearly 9% drop in the BIST 100 index. In response, the central bank intervened by selling a record amount of foreign currency to stabilize the lira.
The PUK report on the Credit Suisse debacle fails to address the critical issue of character, attributing the bank's downfall more to a toxic mindset than to insufficient capital. Key figures, including Chairman Urs Rohner, exemplified a culture of greed and recklessness, leading to disastrous consequences. The report highlights systemic failures by regulatory bodies but overlooks the profound impact of leadership on the bank's fate.
The Turkish lira has drastically lost value over the past two decades, with an official inflation rate of 48.6% in October, though independent estimates suggest it may be closer to 90%. Consumption is seen as the best investment due to constant price increases, while the minimum wage barely covers average rent in Istanbul. As the lira stabilizes, the economic reality remains challenging for many, highlighting the disparity between debtors benefiting from hyperinflation and those struggling to make ends meet.
Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan held a phone call to discuss bilateral relations. They focused on enhancing trade and economic cooperation, with plans for further contacts between relevant departments to address current issues on the agenda.
Recep Tayyip Erdoğan
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turkish lira hits record low amid political turmoil and investor concerns
16:39 19.03.2025
credit suisse downfall rooted in character flaws not capital issues
Euro
United States Dollar
Deutsche Bank RV Global PP
Credit Suisse Real Estate Fund Siat
Nestlé S.A.
TUR
CHE
MLT
Peter Brabeck
Urs Rohner
Recep Tayyip Erdoğan
Joe Ackermann
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22:45 21.12.2024
turkey's lira crisis drives hyperinflation and erodes living standards
19:04 03.12.2024
putin and erdogan discuss trade and cooperation in recent phone call
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