Turkish investors rushed into stocks and dumped the lira after President Recep Tayyip Erdogan embarked on his third decade in the top position.
Turkish stocks climbed on Monday, while the lira hit a fresh record low after President Recep Tayyip Erdogan was re-elected and embarked on his third decade in the top position.
Turkey’s... Turkish stocks climbed on Monday, while the lira hit a fresh record low after President Recep Tayyip Erdogan was re-elected and embarked on his third decade in the top position. Turkey’s BIST index XU100 rose 4.2%. The index has gained 94% over 12 months in local currency terms, as investors in the country have turned to the stock market to shelter from soaring inflation amid a severe cost-of-living crisis.
The dollar USDTRY rose 0.26% to a new high of 20.07 lira, tapping a new high of 20.08 lira. The lira has lost 23% in the last 12 months,What’s next for Erdogan and Turkey? Wolfgano Piccoli, co-president, Political Risk Advisory with Teneo, said some policy-making adjustments could be seen ahead of March 2024 local elections. “Preserving a sense of economic stability through next spring will be a priority,” for Erdogan, he told clients in a note.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Turkish President Recep Tayyip Erdogan Claims Re-Election VictoryTurkish President Recep Tayyip Erdogan has claimed to have won re-election, according to reports from Turkish news agencies. The win would extend Erdogan’s 20-year tenure as the country’s leader.
Read more »
Turkish President Recep Tayyip Erdogan Wins Re-ElectionTurkish President Recep Tayyip Erdogan has won re-election, according to unofficial reports from Turkish news agencies. The country’s electoral commission has not announced a victor yet.
Read more »
Turkey's Erdogan Declares Victory in Presidential Runoff, Extends Rule Into 3rd DecadeTurkey’s President Recep Tayyip Erdogan has won reelection, according to unofficial results.
Read more »
Incumbent Recep Tayyip Erdogan claims victory in Turkey’s presidential runoffTurkey’s incumbent President Recep Tayyip Erdogan has declared victory in his country's runoff election, extending his increasingly authoritarian rule into a third decade.
Read more »
Incumbent Recep Tayyip Erdogan claims victory in Turkey’s presidential runoffTurkey’s incumbent President Recep Tayyip Erdogan has declared victory in his country's runoff election, extending his increasingly authoritarian rule into a third decade.
Read more »
USD/TRY eyes fresh record high above 20.00 as Erdogan again wins Turkish Presidential electionUSD/TRY eyes fresh record high above 20.00 as Erdogan again wins Turkish Presidential election – by anilpanchal7 USDTRY RiskAversion Politics Fed NFP
Read more »