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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Govt Annoucnes Interest Rate Cap for FX-Linked Deposits
LOCAL NEWS
- Turkish Govt Announces Interest Rate Cap for FX-Linked Deposits. Min. interest rate will be central bank’s benchmark rate while max rate will be 300bps above that.
- This cap may be changed by Treasury & Finance Ministry.
- Reference exchange rates at start and end of maturity will be USDTRY, EURTRY and GBPTRY pairs announced daily by central bank
- Turks have deposited more than 10b liras ($882m) in new FX-linked accounts as of Thursday morning, Treasury and Finance Minister.
- Turkey doesn’t want “hot money,” aims to attract foreign direct investments with its new economic model, Nebati said.
- Lira’s depreciation against the dollar was excessive; bubble has started to disappear following government’s measures
- Erdogan tells AKP mayors to gear up for 2023 presidential & parliamentary elections instead of the 2024 municipal local elections in 2024 – noting the role of local government as crucial to winning the next elections.
- Says no mark or blemish should be talked about for any AKP municipalities – highlighting corruption, arrogance and lavish spending. Says the CHP is working on changing public perception instead of focusing on service provision
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.