CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

More Macroprudential Measures Rolled out to Encourage Liraization

TURKEY
  • Real sector confidence data released this morning showed a further deterioration in sentiment – mimicking the drop in consumer confidence in recent weeks. Real sector confidence dropped to 104.6 from 107.0, the lowest since the depths of the COVID-19 crisis in 2020.
  • Late yesterday, the Turkish banking regulator launched fresh macroprudential measures on Liraization, changing risk rules surrounding banks’ usage of TRY swaps contracts. The measures see banks imposing a 500% risk weighting to TRY or FX loans – effectively increasing the cost of lending TRY to overseas investors.
  • Changes were also made to mortgage lending criteria, with no lending for homes valued at more than TRY 10mln (~$575,000). Restrictions are also put in place on homes worth under TRY 2mln, with lending criteria contingent on energy efficiency.
  • Hurriyet confirms that the government’s budget amendments were accepted by parliament, with Finance Minister Nebati repeating the themes evident in yesterday’s CBRT statement: “we anticipate the exchange rate pressures on inflation will decrease with the decreasing external financing need.”
  • Sabah write that talks held between Erdogan and Saudi Arabia’s MBS this week resulted in three proposals for the two countries: joint investments in third party countries, a Turkish trade fair in Saudi Arabia and the possible participation of Turkish firms in $3.3trl of Saudi infrastructure projects. On a possible swap line deal, the piece reports that technical discussions are set to continue.
  • Elsewhere, diplomatic ties with Israel appear to be improving, with Sabah reporting that a summit held between the Israeli and Turkish foreign ministers resulted in a decision for a new diplomatic representations between the two states – meaning ambassadors will now be active in both states.
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
EM BulletHomepagemarkets-real-timeBulletEmerging Market News

To read the full story

Close

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.