MNI: Fed Should Tread Cautiously On Productivity -Goolsbee

MNI: US Tariffs Could Boost Inflation By 0.81%-1.63% -ATL Fed

MNI: Canada Apr-Dec Budget Deficit CAD21.7B Vs Prior CAD23.6B

MNI BRIEF: China February PMI Rises Back To Expansion Zone

MNI China Daily Summary: Friday, February 28

MNI BRIEF: Xi Calls For Greater Consumption To Boost Demand

MNI: AUSTRALIA Q4 BIZ INDICATORS INVENTORIES +0.1%

BAKER HUGHES CANADA RIG COUNT 248; OIL RIGS 177; GAS RIGS 71

MNI: BAKER HUGHES US RIG COUNT 593; OIL RIGS 486; GAS RIGS 102

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

TRY Snaps Losing Streak as Authorities Look to Choke Loan Growth

TURKEY
  • USD/TRY trades lower headed the European open, stalling the recent incline as the Turkish central bank tweaked reserve requirement ratios, raising the limit for TRY-denominated commercial cash loans to 20%. The bank stated the policy switch is part of the liraization strategy and would increase the effectiveness of monetary policy. The move is also seen as part of a strategy to protect the current account balance – effectively keeping loans in check and shoring up the TRY.
  • Other measures announced late yesterday include a new line of revenue-indexed bonds to boost TRY savings, with the Treasury assessing demand on June 15th. While few details were given, the bond would pay a quarterly coupon payment and carry a minimum return guarantee. The banking regulator also announced a limit on the repayment period for personal loans and raised requirements for credit cards – both in an effort to limit loan growth across Turkey.
  • Elsewhere, Hurriyet reports that the recent move to cap residential rent hikes has proben popular in the commercial sector, with TESK President calling for the policy to apply to commercial property.
  • Sozcu focuses on the losses suffered by exporters, who have sold as much as 40% of their FX export revenues to the CBRT since April – meaning losses continue to climb alongside the exchange rate.
  • The Turkish Treasury issued a statement, claiming Turkey is being impacted by a global inflationary process, but there will be no compromise on fiscal discipline, with public spending being reined in.
  • Erdogan makes a number of appearances today, travelling to Bogazici University in Istanbul, a Union’s general assembly as well as an award ceremony later in the day. Meanwhile foreign minister Cavusoglu visits Prague.
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.