the U.S. central bank

The Federal Reserve hiked interest rates for the first time in nearly a decade on Dec. 16, signaling faith that the U.S. economy had largely overcome the wounds of the 2007-2009 financial crisis.

Activity in China's factory sector unexpectedly shrank to a 6-1/2 year low in September, a private survey showed, raising fears of a sharper slowdown in the world's second-largest economy that could spell more turmoil for financial markets.

Russia's oil production may drop if crude falls below $40 a barrel, Deputy Energy Minister Alexei Teksler said on Sept. 18, the first time Russia, one of the world's biggest producers, has acknowledged low prices could hit output.

The U.S. Federal Reserve kept interest rates unchanged on Sept. 17 in a nod to concerns about a weak world economy, but left open the possibility of a modest policy tightening later this year.

The Turkish Lira slipped to 2.7 to the dollar on June 4 as the U.S. currency gained globally, while concerns that the parliamentary elections might result in a coalition government continued to weigh on sentiment.

Turkish markets recovered on March 19, with the Turkish Lira at its firmest in two weeks and stocks rallying as investors back into emerging markets after the U.S. Federal Reserve (Fed) sounded a cautious tone on the timing of rate hikes.

The lira rebounded to 2.5610 to the dollar earlier in the session, its firmest since the beginning of March.

The Turkish state-run bank Ziraat has notified its custormers that its New York branch, which recently came under an “enforcement action” from the U.S. Federal Reserve, will close all retail accounts by December 31. 

State-owned Ziraat Bank has dismissed questions over the reason for the U.S. Federal Reserve’s request for a money laundering action plan, describing the deal between the two parties as a “consensus reached as a result of routine auditing.”