Economy of the Ottoman Empire

Turkish markets may see gray days ahead after a spring-like period as regional and global risks persist at a time when the liquidity flow will endEven before the half-way point of March, an optimistic wind is blowing in the market. This is an optimism that is mostly based on the expectation that the U.S. Central Bank (Fed) will delay its rate hikes.

The Turkish Lira has shown significant strength against the U.S. dollar over the last two weeks, as traders have shrugged off the effects of the U.S. Federal Reserve (Fed) rate hike and the Turkish Central Bank's decision to hold rates steady.

After the long-awaited rate hike decision was realized by the U.S. Federal Reserve (Fed) on Dec. 16, the Turkish Lira has become the best performer among all emerging currencies against the dollar. 

Risks for Turkish banks are rising but financial metrics have so far held up well and investment grade ratings are assigned to most of the country's large lenders, said Fitch Ratings in a written statement on Oct. 30. 

Still, the sharp fall in value of the lira increases risks for banks' asset quality, capitalization and foreign currency liquidity positions, it warned. 

The Turkish Lira has lost value after the U.S. Federal Reserve hinted at a possible December interest rate hike and rallied against most emerging currencies. 

The lira's value declined to around 2.93 from 2.89 against the dollar after the Fed decision on Oct. 28. The Turkish currency then rebounded to 2.916 early Oct. 29. 

The Turkish government has revised its national income per capita from U.S. dollar terms into income based on purchasing power parity amid a dramatic loss in the Turkish Lira?s value against the dollar in its new Medium-Term Economic Program, which was published in the Official Gazette on Oct. 11. 

I learned the basics of America?s favorite pastime only when the Red Sox were on their way to break the Bambino?s curse in 2004. Therefore, I won?t hold it against you if you have never heard of Yogi Berra.

However, the baseball great, who passed away on Sept. 22, was famous for his ?wise? sayings, some of which apply to the Turkish economy really well.

Some 16.6 million agricultural workers, 21.3 percent of the country?s population, will become poorer as agricultural subsidies are insufficient to support them against rising costs due to a dramatic loss in the Turkish Lira, according to a leading academic. 

Since the beginning of 2015, some 59 foreign pilots among 700 tenured by the Turkish Airlines have resigned from the company amid the sharp drop in the value of the Turkish Lira. 

The Turkish Lira weakened to record lows of over 3 to the U.S. dollar on Sept. 4, weighed down by political uncertainty and security concerns, after the announcement of the latest U.S. jobs data.