Monetary hegemony

Turkey's Central Bank sharply raised its key lending rate after markets closed on May 23 in a bid to stem an outflow of capital from the country, control inflation and support the beleaguered currency.

The Turkish Central Bank moved to shore up the lira on May 7 after the currency fell to record lows against the dollar, lowering the upper limit for foreign exchange, which banks can use for their reserve requirements.

The Turkish currency tumbled 1.5 percent to yet another record low against the dollar on May 4 amid nagging worries over rising inflation, while the U.S. currency continued to make broad gains.

Turkey's currency hit another record low against the dollar on the morning of May 3 after official data showed inflation rose higher than expected in April. 

German business confidence has fallen amid growing concerns about international risks like the possibility of a trade war with the United States.

The Turkish government is set to announce a series of measures to curb risks which have resulted from high level of debts of big companies on foreign currencies, a top official has said.

Germany’s central bank has said it will include China’s yuan in its reserves, giving another boost to Beijing’s drive to internationalize the currency and helping send the unit to two year highs.

Sudan is to devalue the Sudanese pound to 18 per dollar in January from the current 6.7, the finance minister said on Dec. 26, after the IMF called for it to let the currency float freely to encourage foreign investment in the country.

Turkey’s economy minister on Dec. 25 suggested conducting trade with Sudan using domestic currencies as a way to boost bilateral commerce.

China said on Feb. 3 it has never used its currency as a tool to gain an advantage in trade and was not seeking a "currency war",  after U.S. President Donald Trump criticized Beijing for harming American companies and consumers with a devaluation of its yuan.