Turkish lira

The Turkish manufacturing sector remained in a downturn in April, for the fourth consecutive month, according to PMI survey data from HSBC.

Turkey?s Finansbank, owned by National Bank of Greece, said on Wednesday that its net profit in the first quarter more than doubled to 283 million lira ($106.83 million).

The bank?s net profit in the same period of 2014 was at 129 million liras, it said in a stock exchange filing.

[Reuters]

The Turkish lira's fall to record lows has ramped up the cost of repaying predominantly dollar-denominated external debt while failing to deliver any boost to exports, which remain focused on Europe with its weak currency.

The Turkish Lira dropped to its lowest rate, 2.742, against the U.S. dollar on April 24, as the euro gained excessively.

The euro rose to 2.9 liras, nearly 1 percent in just one day. 

Turkey's lira hit new lows on April 23, hurt by political tensions and the central bank's failure to deliver more currency-supportive measures, while emerging equity markets rose for a third day.
   
Chinese bourses hit fresh 15-year highs and the MSCI emerging equities index was up 0.2 percent to within a whisker of seven-month highs reached on Friday.
   

Turkey's Central Bank left key interest rates unchanged on April 22, holding fire ahead of a June parliamentary election, even as the lira's slide to record lows risks fuelling inflation.

Russian Economy Minister Alexei Ulyukaev has said there was no legal obstacle before Turkey and Russia about conducting trade with each other's currencies, noting Russia might sell gas and make investments on the Turkish Lira. 

The dollar/Turkish Lira parity went above the 2.68 level at mid-week last week and it has shown a tendency to remain in the 2.75 lira band. The Central Bank had to make a written intervention in this situation and "challenged" that in its April 22 meeting; they would make a decision for deterrence from the dollar.

There is plot which aims to show the Turkish economy to be worse off than it actually is by exaggerating current developments, according to Customs Minister Nurettin Canikli. 

Turkey's embattled lira on April 15 tumbled to a new low in value against the dollar.
      
The lira broke above the psychologically important level of 2.7 to the dollar to trade at 2.703 to one dollar, a loss in value of 0.57 percent on the day.