Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent reported that the NRF denies allegations that Ahmed Masoud requested "Israel’s" help.
Al Mayadeen's correspondent: Around 300 settlers have stormed the Al-Aqsa Mosque under the protection of the Israeli occupation forces.
Al Mayadeen's correspondent: The IOF is preventing journalists from entering the Qattanin Gate to prevent them from reporting on the raids.
Al Mayadeen's correspondent: More than 2,900 settlers stormed the courtyards of Al-Aqsa Mosque in recent days.
Al Mayadeen's correspondent: Occupation forces deploy near Bab al-Qattanin, one of the doors of Al-Aqsa Mosque.
Al Mayadeen's correspondent: Settlers storm the alleys of the Old City in occupied Al-Quds in large groups on the fifth day of “Throne Day.”
Kevin McCarthy ousted as leader of US House by his Republican party
Al Mayadeen correspondent: The ousting decision requires a simple majority in the House of Representatives of 214 votes
Al Mayadeen's correspondent: US House of Representatives begins voting on decision to oust Speaker Kevin McCarthy
Tunisian Free Constitutional Party: Party chief Abir Moussi was arrested and taken to an unknown destination

Investments pour into Turkey over optimism in Erdogan's economic team

  • By Al Mayadeen English
  • Source: Agencies
  • 16 Jun 2023 11:35
  • 2 Shares
  • x

Turkey's central bank reveals that during the week, on June 9, $262 million in oversea investments poured into the local stock market.

  • Investments pour into Turkey on optimism in Erdogan's economic team
    A picture taken on December 7, 2021, in Istanbul shows US dollar banknotes and Turkish lira banknotes. (AFP via Getty Images)

Turkey witnessed a flood of foreign investments in its stock market as the newly assigned economic leadership ushered in a positive outlook regarding the country's financial and monetary policies.

Reaching a six-month high since December, $262 million of Turkish stocks were bought in by investors from abroad last week, the Turkish Central Bank data revealed. Bond purchases amounted to $25 million during the same week of June 9.

Read more: UAE lenders increase support to Turkish banks: Bloomberg

Following his re-election, Turkish President Recep Tayyip Erdogan appointed two former Wall Street executives, one as head of the country's central bank and the other as finance minister, in an attempt to regain investors' trust that has dwindled earlier due to Turkey's unorthodox financial policies, especially that of interest-rate decisions.

Erdogan has opted to slash interest rates in past recent years and resort to draining federal reserves to maintain the Lira value, despite the skyrocketing inflation, which raised concerns over the market stability.

Related News

Turkey targets SDF military vehicle in al-Hasakah: Reports

Turkey launches anti-PKK operation in 18 provinces: Reports

Hafize Gaye Erkan, a former co-CEO of American First Republic Bank and managing director at international financial institution Goldman Sachs, became the central bank's first woman governor, while former Merrill Lynch economist Mehmet Simsek was assigned as finance minister.

Read more: Erdogan forms economic front; Wall Street veteran as central bank head

During the term of former central bank chief Sahap Kavcioglu, the interest rate was lowered to 8.5 percent after being 19 percent in 2021.

In May, the country's inflation rate dropped to under 40 percent, a 16-month low.

Erdogan began curring interest rates to keep investment cheaper and growth more possible, but after inflation started running wild by hitting an estimated 85% annual rate late last year, the President was keen on keeping interest rates low to attract more growth. However, that came at the expense of the price of the Turkish lira, which plummeted gravely.

Read more: $5 billion deposited by Saudi Arabia in Turkey's Central Bank

  • Turkey
  • Hafize Gaye Erkan
  • Recep Tayyip Erdogan
  • Turkish Economy
  • Mehmet Simsek

Most Read

BBC from the front lines in Ukraine: It's bad, counteroffensive failed

BBC from the front lines in Ukraine: It's bad, counteroffensive failed

  • Europe
  • 28 Sep 2023
A Ukrainian soldier of the elite drone unit packs up after an attack on the front line in the outskirts of Kremennaya, Ukraine, Sunday, August 20, 2023 (AP)

Ukraine loses around 700 soldiers in one day: Russia MoD

  • Europe
  • 30 Sep 2023
Who Would Ally with the West: ‘It’s Boring – The Real Excitement is in Asia’

Who Would Ally with the West: ‘It’s Boring – The Real Excitement is in Asia’

  • Analysis
  • 30 Sep 2023
A child being treated in a makeshift ICU bed in California in 2023 (AFP via Getty Images)

Children are dying in US hospitals plagued with ill-prepared ERs: WSJ

  • US & Canada
  • 2 Oct 2023

Coverage

All
Morocco & Libya Disasters

Read Next

All
People protest in Swedia, Syria on September 15, 2023. (AFP)
MENA

'Israel' proposes arming Sweida protesters via Jordan: Reports

Indigenous Xikrin warriors in the Para State of the Brazilian Amazon in August 2019 (AP)
Latin America

Brazil expels illegal settlers from Indigenous lands in Para state

Black Hawk Down: America's history in ending organic truces in Somalia
Africa

Black Hawk Down: America's history in reviving wars in Somalia

UN approves Haiti force after year of pleas
Latin America

UN approves Haiti Kenyan-led force amid Chinese skepticism

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS