Erdogan takes wheel of Turkish wealth fund

The depreciation has fueled higher import costs, contributing to an inflation rate that is more than three times the central bank's target, and many investors are calling for a large increase in borrowing costs to put an end to the rout.

"Great decision - made all the more hard by the huge pressure on the central bank from Erdogan", said Bluebay Asset Management LLC strategist Tim Ash.

The lira has lost 40 percent of its value against the USA dollar this year over concerns about Mr Erdogan's influence and a diplomatic spat between Ankara and Washington but firmed to 6.01 following the interest rate decision, from more than 6.4176 beforehand.

There had been indications from the bank that it would raise rates after inflation came in at almost 18 per cent in August, according to official data last week.

The Monetary Policy Committee led by Governor Murat Cetinkaya on Thursday increased the one-week repo rate by 625 basis points to 24 per cent, more than the median estimate in a Bloomberg survey that called for a hike of 325 basis points.

A "tight stance in monetary policy will be maintained decisively until inflation outlook displays a significant improvement", it added.


The lira has plunged in recent weeks on concerns over domestic policymaking and a crisis in relations with the US.

The interest rate decision will be announced at 1100 GMT.

He's delivered on that pledge, ousting the old guard of policy makers who'd guided the economy since 2002 and giving himself the sole authority to make appointments at the central bank and other state organizations. "If you say "inflation is the cause, the rate is the result", you do not know this business, friend", he added.

Erdogan, a self-described "enemy of interest rates", assumed new powers under an executive presidential system following an election in June and has appointed his son-in-law as finance minister.

Relations with the U.S. deteriorated last month after Washington imposed sanctions on two Turkish ministers over the detention of an American pastor and President Donald Trump doubled steel and aluminium tariffs on Turkey.

Related News:

  • Boulder's Sphero releases new robotic ball

    Boulder's Sphero releases new robotic ball

    The SPRK+ offers most of the same features (minus the screen, light and infrared sensors) but retails for a cheaper price of £115. As educational as the toy is, you can also use it just to play around and it can be easily maneuvered via the Sphero Play app.
    Fei-Fei Li, Google’s AI maven, returns to academia

    Fei-Fei Li, Google’s AI maven, returns to academia

    Google is bringing in a new head of AI at Google Cloud, the company confirmed via a blog post this Monday. She spearheaded the acquisition of Kaggle, a company that organises more than 2-million data scientists.
    Pope to meet with US Church leadership over abuse crisis

    Pope to meet with US Church leadership over abuse crisis

    Other clergy sex abuse scandals have occurred in countries including Germany, Argentina, Australia, Ireland and Chile. The investigation and resignation were announced on the same day that Francis is meeting with a delegation of U.S.
  • Primary Day: What you need to know

    Primary Day: What you need to know

    Andrew Cuomo is taking some heat from his opponent Cynthia Nixon for holding a rally that was initially closed to the media. James was the early front runner but Monday's Siena poll suggests she's now almost neck-and-neck with Maloney and Teachout.
    EPL: Michael Owen predicts result of Tottenham vs Liverpool

    EPL: Michael Owen predicts result of Tottenham vs Liverpool

    He is punishing himself. "He's the first that told me: 'Gaffer it's a massive mistake and I need to pay, like a man'". He made a mistake and he's suffered the punishment of society.
    Hurricane Florence has weakened but it will still be devastating

    Hurricane Florence has weakened but it will still be devastating

    While Hurricane Florence has been downgraded, millions of people in and around South and North Carolina are still on alert. That was one of the first things I learned when I moved down here", says Brown. "You can't stop Mother Nature".
  • BlizzCon 2018 Virtual Tickets Now Available; Includes an Exclusive Overwatch Sombra Skin

    BlizzCon 2018 Virtual Tickets Now Available; Includes an Exclusive Overwatch Sombra Skin

    On tonight's stream, the Blizzard team will reveal new loot specifically for attendees, likely including the new Sombra skin. You don't need to buy a virtual ticket to BlizzCon to get your hands on the next Overwatch Legendary skin.
    Oil hits $80 as Iran fears mount

    Oil hits $80 as Iran fears mount

    The Trump administration has invited Chinese officials to restart trade talks, just as Washington prepares to escalate the U.S. The rise reflects concern about the impact of USA sanctions against Iran that will target oil exports.
    AT&T Announces Remaining Cities for Mobile 5G Rollout, Names 3 Technology Suppliers

    AT&T Announces Remaining Cities for Mobile 5G Rollout, Names 3 Technology Suppliers

    New to AT&T's list for 2018 are Houston, Jacksonville, Louisville, New Orleans and San Antonio. Verizon is slowly deploying 5G across 11 cities, and other carriers are as well.
  • Lexus side view cameras look fantastic

    Lexus side view cameras look fantastic

    Japanese market versions of the 2019 Lexus ES will be available with digital cameras that replace conventional exterior mirrors. Essentially, the side mirrors are cameras, and the live feed is displayed on left and right screens inside the cabin.
    Apple Inc bans Alex Jones app for ‘objectionable content’

    Apple Inc bans Alex Jones app for ‘objectionable content’

    The company had earlier removed the entire library of Infowars podcasts from iTunes and its Podcasts app. Site highlights each day to your inbox.
    Pocan says talk of Trump impeachment is 'moot conversation'

    Pocan says talk of Trump impeachment is 'moot conversation'

    In the last three midterm elections - 2006, 2010, and 2014 - the party in the White House saw massive losses in Congress. The unemployment rate hovered at 3.9 percent in August, the fourth time the indicator dropped below 4 percent this year.


Most liked

Shares in Debenhams dive as Sports Direct rules out offer
Senior non-executive director Simon Bentley is to also leave the company, having served on the board since 2007. Nicola Frampton, managing director of William Hill's United Kingdom retail division, will also join the board.

Six killed, including gunman, in California rampage
Sheriff's interviewed more than 30 witnesses and have served five search warrants, according to the CBS affiliate KBAK-TV. Kern County Sheriff's deputies gather near the scene in Bakersfield California, where a man shot five people dead.

Aston Martin's 602-HP Electric Rapide E Will Arrive Next Year
The vehicle will sport two rear-mounted electric motors producing more than 610 PS (640 horses) and 950 Nm (700 lb-ft) of torque. The Rapide E four-door, which will be produced in a limited run of 155 units, will be good for 155 miles per hour .

The Google Pixelbook 2 with edge-to-edge screen leaks again
Anyone familiar with the first-gen Pixelbook will no doubt have spotted a few glaring differences. Firstly, we can see thin bezels on both side, and a high-res screen.

Man Utd target Alderweireld: I never wanted to leave Spurs
The Belgian global has iterated that he never wanted to leave Tottenham , and that the rumours suggesting the same were untrue. Nicol says Alderweireld's comments are good news for Tottenham supporters.

CLub were close to signing Alphonse Areola
With Areola still in the ranks of PSG , he is now fighting with Gianluigi Buffon for a regular place between the sticks.

Juncker indicates he won’t accept May’s Post-Brexit single market plan
In his annual State of the Union address to the European Parliament, Jean-Claude Juncker said an hour was a "decisive time window".

Novichok suspects say they had nothing to do with Salisbury poisoning
In an address to the Easter Economic Forum in Vladivostok, he said: "Of course, we looked who these people are". The town was covered by this slush.

Georgia Gov. Deal declares state of emergency ahead of Hurricane Florence
President Trump has declared an emergency in the three states and says the government is " as ready as anybody has ever been ". Hurricane Florence is now expected to head more directly west after making landfall, crossing through SC .

Storm response in Puerto Rico 'incredibly successful,' blames mayor for Hurricane Maria
One year on and in the middle of hurricane season once again, the federal response to Hurricane Maria has come under further scrutiny.

Geoffrey Owens to Guest Star on ‘NCIS: New Orleans’
Owens appeared on " The Cosby Show " from 1985-1992 and taught drama and directing at Yale for years. Owens will appear in the sixth episode of season 5, sometime in late October.

Hurricane Florence's uncertain track sows fear; 10 million in crosshairs
North Carolina, South Carolina, Virginia and Maryland governors have declared states of emergency. Typically, local governments in North Carolina make the call on evacuations.

Microsoft Edge warns Windows 10 users to avoid Chrome and Firefox
As per the images shared by the users, a dialog box appears when someone launches an installer for another browser. Developer Sean Hoffman spotted Microsoft's warning while trying to install Firefox , he said in a tweet .

More of the world's population is facing food insecurity than ever before
Though the problem is most significant in North America, Africa and Asia are also experiencing an upward trend, the report shows. Adult obesity is worsening, and more than one in eight adults in the world is obese.

Aussie gold mine produces rare find worth over 10 million US dollars
A handful of gold rocks could be worth several thousand dollars, so security has been beefed up in the days since the find. The largest specimen weighs in at 90kg and took three men to lift it onto the back of a ute.